CANTON, MA—Calare Properties of Hudson, MA continues to increase its suburban flex-office portfolio in suburban Boston with the purchase of 95 Shawmut Road here.

The 84,000-square-foot single-story property is fully leased to five tenants with remaining average lease terms of 5.5 years. Calare acquired the property from Hall Royce, LLC of Manchester, MA. No financial details of the transaction were released. The latest deal follows up its September purchase of three-fully leased industrial buildings in Middleborough for $25.375 million.

"Our team at Calare was attracted to the 95 Shawmut Road asset due-in-part to the building's physical quality and excellent access to major highways," says Bryan Blake, president of Calare. "We are constantly working to identify premier acquisition opportunities in the market and creating value for our investors."

He called 95 Shawmut the best Class A flex-office building in the best park (Shawmut Park) in that submarket. "With all the construction going on locally in University Station in Westwood, a lot of this flex office product came off-line, Blake says, adding that the flex-office product in the Canton area is in short supply. University Station is a 2-million-square-foot mixed-use project.

"What you have is a lack of supply of quality product that is in high demand from these tenants who need to be in this location because they either service downtown Boston or service Route 128," Blake says.

He says that because there is high demand for this type of space, if one of its tenants were to vacate for some reason, Blake believes his firm would be able to fill the space in short order.

"This is a long-term hold for the firm, he relates. "We are not looking to sell this in a year or two."

Calare currently owns approximately 15 million square feet of industrial product. The flex-office component comprises about 20% of its total portfolio. Its properties are located mainly in the Northeast and Mid Atlantic.

In addition to its Middleborough purchase, locally Calare sold 112 Barnum Road, a 400,000-square-foot high-tech manufacturing plant in Devens, MA, for $36.05 million in June. The company also acquired 20 Seyon St., a 94,000-square-foot industrial building in Watertown, MA, for $11 million in February 2015.

With its latest purchase, the company owns approximately 7 million square feet of product in Greater Boston. Blake says that Calare is hopeful to close on a small vacant light industrial building south of Boston. He would not divulge the location of the property, but says that Calare has a tenant that would occupy the entire building if the sales deal were finalized.

He adds that the company is in various stages of selling about four assets in Greater Boston. Blake notes that the sales could close in the first quarter of 2016.

Blake says that the company continues to look for growing its Boston area portfolio as well as take advantage of opportunities for growth in the Mid-Atlantic region.