NORWOOD, MA—Calare Properties of Hudson, MA has acquired the Norwood Business Center, a three-building 150,000-square-foot industrial/office complex, here.
The deal gives Calare a foothold in the Norwood commercial market. The property at 1400 Providence Highway (Route 1) is surrounding by a number of retail, office and flex properties, company officials say. Calare did not divulge the purchase price or the identity of the seller, which was represented by Roy Sandeman and Chris Skeffington of Transwestern|RBJ, in its announcement.
Positioned on 18 acres, the facility is comprised of 23,000 square feet of office space and 133,000 square feet of single-story small bay industrial space, which can accommodate a variety of users, such as distribution and research and development.
Within the past three years, the asset has received $2.4 million in capital improvements including a partial new roof, updated landscaping, an office elevator, and a renovated parking lot.
“We are pleased to announce our acquisition of Norwood Business Center, which adds another strong asset to our rapidly growing portfolio,” says Bill Manley, CEO and CIO of Calare. “The property has received significant renovations in the past few years, and boasts a premier location with easy access to major highways, making it a top-tenant destination. The buildings are approximately 65% leased and we expect a high level of tenant interest following our purchase.”
The company adds that the surrounding area has recently benefited from a surge of new retail and residential development (such as Legacy Place in Dedham, MA), and could position the property in the future as a viable, mixed-use re-development site.
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