Calare Properties (Calare), a private Massachusetts-based real estate investment firm and operator, announced today that it has acquired 234 Taylor Street in Littleton, MA. Along with the acquisition of 36,000 sq. ft. warehouse building, Calare has secured a 10-year absolute net lease with Premier Health Group, LLC, guaranteeing a full commitment to the building.
Located directly off Route 495, this well-maintained property is situated on 6.3 acres of land with ample parking in a market with strong industrial demand. The one-story warehouse features 24-foot ceilings with eight tailboard docks and one drive-in door.
“The strategic investment in 234 Taylor Street provides an ideal opportunity to develop added value in a well-positioned asset,” said Bill Manley, CEO and CIO of Calare. “Through the addition of a reputable tenant that has committed to significant capital improvements, we are confident this property will continue to flourish in the long-term.”
The tenant, Premier Healthcare Group, is an affiliate of Sanctuary Medicinals, Inc., a non-profit with a mission of providing the highest quality organic medicinal marijuana, service and education to qualified patients. As a long-term tenant, Premier Healthcare Group will be responsible for the management of the facility and has planned to make significant capital investments into the property to support the establishment of a cultivation facility.
Located within Middlesex County, 234 Taylor Street is in the I-495/Route 2 West submarket which has a low 7.3% vacancy rate for industrial assets. The property also benefits from an ideal location just off of I- 495 and in close proximity to the Mass Pike (I-90), for easy access to Boston, Hartford, New York and Providence.
About Calare Properties
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 17.5 million square feet of properties representing $800 million in transactions through funds, direct deals and a multi-asset portfolio. Further information is available at our website www.calare.com or email us at email@example.com.