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STOUGHTON, MA-Chapter 7 bankruptcy doomed Hoboken Wood Flooring’s custom-built operations at 181 Campanelli Parkway, but the 61,000-sf office/warehouse building is about to enjoy a swift comeback, following its auction to Calare Properties. Hudson-based Calare paid $2.8 million for the property, and then subsequently leased the entire space to Isaac’s Moving & Storage for a five-year term.

“It worked out well for everyone,” Calare principal Brian Poitras tells GlobeSt.com, in announcing the lease agreement after his firm closed on 181 Campanelli Parkway, a 7.3-acre complex which had come under the control of Middlesex Savings Bank through foreclosure. Calare was simultaneously seeking a new home for Isaac’s, and the footprint of the Stoughton structure ultimately met the tenant’s needs. There will be a capital improvements campaign on the property, which Hoboken Wood Flooring had owned since its construction in 1989. “It’s a great building,” says Cushman & Wakefield Senior Director and South Shore broker Cathy 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 and Edward Jarosz alerted Calare to 181 Campanelli Parkway’s pending sale, which was orchestrated by Daniel J. Flynn Auctions of Quincy. Austin Smith of Newmark Knight Frank separately negotiated lease terms on behalf of Isaac’s.

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

Calare Properties has been in business since 2000, and Poitras says the company is interested in pursuing more acquisitions when appropriate. The firm specializes in building turnarounds, as evidenced in its sale earlier this year of 555 Main St. in Hudson for $5.3 million. The disposition came just over a year after acquiring the asset for $1.3 million and stabilizing the former Arrow Automotive headquarters with a 10-year lease, as reported by GlobeSt.com. The company also made one of the country’s final mega-investment buys prior to the market meltdown when Calare, KBS REIT and Hackman Capital Partners united on the $516 million purchase of an 11-million-sf industrial portfolio spread across the US.

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