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Calare Properties is a private, Massachusetts-based investment firm with a focus on value-added industrial and flex/office real estate. Since the firm's inception in 2000, Calare has invested over $360 million of equity capital, representing over $650 million in assets through five funds and several other investment vehicles on behalf of select institutional and private partners. The firm’s current portfolio encompasses over 14,500,000 square feet of industrial space.

Calare typically targets opportunities with vacancy or lease rollover risk, or other complex transactions that require repositioning and redevelopment. Calare mitigates investment risk for investors through local market expertise, active asset management, and full ownership control.

About Us

Experienced Management Team – Calare’s management team has over 80 years of combined experience in real estate and investment management, and have been investing together since 2001. In that time Calare has organized five private equity funds and numerous other equity ventures to acquire and redevelop over $600 million of value-added real estate investments.

Intensive Asset Management Philosophy - Calare has a proven track record of acquiring, redeveloping, and repositioning underperforming properties. Calare seeks investments that preserve capital, achieve capital appreciation and provide strong cash flow. Calare’s hands-on, intensive property management fosters excellent tenant relationships, leading to new investment opportunities as tenant businesses grow and their real estate needs change.

Extensive Industry Relationships – Calare maintains active relationships with a deep network of lenders, brokers, equity investors, consultants and corporate real estate executives. Calare expects this network to provide access to “first look” opportunities including strategic joint ventures, distressed owner situations and "off-market" investments.

Proper Alignment of Interests – Calare is a privately-held company that makes meaningful co-investment equity contributions alongside its investors. Calare also ties its senior managers’ compensation to the successful performance of Calare funds. The majority of Calare senior investment professionals currently invest as limited partners in Calare funds.

Institutional Reporting and Risk Management - Calare’s operations, accounting systems, compliance and recordkeeping meet the high standards of our institutional equity partners.

Investment Strategy

Calare has significant experience investing in properties in the Northeast. This traditionally stable market enjoys the following characteristics:

  • significant land constraints and high development costs
  • increasingly limited supply of functional industrial properties
  • strong economic drivers including the high-technology industry, world-class universities, healthcare and financial institutions and pools of skilled labor

Calare’s time-tested value-add investment strategy creates significant value through redevelopment and adaptive reuse of distressed, mismanaged, and undervalued properties. Calare seeks investments that can achieve >20% gross levered IRR (>12% unlevered gross IRR) over a 3-5 year hold period, with 8-10% stabilized cash yields.


Calare focuses on the middle market, properties generally between $5 and $30 million. This market segment offers the best opportunity to identify capital voids, mismanaged properties, undervalued properties and privately held or illiquid investments in need of new equity.

Calare’s success as a real estate operator lies in our ability to identify ‘leasable’ properties, invest the necessary capital to reposition the property and rely on professional management to lease the property and keep operating expenses low.

Executive Team

Chief Executive Officer and Chief Investment Officer

Mr. Manley founded Calare Properties and is its senior investment professional. He has been sourcing and managing real estate investments since 1990. Early in the 1990s, Mr. Manley recognized the opportunities emerging in the commercial real estate market in the Northeast. Since that time, he and his investment partners have purchased, owned and managed over $750 million worth of real estate. Mr. Manley is a volunteer and active supporter of various charities. He earned a Bachelor’s Degree in Economics from Boston University. Mr. Manley lives in Newton, MA with his wife and three daughters.


Chief Operating Officer and Executive Director

Mr. Flynn has been with Calare since it was founded in 2000. He directs the leasing, development, construction, tenant relations and facilities management for over 14 million square feet of real estate nationwide. Mr. Flynn has directed the acquisition due diligence for all Calare investments since 2000. He brings over 19 years of experience in business management, leasing, construc- tion management and property management. Prior to joining Calare Mr. Flynn was responsible for overseeing the communication needs of a multi-owner real estate portfolio exceeding $500 million in total value. He also owned and managed a portfolio of multifamily properties. Bob is heavily involved in youth hockey and baseball and has earned a Bachelors’ Degree in English from the Massachusetts College of Liberal Arts.


President and Executive Director

Mr. Blake is responsible for managing the investor relations and business development functions for Calare. Prior to joining Calare, Mr. Blake was a Market Intelligence Executive at CCG Investor Relations, where, among other responsibilities, his role included acting as a liaison between a variety of multinational, US-listed public companies and the institutional investment community. Before that, he gained over seven years of experience in private wealth management sales, client/investor relations and equity/credit research while working at Barclays Capital and Fidelity Management & Research Company. Mr. Blake received a BA in Public Policy & Law from Trinity College.


Chief Financial Officer

Mr. Shapiro directs finance, accounting, reporting and tax compliance at Calare. Prior to joining Calare, he gained over ten years of real estate industry experience with S.R. Weiner & Associates, overseeing the accounting and reporting of a $500 million portfolio of retail properties. Mr. Shapiro earned a Bachelor’s Degree in Accounting from the University of Massachusetts at Amherst and received his MBA from Bentley College.


Commitment to Philanthropy

Our firm and staff engage in both formal and informal philanthropy.

Calare Properties contributes to many non-profit organizations, such as MEDA, Rett Syndrome, Pan-Mass Challenge, and Child Fund International.

Our firm also supports individual employees' charitable causes through donations to organizations that support local and national services in health, education, sports, community development and poverty relief. Click on a logo to learn more about each charity:

MEDA
National Autism Association
Rett
Pan Mass

MEDA - Multi-Service Eating Disorders Association, Inc. is a non-profit organization dedicated to the prevention and treatment of eating disorders and disordered eating. MEDA's mission is to prevent the continuing spread of eating disorders through educational awareness and early detection. MEDA serves as a support network and resource for clients, loved ones, clinicians, educators and the general public.

http://www.medainc.org/

Founded in 2003, the National Autism Association (NAA) is a parent-run advocacy organization and the leading voice on urgent issues related to severe autism, regressive autism, autism safety, autism abuse, and crisis prevention. In addition to funding impactful research studies and advocating for our children at the national level, NAA has developed several crucial programs to directly assist families.

http://nationalautismassociation.org/

A cure for Rett Syndrome, it's our obsession. Imagine the symptoms of autism, cerebral palsy, Parkinson’s, epilepsy, and anxiety…all in one little child. This is Rett Syndrome. RSRT exists for one reason – to make these symptoms disappear. We are focused, impatient, rigorous and optimistic. Whether you are a parent, relative or friend of an afflicted child or adult, we welcome you to our site and invite your participation in our fight to conquer Rett.

http://www.rsrt.org/

The Pan-Massachusetts Challenge, presented by the Boston Red Sox Foundation and New Balance, is the nation’s original fundraising bike-a-thon and today raises more money than any other athletic fundraising event in the country. The PMC is a model of fundraising efficiency. Since 2007, the PMC has donated 100% of every rider-raised dollar directly to cancer research and treatment at Dana-Farber Cancer Institute through its Jimmy Fund. The PMC is so well-known in cycling and fundraising circles that each year people travel from around the world to participate.

http://www.pmc.org/


Child Fund
American Cancer Society
Nurturing Minds
Special Olympics

ChildFund International is inspired and driven by the potential that is inherent in all children; the potential not only to survive but to thrive, to become leaders who bring positive change for those around them. The heart of ChildFund International remains the one-to-one connection made when you sponsor a child.

ChildFund works in 31 countries, assisting approximately 17.8 million children and their family members. Their distinctive approach focuses on working with children, regardless of race, creed or gender, throughout their journey from birth to young adulthood, as well as with families, local organizations and communities globally to create the environments children need to thrive.

http://www.childfund.org/

For nearly 100 years, the American Cancer Society (ACS) has worked relentlessly to save lives and create a world with less cancer and more birthdays. Together with millions of their supporters worldwide, they are helping people stay well, helping people get well, finding cures, and fighting back against cancer.

http://www.cancer.org/

Nurturing Minds, Inc is a U.S.-based non-profit organization that works with its Tanzanian partner, SEGA, to construct and develop the Sega Girls School.

The Sega Girls School is a residential secondary school in Tanzania that educates vulnerable girls who are unable to attend school due to extreme poverty. Together, Nurturing Minds and the Sega Girls School provide a quality academic education that emphasizes leadership skills, environmental stewardship, and social responsibility.

http://www.nurturingmindsinafrica.org/

Special Olympics is the world's largest sports organization for children and adults with intellectual disabilities, providing year-round training and competitions to more than 4 million athletes in 170 countries. Special Olympics competitions are held every day, all around the world—including local, national and regional competitions, adding up to more than 53,000 events a year.

http://www.specialolympics.org/


Make A Wish
AIDS/Lifecycle
PACE

The Make-A-Wish Foundation is a non-profit organization founded in the United States that grants wishes to children with life-threatening medical conditions to enrich the human experience with hope, strength, and joy. The organization grants wishes through its 62 chapters located throughout the country. Make-A-Wish also operates in 47 countries around the world through 36 affiliate offices.

http://wish.org/

AIDS/LifeCycle is a fully supported, 7-day bike ride from San Francisco to Los Angeles to raise money and awareness in the fight against HIV/AIDS.

http://www.aidslifecycle.org/

PACE is the Professional Association for Childhood Education. PACE serves the state of California and advocates and promotes excellence in the early childhood community.

http://pacenet.org/


Colorado Properties

9410 Heinz Way - Commerce City, CO

A newly constructed property located just outside of Denver. The property is conveniently located off of Interstate 76 and Highway 2, and is in close proximity to Denver International Airport. The building is currently 100% leased to Home Depot (S&P credit rated A+) through November 2012. The property was built as a model for all Home Depot distribution facilities and includes a storage area for up to 67 truck trailers. It is an “A” building located in an “A” location.


Connecticut Properties

74 Griffin Street South - Bloomfield, CT

74 Griffin Street South is located in central Connecticut, with close proximity to Interstates 91 and 84, and has convenient access to Bradley International Airport. The property is served by a connecting rail line. The property lot includes parking for 100 cars, as well 100 spaces for truck trailers. The property is 100% leased to Home Depot (S&P rated A+) through November 2008.


555 Taylor Road - Enfield, CT

The LEGO Campus (555 Talyor Road) consists of 5 buildings and a total of 1,185,569 square feet, ranging from office space, to flex/R&D and warehouse space. All 5 buildings are located adjacent to Interstate 91 in the northern Connecticut town of Enfield, which has the tightest vacancy and 2nd highest asking rates in the Greater Hartford area. The Campus has railroad access and impressive clear heights of up to 48 feet.


140 Garden Street - Hartford, CT

140 Garden Street is a 700,000 SF office/residential complex in Hartford, CT. The office building, totaling approximately 451,000 SF of rentable space, is the former headquarters of Connecticut Mutual Life Insurance Company, which was acquired by Massachusetts Mutual Life Insurance Company and occupied by them until 2006.


85 Moosup Pond Road - Plainfield, CT

This 530,500 SF, single-tenant facility is located in northern Connecticut, approximately 40 miles east of Hartford and 75 miles southwest of Boston. Ideal for warehousing and distribution, the property offers first-rate building amenities, convenient access to I-395, rail service and other key features. Vacant land, totaling 26.5 acres of the 106-acre site, also provides opportunities for expansion.


170 Highland Park - Bloomfield, CT

A 449,000 SF, single-tenant warehouse facility on 37.82 acres, 170 Highland Park is situated in central Connecticut, five miles west of Hartford and 93 miles southwest of Boston, and offers convenient access to I-91 and I-84. The property is served by a connecting rail line and is in prime condition.


Enfield Business Park - Enfield, CT

Home to LEGO's North American headquarters and R&D operations, Enfield Business Park is a world-class, five-building, multi-tenant campus, located in the heart of the Northeast, off 1-91, midway between Hartford and Springfield. The high-image 445,597 SF distribution center, at 300 Shaker Road, is easily divisible, and features 48' clear heights, existing racking with more than 35,000 pallet positions in place, abundant loading, redundant systems, impeccable mechanicals, plus 14,270 square foot of office space and other key amenities.


Massachusetts Properties

Ashland Technology Center - Ashland, MA

Ashland Technology Center is a 340,000 SF business center located in the central business district of Ashland, MA, on the corner of a busy intersection of Route 135, minutes from Route 495, Route 9 and the Mass Turnpike. The property has been at least 95% occupied for over six years, and includes a tenant roster of various high tech, service, retail, and office tenants.


57 Littlefield Street - Avon, MA

57 Littlefield Street, Avon, MA is a well highly functional distribution/warehouse building totaling 425,628 square feet on 18.5 acres of land located less than two miles from Exit 19 on Route 24 and nine miles from Route 128. This property has a 25’ clear heights, forty-five loading docks and has ample land for trailer storage.


1040 Sheridan Street - Chicopee, MA

This 74,500 SF single-story, single-tenant warehouse/distribution facility is located on seven acres, just north of Springfield, in the Westover Industrial Park at the intersection of Highways 90 and 391.


Friendly Ice Cream Distribution Center - Chicopee, MA

1045 Sheridan Street is a 62,000 SF freezer/ refrigerator/dry goods distribution center just north of Springfield, in the Westover Industrial Park at the intersection of Highways 90 and 391.


Adams Road Industrial Park - Clinton, MA

A state-of-the-art, 344,000 SF, multi-tenant, high-bay distribution facility, 100 Adams Road offers 93,293 SF warehouse space for lease (divisible to 25,000 SF). Highlights include 32' clear heights, wide bays and abundant loading. Strategically located 5 miles off I-190, and in close proximity to I-495 and I-290, 35 miles west of Boston. Lot Size: 21 acres.


111 Adams Road - Clinton, MA

111 Adams Road is a 457,000 square foot high-bay distribution center located 2.5 miles from Route 495. The property is demised to accommodate tenants from 50,000-200,000 square feet. The property is leased to several tenants.


480 Sprague Street - Dedham, MA

480 Sprague Street is a single-story, 233,000 square foot high-bay warehouse/distribution center. It’s located in a very desirable urban infill location, less than 8 miles from downtown Boston. The property is leased to multiple tenants.


15 Independence Drive - Devens, MA

Constructed in 1999, 15 Independence Drive is a modern, 370,545 SF distribution building in the Devens Enterprise Zone. It offers 30’ interior clear height, 44 loading docks, active rail service, and parking for 100 trailers. It is fully leased through 2020 to Kraft Foods.


50 Independence Drive - Devens, MA

50 Independence Drive is a 235,620 square foot warehouse/ distribution center in the Devens Enterprise Zone. The property is currently leased to multiple tenants.


151 Suffolk Lane - Gardner, MA

151 Suffolk Lane is located in the Summit Industrial Park, less than two miles from Route 2. The property is a mix of office and warehouse space with an average clear height of 22 feet.


Hudson Mill Business Center - Hudson, MA

Hudson Mill Business Center is a 210,000 SF mill complex, located in the central business district of Hudson, MA. The tenant roster includes various high tech, services, and office tenants. The property is located next to the Assabet River Rail Trail. Hudson Mill Business Center is located less than 1 mile from Routes 495 and 290.


Andover Commerce Park - Lawrence, MA

Andover Commerce Park offer businesses 7-10,000 square foot industrial condominiums in a premier industrial location. The park is located within one mile of Routes 93, 20 miles north of Boston.


248 Industrial Road - Leominster, MA

248 Industrial Road is a 156,876 SF manufacturing facility in a popular industrial location in Leominster. The building has a rail spur and approximately 10,000 SF of office space, and 18’ clear height in the warehouse area.


60 Maple Street - Mansfield, MA

60 Maple Street is a multi-tenant manufacturing and distribution center, less than two miles from Rte 495. The property offers multiple loading docks, exterior storage area, up to 21’ interior clear height, and easy highway access.


625 University Avenue - Norwood, MA

625 University Avenue is a 459,455 SF high-bay distribution center, in a highly desirable distribution location one mile from Route 128 and 15 miles south of downtown Boston. The property consists of an industrial/office facility with two joined, and one separated single-story buildings totaling approximately 459,455 square feet.


495-515 Woburn Street - Tewksbury, MA

Situated 30 miles north of Boston in the Riverview Technology Park, a prestigious, 130-acre, multi-tenant industrial center, 495 Woburn Street is ideal for R&D and light assembly and offers 100,000-495,000 SF of totally renovated space for lease. Highlights include heavy power, abundant water, ample loading and parking, nearby commuter rail and more. An additional 20-acre site, also available at the park, offers room for expansion. The park's prime location, at I-495 and Route 3, provides proximity to life-science communities in Boston and Cambridge and access to a highly educated workforce.


Southampton Road Industrial Center - Westfield, MA

Located between Boston and Albany, minutes from the intersection of I-90 and I-91, Southampton Road Industrial Center features an ideal, New England location with an affordable business climate and access to an abundant workforce. The 92-acre, 652,000 SF facility is divisible to 130,000, and offers first-rate building amenities, including clearance heights up to 32', abundant loading with cross-dock capability, ample power and water for bio-manufacturing, more than 40,000 SF of office space and other key benefits.


100 Simplex Drive - Westminster, MA

100 Simplex Drive is an industrial campus off of Route 2 that is 100% leased to Tyco International and Masonite International. Features of the property include extensively built out office space ($9 million spent on 130,000 square feet), and fully air-conditioned manufacturing space. The property lot includes parking for approximately 1,495 cars as well as 200 truck-trailer spaces, and an additional 97 acres are available for expansion. The property is located within one of the area's tightest submarkets, boasting a historic vacancy rate that has averaged less than 5% over the last 17 years.


Pinehurst Business Park - Billerica, MA

Pinehurst Business Park is comprised of three adjacent buildings totaling approximately 134,000 SF. Located with convenient access to major local roads and highways. Major interstates in close proximity to the property include Routes 128, 3, I-495 and I-93 alike.


900 Middlesex Turnpike, Building 4 - Billerica, MA

900 Middlesex Turnpike, Building 4 features a unique combination of quality office and R&D space as well as high bay (up to 40’) space totaling approximately 94,000 SF. The building offers easy access to Route 3.


Newbury Park - Framingham, MA

The property consists of three buildings totaling approximately 45,313 SF on 4.2 acres of land. The two main buildings are each 20,000 SF.


South Street Business Park - Marlborough, MA

Constructed in 2008-2010, South Street Business Park is a 146,650 SF flex/office property just two miles from Route 495 in a busy commercial location in Marlborough, MA. The site is one of the highest elevations in the town and enjoys excellent visibility.


New Hamshire Properties

59 Daniel Webster Highway - Merrimack, NH

This first-rate, 474,322 SF warehouse/distribution facility is situated on 40.78 acres in an Economic Revitalization Zone, 47 miles from Boston, between Manchester and Nashua. With 40,000 SF to 280,377 SF for lease, the property offers excellent highway accessibility off the F.E. Everett Turnpike, proximity to the Manchester Airport, plus such key amenities as clearance heights up to 32 feet, abundant loading and more.


57 Daniel Webster Highway - Merrimack, NH

An attractive, 104,360 SF high-tech, signature industrial facility (plus land to accommodate a 100,000 SF built-to-suit facility) on a 7.6-acre park-like campus within an Economic Revitalization Zone. Three kinds of space available—40,000 SF warehouse with clear heights up to 30 feet, 24,000 SF Office/Lab, 40,300 SF manufacturing space. Robust infrastructure, heavy power, ample loading and excellent visibility along Daniel Webster Highway. Easy access, via Exit 10 off the F.E. Everett Turnpike; between Manchester and Nashua, 47 miles from Boston


New York Properties

The Jackson Industrial Building - Jamestown, NY

One of the area's few, large-scale facilities, and ideal for both distribution and light manufacturing, The Jackson Industrial Building is a first-rate 287,959 SF multi-tenant facility with up to 200,000 SF available for lease. Highlights include clear heights up to 35'7", wide bays, extensive loading and ample parking. Minutes from I-86, and within 77 miles of Buffalo and 180 miles of Rochester, Cleveland and Pittsburgh, it offers a strategic location for companies servicing New York, Ohio and Pennsylvania. Lot size: 11 acres.


MetroWest Industrial Center - Syracuse, NY

This impeccably maintained, 567,800 square-foot, food-grade signature facility is ideal for distribution or manufacturing, and one of the few large-scale buildings in Syracuse. Located on 26.2 acres, at the intersection of I-690 and I-90, MetroWest Industrial Center offers excellent highway accessibility and visibility, clearance heights up to 31 feet, extensive loading with 68 dock–high doors and two drive-in doors, six-inch concrete floors, modern offices and abundant parking. The facility also is situated within a prime, low-cost municipal-power area. Formerly occupied by Penn Traffic Dry Goods Distribution Center, the single-tenant building is easily divisible to accommodate multiple tenants. This property is also rail served.


3407 Walter Road - Van Buren, NY

276,697 SF single-tenant, cold-storage distribution center, ideally located one mile from I-90 and I-690 outside of Syracuse. Highlights include 124,781 SF cooler, 89,733 SF freezer, 36,000 SF refrigerated docks with 35 dock doors, and 15,088 SF truck fleet facility. Visible from the I-90 NYS Thruway . Lot size: 50.8 acres.


One Hanson Place - Brooklyn, NY

The antenna condominium unit includes rooftop rights comprised of the dome at the top of the building and upper parapet, exclusive rights to provide wireless telecommunications services on the building, and approximately 870 square feet of equipment rooms.


Pennsylvania Properties

851 Beaver Drive - DuBois, PA

202,800 SF warehouse/ refrigerated on 30.4 Acres Single-story, single-tenant warehouse, built in 1987 with an expansion completed in 1991. Features a perishable food freezer as well as dry warehousing space. Located off of Interstate 80, approximately 75 miles northeast of Pittsburgh, within the West/Central Pennsylvania and West New York Submarkets.


Shaffer Road/Route 225 - DuBois, PA

410,000 SF warehouse/ refrigerated on 25.8 Acres. Single-story, single-tenant building, with a two-story reception and office area. The facility was built in 1961 with additions completed in 1968, 1973, 1979 and 1980. The warehouse features a perishable food freezer as well as dry warehousing space. Located off of Interstate 80, approximately 75 miles northeast of Pittsburgh, within the West/Central Pennsylvania and West New York Submarkets.


Rhode Island Properties

28 Kenney Drive - Cranston, RI

This is a well-maintained 54,580 SF manufacturing building in a desirable industrial park one mile from T. F. Green Airport. The property is 100% NNN leased to a publicly-traded electronics manufacturer for the manufacture of several key products.


Texas Properties

Windstar Industrial Center - Abilene TX

Located midway between Dallas and Midland/Odessa, in one of the world's most desirable centers for wind power development, WindStar Industrial Center is one of the area's few, large-scale multi-tenant facilities for manufacturing, service and warehouse/distribution users. The 728,000 square foot, food grade building is situated on Interstate 20, and offers 25,000 to 356,000 square feet for lease, as well as 100 acres of land for development.


2200 South Business 45 - Corsicana, TX

Located between Dallas and Houston on Interstate 45, 2200 S Business 45 is 100% leased to Home Depot (S&P rated A+) through April 2010. Totaling almost 1.5 million square feet, the property is easily divisible into 200,000 square foot +/- sections and is also expandable by as much as 600,000 square feet.


9700 West Gulf Bank Road - Houston, TX

245,319 SF warehouse on 13.8 acres. Single-story, single-tenant warehouse facility, built in 1982, includes 48,390 SF of office space, and is also suitable for manufacturing. An additional 8.6 acres of land are available for expansion. Property is located in the Northwest Houston Submarket, off the West Sam Houston Parkway North, near the Northwest Freeway/Highway 290


Calare Properties, Inc. T: 978-568-0100
43 Broad Street F: 978-562-5331
Hudson, MA 01749 info@calare.com

Investor Contacts

Bryan Blake
Director of Business Development
617-694-8629
bblake@calare.com