HUDSON, MA– Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has sold 40 Pepe’s Farm Road in Milford, Conn. to a large institutional buyer for $13.25 million.
Calare originally purchased the 200,000 SF high-bay industrial warehouse property in 2014 at 50 percent occupancy with a strategy for capital improvements designed to drive tenant demand and increase value.
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Through extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, Calare helped propel the property to full occupancy securing a 10-year lease for the entire building to a strong credit, global transportation solutions company.
“Calare purchased 40 Pepe’s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors, ” said Bill Manley, CEO and CIO of Calare. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
Located in Southern Connecticut along the I-95 corridor, 40 Pepe’s Farm Road is ideally positioned in an area with a notably low supply of high-bay warehouse space and centralized to distribution channels in the northeast. The property’s location provides easy access to New York City and I-91, along with key regions to the north and south along I-95.