112 Barnum Road, Devens, MA
|Property:||Acquired vacant in a joint venture, 112 Barnum Road is a 392,000 SF state-of-the-art manufacturing building originally constructed for over $196,000,000 ($500/SF) by Evergreen Solar prior to their 2011 bankruptcy.|
|Strategy:||Distressed, low basis acquisition of a high quality manufacturing and office facility with the opportunity to add value through lease up|
Opportunity / Highlights
- Calare purchased the property at a significant discount to cost due to the complexity of the bankruptcy, real estate, and capital equipment issues.
- The share quality of the asset provided a best in class facility for a single or a multi tenant layout with a cost basis supporting very competitive lease rates versus all other assets in the market.
- Within two months of acquisition, Calare executed a lease with Saint-Gobain Ceramics & Plastics, for 48% (186,000 sf) of the building.
- In October 2013, Calare signed a long-term lease for the remainder of the building (205,000 sf) to Nypro Healthcare, for its manufacturing needs.
- Sold for $36.05 million to an institutional buyer in May 2015.