Calare Properties Completes Strategic Acquisition in Stoneham

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STONEHAM, MA -With a focus on long-term opportunity and strategic growth, Calare Properties (Calare) has acquired 95 Maple Street in Stoneham. The 5.63 acre site is fully leased and includes a 23,000 sq. ft. warehouse/office building, a 2,200 sq. ft. garage and over 400 parking spots.

“95 Maple Street sits within the highly active Boston North sub-market and benefits from immediate access to Route 93,” said Todd Barclay, VP of Acquisitions at Calare. “We saw tremendous value in the fully leased property to a high quality tenant and long term potential given the optionality of its prime location.

Located just 9 miles north of Boston, 95 Maple Street is ideally situated in a bustling area home to medical, lab, office, retail, and multi-family users. Calare has acquired 95 Maple Street fully leased to Beth Israel Lahey Health. The respected healthcare provider is committed to the property through a long term lease, using the site to support its operations at the nearby Winchester Hospital.  The property’s convenient commuting location and access to Boston will ensure strong demand from a variety of potential users.

“We are continuing to take a very measured, forward-looking approach to our investment strategy, and this acquisition reflects that plan,” noted Charles Nolfi, Managing Director at Calare.  “This is one of three new investment opportunities Calare has closed since the end of April in a very challenging economic environment.”

The off market opportunity was presented to Calare due to their reputation as an active buyer in the greater Boston market with the ability to manage complex investment transactions from due diligence through final closing.  John Meador of The Boulos Company represented the seller and buyer on this transaction and Brookline Bank provided the financing.