Calare Properties Acquires 51,502 Square-Foot Flex/Office Building in Bedford, MA
Hudson, MA - October 14, 2014
Massachusetts real estate investment firm continues strong growth plan with recent purchase
Calare Properties (Calare), a private, Massachusetts-based investment firm with a focus on industrial and flex/office real estate, announced today that it has acquired 205 Burlington Road in Bedford, MA for $2,300,000. The purchase of this 51,502 SF flex/office building represents Calare's continued strategy for local and national portfolio growth.
"We are excited to announce our acquisition of 205 Burlington Road, as it gives us a strong foothold in a highly sought-after suburban Boston market," commented Bill Manley, CEO and CIO of Calare. "The building is perfectly located and ideally sized to accommodate the many dynamic companies in the Bedford/Burlington market. Few opportunities remain where tenants can acquire a quality single-story office, research and development, or manufacturing space with major road exposure in this desirable area."
As part of their plan to enhance the property and secure top tenants, Calare will employ a significant capital program including a new roof, facade enhancements, seal/stripe of the parking lot, new signage, landscaping upgrades, and new interior common areas. As the property experienced limited deferred maintenance under previous ownership, Calare is dedicated to solidifying the asset as a top tenant destination in the suburban market.
205 Burlington Road is located less than 25 minutes from Downtown Boston and provides access to Routes 3 (via Route 62) and Route 128/I-95. Strategically located near key metro west workforce pools, the property is actively leasing space and can accommodate a variety of size requirements for tenants looking in the Billerica, Burlington, and Bedford markets. Additionally, the property is just two miles away from Burlington Mall, a premier shopping destination featuring high-end retail stores and upscale restaurants.
Torin Taylor, Executive Director at Cushman and Wakefield, represented the seller in the transaction.