HUDSON, MA– Calare Properties (Calare), a private, Massachusetts-based real estate investment firm and operator, announced that it has completed the sale of 25 Tucker Drive in Leominster, MA, for $31,485,000.
Notably, Calare acquired the vacant 588,000 square-foot industrial asset in a joint venture with Fir Tree Partners at a substantial discount in December 2012, leased an original 401,316 square-feet to Affordable Interior Systems (AIS) in March 2014, and secured a 185,274 square-foot lease expansion with AIS in May 2015 to bring the facility to 100% occupancy.
25 Tucker Drive is a manufacturing, distribution, and office facility situated on 24 acres of land. Located less than a third of a mile from Route 190, the building also offers direct access to I-495 and the Massachusetts Turnpike, providing an ideal location for an industrial user. Additionally, the property boasts 28’ foot ceilings, 11,500 kVA of available power, 43 dock doors, and CSX rail service with a double spur that allows for sidecar loading directly into the distribution area.
“After acquiring 25 Tucker Drive in 2012, our team was able to bring this massive, completely vacant building to 100% occupancy in less than three years, and then sell the property at a substantial premium to the original purchase price,” stated Bryan Blake, President and Executive Director at Calare. “We went into the acquisition with a strategic leasing plan, which we were able to expertly execute. 25 Tucker Drive is a well-located asset, and we are confident that the property, and AIS, will continue to see success under the new ownership group.”
Calare was represented by Stan Johnson Company’s Britton Burdette, Director, and Mollie Alteri, Associate Director in the transaction.
AIS is a leading manufacturer of commercial office furniture and boasts one of the most impressive stories of growth and success in the systems furniture market. The company is known for offering feature-rich product lines that entice designers and meet immediate and future needs of end-users, while offering exceptional value. AIS employs 490 people, with over 600,000 square-feet of manufacturing and operations at two locations.