"It worked out well for everyone," Calare principal BrianPoitras tells GlobeSt.com, in announcing the lease agreement afterhis firm closed on 181 Campanelli Parkway, a 7.3-acre complex whichhad come under the control of Middlesex Savings Bank throughforeclosure. Calare was simultaneously seeking a new home forIsaac's, and the footprint of the Stoughton structure ultimatelymet the tenant's needs. There will be a capital improvementscampaign on the property, which Hoboken Wood Flooring had ownedsince its construction in 1989. "It's a great building," saysCushman & Wakefield Senior Director and South Shore brokerCathy Minnerly. Along with a two-story, 12,000-sf office section,the property has clear heights to 30 feet in the warehouse.


According to Poitras, CB Richard Ellis brokers Robert Gibson andEdward Jarosz alerted Calare to 181 Campanelli Parkway's pendingsale, which was orchestrated by Daniel J. Flynn Auctions of Quincy.Austin Smith of Newmark Knight Frank separately negotiated leaseterms on behalf of Isaac's.


The full-building lease offers a measure of momentum for thesuburban south industrial region, a sector that Minnerly says ispicking up following a sluggish opening quarter. C&W estimatesnegative net absorption of 47,000 sf for buildings in the Route 128South submarket during Q1. The firm tracks just over 25 million sfin 337 buildings in the submarket, an inventory that is presentlyat 8.2% vacancy. Despite the slow start to 2008, the vacancy isstill favorable compared to a 12.4% vacancy for all of suburbanBoston industrial and the submarket's 9.4% rate in Q1 2007.


Calare Properties has been in business since 2000, and Poitrassays the company is interested in pursuing more acquisitions whenappropriate. The firm specializes in building turnarounds, asevidenced in its sale earlier this year of 555 Main St. in Hudsonfor $5.3 million. The disposition came just over a year afteracquiring the asset for $1.3 million and stabilizing the formerArrow Automotive headquarters with a 10-year lease, asreported by GlobeSt.com. The company also made one of the country'sfinal mega-investment buys prior to the market meltdown whenCalare, KBS REIT and Hackman Capital Partners united on the $516million purchase of an 11-million-sf industrial portfolio spreadacross the US.

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