DEVENS, MA—Calare Properties and partner Hackman Capital Partners of Los Angeles report they have sold the former Evergreen Solar headquarters and manufacturing facility here for $36.05 million.
Hudson, MA-based Calare and Hackman acquired 112 Barnum Road in April 2012 in bankruptcy proceedings at a deep discount to the development cost. Bryan C. Blake, president and executive director of Calare, tells Globest.com that the Calare-Hackman Capital venture acquired the property for $8.33 million three years ago and invested approximately $12 million since that time in capital improvements. The 392,000-square-foot manufacturing building on 25 acres of land was completed in 2010 for $196 million. At the time of the sale three years ago the property was completely vacant.
About 60 days after it purchased the property, the Calare-Hackman venture leased approximately half of the building to a North American business of French multi-national corporation Saint-Gobain. In late 2013, the remainder of the building was leased by a manufacturer of plastic molded parts, which brought the facility to 100% occupancy.
Neither Calare nor CBRE/New England, which represented the Calare/Hackman venture in the sale of 112 Barnum Road, would reveal the identity of the buyer. A published report in the Boston Business Journal cites a Worcester County deed in identifying the buyer as an affiliate of Chevy Chase, MD-based Artemis Real Estate Partners.
Calare's Blake says the property was put on the market for sale in February of this year and attracted significant investor interest.
“The sale of 112 Barnum Road is a major milestone and signifies our ability to identify and acquire undervalued properties, attract premier tenants, and deliver a tremendous return to our investors,” says Bill Manley, CEO and CIO of Calare. “Hackman Capital Partners and Calare took a calculated risk with the property due to its vacant state when purchased. However, with in-depth analysis, market knowledge, and strategic repositioning, our team was able to transform the facility into a fully-leased and best-in-class asset.”
CBRE/New England's Bill Moylan, Robert Gibson, and John Meador represented Hackman and Calare in the sale. “The Hackman/Calare team had incredible foresight for this building in 2012 and its importance in the marketplace at that time,” CBRE's Moyland says. “The buyer has acquired a truly best-in-class facility and we expect them to have continued success moving forward.”
The 112 Barnum Road property is located within the master-planned Devens Industrial Park. The park boasts such manufacturing tenants as Bristol-Myers Squibb, Quiet Logistics, Saint-Gobain and Jabil.
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