WOBURN – Calare Properties has acquired an industrial flex portfolio in the high-demand Route 128 North industrial market. The asset, which is comprised of two buildings totaling 53,600 sq. ft., is located nine miles northwest of Boston at 64 Industrial Parkway and 1 Adele Road in Woburn.
The two buildings are on adjacent parcels, totaling 2.9 acres, with convenient access to I-95/Rte. 128, I-93 and local public transportation. The well maintained properties feature 16- to 26-ft. ceiling heights with open, flexible space ideal for a wide range of industrial users. Centrally located in Woburn’s sought-after flex/industrial sub-market, the asset can accommodate warehouse, manufacturing, flex office, tech, service and R&D tenants.
“The acquisition of 64 Industrial Parkway and 1 Adele Road further advances our strategy to pursue value-add investment opportunities in high-demand markets,” said Bill Manley, CEO at Calare. “We are confident this portfolio will deliver compelling investor returns in an industrial market that continues to thrive.”
As part of its investment strategy, Calare will implement a capital improvement plan to further enhance this high quality asset. Updates will include roof work, general repairs, flooring upgrades, HVAC updates, and improvements to landscaping.
“The location provides exceptional corporate visibility and easy access to the greater Boston market,” said Todd Barclay, VP of Acquisitions. “We have already received significant interest from potential tenants in need of high-quality flex space and we expect that interest to grow.”
Woburn, in Boston’s Route 128 North sub-market, has historically been among the top-performing industrial markets in greater Boston. The area is home to many businesses in need of flex, manufacturing and warehouse space with extensive nearby employee retail amenities and transportation options. Due to this ongoing demand and limited opportunities for new supply, the local industrial market has remained robust. According to market data, the industrial vacancy rate in the Rte. 128 North sub-market was 2.7 percent at the end of 2018, with industrial lease rates increasing 34 percent since 2015.