BOSTON – On behalf of Calare Properties, CBRE/New England’s Debt & Structured Finance team secured acquisition financing for 8 Lakeville Business Park, a single-story, fully leased, ±100,000 square foot warehouse building located in Lakeville, MA. East Boston Savings Bank provided financing for the industrial property in the amount of $3.975 million.
CBRE/NE’s Kyle Juszczyszyn, Chris Coutts and Lenny Pierce secured the financing. “We ran a very competitive process and secured an attractive long-term, fixed-rate loan that aligns with Calare’s strategy for this asset,” stated CBRE/NE’s Coutts.
“We are excited to have acquired 8 Lakeville Business Park, which will provide our partners with stable, long-term cash flow. This is the fourth asset our firm has acquired in the immediate submarket and we continue to evaluate select acquisition opportunities,” added Andrew Iglowski, Director of Acquisitions at Calare Properties.
Occupied by Guardian Building Products (±30,000 SF) and T3 Expo (±70,000 SF), 8 Lakeville Business Park is located just one mile off of Interstate 495 at Exit 5 with immediate access provided by Route 18. The property’s proximity to Interstate 495 provides direct access to both Boston’s urban core (55 miles to Boston) via Interstate 93 and the inner suburbs along Route 128. The property’s Interstate 495 access also offers an easy connection to Providence, RI via Interstate 95.
Calare Properties, Inc. is a fully integrated real estate organization, recognized as the largest owner of industrial properties in the Greater Boston market. Established in 2003, Calare Properties specializes in the ownership, management and leasing of industrial and flex/office properties primarily in the Northeast. Calare has led the acquisition of over 17.4 million square feet of properties, representing over $750 million in real estate transactions through funds, direct deals and a multi-asset portfolio.