Calare Properties Expands New England Portfolio, Acquires Property in Maine

0
580

WESTBROOK, ME – Calare Properties has expanded its New England presence with the purchase of a well-maintained warehouse/flex property in Westbrook, Maine. The acquisition is the firm’s first asset in the state.

Located at 5 Bradley Drive, the former Olympia Sports distribution center provides 103,000 sq. ft of open warehouse space and 31 foot ceiling heights with approximately 23,000 sq. ft. of office space and parking to accommodate 170 vehicles. The site also offers the opportunity for an expansion of up to 80,000 sq. ft.

“We are pleased to continue growing our portfolio with the purchase of this prime property,” said Todd Barclay, VP of Acquisitions at Calare. “Our ability to fully lease the property before purchase supports our investment thesis on the lack of quality product given velocity of corporate interest in southern Maine.”

Calare had originally planned to purchase 5 Bradley Drive vacant to take advantage of the growing need for Class A, high-bay warehouse space in the Portland area.  Calare had multiple tenant inquiries on the building during the buying process and was able to lease 100% of the building before closing on the property.

“We have been analyzing the Greater Portland market for the past few years and patiently waited for the right industrial asset,” noted Tim Collis, Senior Acquisitions Associate at Calare.  “That patience paid off with the purchase of 5 Bradley, one of the best and most functional industrial assets in the market.”

The building is located less than 5 miles from I-95 and the Portland International Airport, offering convenient access to points throughout the New England region. Just 6 miles from Portland, the property sits within a bustling area home to several manufacturing, biotechnology, and transportation firms.