MILFORD: 40 Pepe’s Farm Road, was sold for $13.25 million to an undisclosed institutional investor. The 200,000 square foot high-bay industrial warehouse property was purchased by Calare Properties, a Hudson, Mass. based real estate investment company in 2014 for $6.6 million.
The property was at 50 percent occupancy at the time. A 2016 assessment by the town was $3,687,920 for the building, $925,980 for the land, for a total of $4,613,900. The warehouse was originally built in 1980 on 14.5 acres and has 18 loading docks, a 12-foot drive-in door and 28-foot clear heights.
Damon Bowers and Sean Duffy with Cushman & Wakefield represented the seller.
Calare performed what it calls “ extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements. Currently the property is fully leased to Schrier Bros Inc, a food products wholesaler.
Bill Manley, CEO and CIO of Calare said of the initial purchase. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.
|Calare CEO Bill Manley|
A Calare statement said, the private real estate manager and operator is “focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate.” Adding, ”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. Further information is available at www.calare.com.