MIDDLEBOROUGH, MA – Calare Properties announced that it has completed the sale of 16 Leona Drive, a fully occupied industrial/laboratory building in Middleborough, MA. The high quality 80,100 sq. ft. asset was sold for $14.42 million.
Currently leased by long-term tenant IDEX Health & Science, a global leader in medical and life science manufacturing, the Class A asset is equipped with office space, manufacturing space and cleanrooms. The property is located on 27.3 acres on a site with expansion potential of 65,000 sq. ft.
“This well-positioned property provided an ideal complement to our industrial portfolio that continued to generate value for both our tenant and investors,” said Todd Barclay, VP of Acquisitions at Calare. “After four years under our active management to maintain the premier quality of this asset, we saw the opportunity to exit the property at pricing that far exceeded our initial underwriting.”
Calare purchased 16 Leona Drive in 2015 with an investment strategy centered on proactive management to maintain the asset’s Class A standing. Through such efforts, Calare was able to extend IDEX’s lease for an additional 10 years this past Spring, providing ongoing stability for the asset.
16 Leona Drive is located within the 220-acre Campanelli Business Park, home to over 1 million sq. ft. of warehouse, manufacturing and flex/office space. The property is strategically situated off of Interstate 495, offering easy access to Boston, Providence and key markets throughout the Northeast and beyond.
The Newmark Knight Frank team of Rick Schuhwerk, Tony Coskren, Ed Jarosz, Brian Pinch and Lizzie Kusbit represented Calare in this transaction.