Marlborough, MA – Calare Properties (Calare) announced it has completed the sale of South Street Business Park for $14.2 million. The highly visible 14.5-acre site at 417 South St. is ideally situated just two miles from I-495 in Marlborough’s bustling commercial district.
The in-demand Class A industrial building features 145,600sf of multi-use space, accommodating warehouse, flex, office, and R&D users. Current tenants include IEP Technologies, BWT Pharma & Biotech, Mintra, and Metropolitan Warehouse & Delivery.
Calare purchased South Street Business Park in 2011 through a foreclosure sale in shell condition. The firm’s investment strategy focused on attracting high quality tenants through attentive site maintenance and proactive investment in build-outs to meet the needs of industrial tenants. The property, built in 2010, includes flexible floor plates, 20-foot ceilings, 15 loading docks, and over 200 parking spaces with additional land for future expansion.
South Street Business Park is located in the I-495 Mass Pike West industrial market, a thriving and highly competitive market in Greater Boston. As of the fourth quarter of 2018, the market experienced positive leasing absorption with a low vacancy rate at 3.7%. Asking rents in the market average $8.23 NNN.
The CBRE team of Scott Dragos, Doug Jacoby, Chris Skeffington, Roy Sandeman, Tony Hayes, and Dan Hines represented Calare in the transaction.