Mar
22
New England Industrial Asset Trades for $13M
ByThe 200,000-square-foot warehouse facility in Milford is 100 percent occupied by a global transportation solutions company.
Milford, Conn.—Massachusetts-based Calare Properties recently announced that it has sold 40 Pepe’s Farm Road, a 200,000-square-foot industrial warehouse property located in Milford. The asset was acquired by an undisclosed large institutional buyer for $13.3 million.
The seller purchased the 50 percent occupied property in 2014, with a strategy for capital improvements designed to drive tenant demand and increase value. Currently, after extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, the asset is fully occupied on a 10-year term by a global transportation solutions company…
