Calare Properties, a private, Massachusetts-based investment firm with a focus on industrial real estate, announced this week that it has purchased a 94,268 square-foot mixed-use facility for $11 million.
The facility located on 5 acres at 20 Seyon St. is currently 100 percent occupied, according to an announcement from Calare.
The seller was represented by Bill Moylan, Chris Angelone, John Meador, and Bruce Lusa of CBRE|New England in the transaction.
“20 Seyon is an attractive investment for Calare that we believe will provide stable, long-term cash flow and a strong risk-adjusted return,” commented Andrew Iglowski, director of Calare. “This asset is uniquely positioned to benefit from its urban infill location, increasing tenant demand for functional warehouse space, and diminishing supply due to rapid gentrification within the Watertown/Waltham industrial submarket, particularly along the Pleasant Street Corridor.”
20 Seyon Street is a single-story, multi-tenant warehouse/distribution asset, which has recently received major capital improvements including a new roof, HVAC units, and security/alarm systems throughout. Calare has allocated $100,000 of capital expenditures dedicated for parking lot and landscaping improvements to take place within the first year of ownership, according to the announcement.
Providing easy access to the Massachusetts Turnpike and I-95, 20 Seyon Street is situated along a densely populated, mixed-use corridor consisting of major retail outlets and Class A residential apartment communities. The facility is currently leased with 10-year commitments by Saks Fifth Avenue and Launch Trampoline Park, an entertainment venue founded by former Patriots player Ty Law, the announcement said.
Located within the sought-after MetroWest Industrial submarket, the area has been one of the most active locations in Greater Boston, seeing over 1.0 million square-feet of absorption in 2014, and has followed this positive trend for eight consecutive quarters.