Framingham, MA – Calare Properties has expanded its footprint into New Jersey with the acquisition of an industrial commercial condominium at 3 Nami Lane in Hamilton Township. The purchase of the 25,750sf space extends the reach of the company’s portfolio into the Tri-State market, with strategic positioning between the New York City and Philadelphia metro regions.
The asset at 3 Nami Lane comprises more than half of the 46,000sf industrial/flex facility and features a mix of open space, offices, and clean rooms designed to support the development and production of high-performance technology products. The space has been fully leased to a long-term Calare tenant based in Massachusetts that designs and manufactures semiconductor products for the telecommunications, industrial and defense, and data center sectors. The tenant plans on investing capital in the building to modernize the facility and support future product growth.
The deal was structured as a sale leaseback transaction, allowing the tenant to maintain operations at a facility in which a recent acquisition had owned and operated over the last 25 years. This arrangement also enabled the tenant to capitalize on the value of the real estate asset while, at the same time, embedding a real estate owner/operator to manage and maintain the property on their behalf as a tenant.
“This acquisition reflects the care and support we provide our tenants and we’re pleased that our long-term tenant has entrusted us to expand our work together into a new market,” said Sam Joseph of Calare. “Our sale leaseback program helps companies unlock the value in their property with the added peace of mind of having an owner in place that is dedicated to building long-term value in the space.”
3 Nami Lane is located on a 3-acre property within in a central area offering access to major highways, including Interstates 95, 195, and 295. The single-story building features 20-foot ceilings, parking, flexible floor plates, and modern systems built to support a wide range of uses including R&D, technology, light manufacturing, lab, and office.
