Hudson, MA – Calare Properties (Calare), a private, Massachusetts-based real estate investment firm and operator, and Hackman Capital Partners, LLC, an asset-based investment firm headquartered in Los Angeles, CA, recently announced today that it has completed the sale of 112 Barnum Road, a 392,000-square-foot Class-A manufacturing facility, located in Devens, Massachusetts. The property was purchased by a large institutional real estate investor for $36,050,000 and had initially been acquired vacant by affiliates of Calare and Hackman Capital Partners in April 2012.
Originally constructed in 2010 as Evergreen Solar’s headquarters, the property offers state-of-the-art manufacturing and research facilities including oversized air handling and humidification, emergency diesel generators, and gas distribution systems. Immediately following the purchase, Calare and Hackman Capital’s asset management team repurposed the facility for multiple-tenant usage, which required significant reconfiguration and careful planning. The low cost basis of the asset, coupled with superior quality, supported competitive lease rates in relation to all other properties in the market.
Within 60 days of the acquisition, Calare and Hackman Capital leased approximately half of the building to a North American business of Saint-Gobain, a French multi-national corporation. In late 2013, the remainder of the building was leased by a manufacturer of plastic molded parts, bringing the facility to 100% occupancy.
“The sale of 112 Barnum Road is a major milestone and signifies our ability to identify and acquire undervalued properties, attract premier tenants, and deliver a tremendous return to our investors,” commented Bill Manley, CEO and CIO of Calare. “Hackman Capital Partners and Calare took a calculated risk with the property due to its vacant state when purchased. However, with in-depth analysis, market knowledge, and strategic repositioning, our team was able to transform the facility into a fully-leased and best-in-class asset.”
As part of the Barnum Business Park, the property provides an ideal location, situated just four miles west of Route 495 and two miles north of Route 2. Additionally, its close proximity to multiple highways offers tenants easy access to major Northeast business centers including Boston, Hartford, and New York.
Robert Gibson, Executive Vice President/Partner, Bill Moylan, Executive Vice President/Partner, Chris Angelone, Executive Vice President/Partner, Bruce Lusa, Vice President, and John Meador, Senior Associate, of CBRE/New England represented ownership in the transaction.
