Hudson, MA – Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has acquired 33 Stiles Lane, a 175,000 sq. ft. warehouse distribution facility in North Haven, Conn.
Along with the purchase of this high-quality property on 14 acres, Calare has secured a 10-year lease with one of the world’s leading suppliers of chemical additives and measuring instruments, bringing the building to 100 percent leased.
“33 Stiles Lane presents an ideal investment, particularly in light of the growing demand for well-maintained distribution space from users seeking easy access throughout the Northeast. The I-91 corridor is a fantastic distribution and manufacturing location in New England” said Bill Manley, CEO and CIO of Calare. “With a newly finalized lease to the supply company, along with current tenant Millwood Inc., we expect very strong, stable cash flow for our investors.”
33 Stiles Lane is a one-story steel-frame warehouse featuring 32-foot ceilings with 18 tailboard docks and three drive-in doors. Located directly off Route 5 in the Greater New Haven market, this well-maintained property features modern logistics space with ample parking and a prime centralized location. The site offers easy access to Interstate 91 and points throughout New England, New York and New Jersey.
“33 Stiles is exactly the type of well-located distribution facility Calare has been focused on acquiring within the northeast,” said Todd Barclay, VP of Acquisitions. “High tenant demand continues to drive vacancy rates down as the supply to demand imbalance increases in the market.”
Greater New Haven is Connecticut’s second largest metropolitan area and one of the state’s major industrial, educational and cultural centers. The local industrial market benefits from strategic access to the region’s major distribution networks and highways. As a result, the Greater New Haven industrial market has experienced steady demand with a vacancy rate of 9.8 percent and an average net lease rate of $5.37 per sq. ft.