Calare Properties Purchases 119,000 SF Warehouse/Retail Building in Stoughton, MA
Hudson, MA - April 29, 2016
301 Page Street currently serves as Boston Interiors’ Headquarters
Calare Properties (Calare), a private, Massachusetts-based investment firm with a focus on industrial real estate, announced today that it has acquired 301 Page Street in Stoughton, MA, a Class A, 119,000 square-foot (sf) warehouse/retail building. Currently, the asset is 100 percent occupied, serving as the headquarters for Boston Interiors.
Built-to-suit for Boston Interiors in 2004, 301 Page Street features 10,000 SF of office, 9,000 SF of showroom, and 100,000 SF of high bay warehouse space, and is fully heated and climate controlled. Situated on 17.1 acres of land, the asset boasts unique 36’ clear ceiling heights, 16 dock-high doors (featuring 3 drive-in doors), 2 trash dock doors, and 113 surface-level parking spaces. Boston Interiors, a well-established regional furniture brand, signed a new 15 year lease at acquisition, securing the property as a high quality warehouse/retail property.
“301 Page Street offered the unique opportunity to secure a Class A high bay distribution asset below replacement cost in an off market transaction,” said Andrew Iglowski, Director of Acquisitions at Calare. “The strength of the tenant and term of the lease provide secure cash flows over the long term, and our basis will provide us with a high level of relative liquidity. We enjoyed working with the entire Boston Interiors team on this transaction and look forward to a long-term relationship with them.”
Located in the South RT 128/RT 24 submarket in Stoughton, MA, 301 Page Street provides highway access across multiple routes, and is just 16 miles south of Boston. The building is situated in a dense warehouse, flex, and retail market, featuring neighboring companies such as Amazon, IKEA, Target, Kohl’s, Jordan’s Furniture, Bassett, and BJ’s Wholesale Club. In addition to 310 Page Street serving as its headquarters, retail store, and distribution center, Boston Interiors has seven area retail locations.
About Calare Properties
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 our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 15 million square feet of properties representing $650 million in transactions through funds, direct deals and a multi-asset portfolio. Further information is available at www.calare.com.