Hudson, MA – Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has acquired 425 Meadow Street in Chicopee, a 552,000 SF industrial property comprised of two buildings, a 402,000 SF manufacturing facility and a 150,000 SF high bay warehouse, situated on 47 acres.
Calare, which has successfully managed and owned the property with a JV majority partner for the past three years, has secured full ownership of the building through a recapitalization.
Along with the acquisition of 425 Meadow Street, Calare has finalized lease terms with two tenants, ensuring stable long-term occupancy of the property. Callaway Golf Company, which has based its U.S. manufacturing operations at 425 Meadow Street since 2003, has secured a 10-year lease extension for the manufacturing facility through 2028. Additionally, Granite City Electric, the area’s leading electrical distributor, has recently signed a long-term lease for 80,000 SF of warehouse space.
“This strategic recapitalization allows Calare to strengthen our oversight of this prime asset, which we have successfully managed for the past three years to ensure property maintenance and improvements continue to meet tenant needs,” said Bill Manley, CEO and CIO of Calare. “We look forward to creating ongoing value at 425 Meadow Street to benefit both our tenants and investors through the long term.”
Calare is actively marketing the remaining 70,000 SF of high bay warehouse space, with 32-foot clear ceiling heights, providing a key opportunity for companies seeking such facilities considering only 3 percent of the region’s 239 million SF of industrial product includes high bay warehouse space. 425 Meadow Street is also well-positioned for ongoing growth opportunities as the site’s 47 acres allows for expansion and additional development, including warehouse and manufacturing, among other uses.
Located within Hampden County, 425 Meadow is centrally located in a thriving industrial market with a low 6 percent vacancy rate. The property also benefits from an ideal location near four major highways, specifically I-391, I-90, I-91 and I-291, for easy access to Boston, Hartford, New York and Providence.