FRAMINGHAM, MA – Calare Properties (Calare) has closed on the purchase of 35-55 Scotland Blvd., a well-positioned industrial campus in Bridgewater, MA. The portfolio consists of four high-bay warehouses located across 27.2 acres, along with an 8.5-acre site primed for development. The financial terms of the purchase were not disclosed.
“This purchase presents a rare opportunity to invest in and enhance a well-maintained industrial portfolio while also offering a platform for growth with a future potential development site,” Todd Barclay, SVP of Acquisitions at Calare. “Located only minutes from Route 24 and Interstate 495, the Scotland Boulevard campus serves as an ideal home for warehousing, distribution, manufacturing, and more.”
Spanning 279,100 sq. ft., the four warehouse buildings are fully leased, with tenants including Barrett Distribution, Control 7, Fibertec, Johnson & Johnson, and Winsupply.
• 35 Scotland Blvd: The 52,500 sq. ft. building is located on 5.9 acres and is 100% leased to one tenant.
• 45 Scotland Blvd: The 80,000 sq. ft. building is located on 7.7 acres and is 100% leased to one tenant.
• 50 Scotland Blvd: The 90,600 sq. ft building is located on 6.3 acres and is 100% leased to one tenant.
• 55 Scotland Blvd: The 56,000 sq. ft. building is located on 7.3 acres is 100% leased to three tenants.
“Increased demand for industrial product coupled with insufficient supply has contributed to occupancy gains throughout 2022 and vacancy rates remain in the low single digits”, noted Albert Manley, VP at Calare. “We continue to focus on acquiring and developing well-located, highly functional industrial assets like Scotland Blvd.”
Calare has acquired or developed a wide range of industrial assets in the northeast and continues to grow its portfolio as heavy demand and low supply create record low vacancy rates and record high rental rates.