HUDSON – Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has completed the sale of 301 Page Street in Stoughton, Mass. for $12 million.
Built in 2004 as the corporate headquarters, retail and distribution space for long-term tenant Boston Interiors, the 119,000 SF Class A property is exceptionally maintained and features 36-foot high ceilings, a rare offering in Greater Boston’s industrial market. Calare purchased the asset in an off-market transaction in April of 2016.
“301 Page Street stands as a prime asset in the Metro South region, where premium high bay warehouse space is scarce, and demand continues to rise,” said Bill Manley, CEO and CIO of Calare. “Calare is pleased to have successfully positioned this unique opportunity to a buyer who will benefit from having a trusted, long-term tenant in place.”
Boston Interiors, a well-established regional furniture brand, occupies the entire building for its warehouse, retail and distribution operations, with a lease commitment of over 12 years. The property is situated on over 17 acres and includes 10,000 SF of office, 9,000 SF of showroom and 100,000 SF of high bay warehouse space. 301 Page Street is fully heated and climate controlled, with 16 dock-high doors, two trash dock doors, and 113 surface-level parking spaces.
“The asset quality, location and heated Boston industrial market created significant capital appreciation in a very short timeframe,” noted Charles Nolfi, Managing Director of Calare. “We are pleased to provide our investors such substantial investment returns in less than two years of ownership.”
301 Page Street is situated in a dense warehouse, flex and retail market with such notable brands as Amazon, Ikea, Target and BJ’s in the vicinity. The property is located in the thriving Route 128 submarket, just 16 miles south of Boston. The site also features convenient access to Route 24, providing easy accessibility throughout the region.