CBRE secures $17.5m for Calare Properties to acquire two buildings

 

 

Merrimack, NH Calare Properties (Calare) has acquired two institutional quality high bay industrial warehouse buildings at 57 and 59 Daniel Webster Hwy. Harbor One Bank provided financing for the warehouse properties in the amount of $17.5 million. CBRE/NE’s Kyle Juszczyszyn and Matthew Machiros secured the financing. 

This first-class 511,000 s/f warehouse and distribution facility is situated on 48 acres in an Economic Revitalization Zone and is positioned 47 miles from Boston, between New Hampshire’s two largest cities, Manchester and Nashua.

The property is optimal for both high-tech manufacturing and high bay warehouse needs ideal for companies in the research, technology, manufacturing and distribution industries. The property is positioned on the Rte. 3 corridor in southern New Hampshire with I-93 and I-293 nearby, providing access to Boston and central and northern New England. The site is further enhanced by a secured yard area and rail service provided by Guilford Rail. The property offers highway accessibility off the F.E. Everett Tpke., close proximity to the Manchester Airport, and amenities including ceiling heights between 22 and 40 feet, 40 feet by 50 feet column spacing and 26 tailboard loading docks.

The facility was 89% leased to four tenants prior to the closing. Calare negotiated a 65,000 s/f lease with a new tenant, signed on the same day as the closing, bringing the property to 100% occupancy.

“The over thirty-foot ceiling heights that make up most of the leasable warehouse space meet the increased tenant demand for distribution centers with high ceilings,” said Todd Barclay, Calare vice president of acquisitions and portfolio management. “This, combined with the strength of the market, outstanding demographics, and convenient proximity to major Northeast cities make this first-rate industrial facility a low- risk investment opportunity for Calare.”

Calare has budgeted significant capital for property improvements and upgrades including roof replacements, additional loading docks, lighting updates and general building maintenance to meet the growing needs of the property and current and future tenants. Calare will retain the current property manager, PMRG, who has managed the property since 2007 and has a thorough understanding of the property and local market as well as close relationships with the tenants.

Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of their investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 17.5 million square feet of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio.