As part of a strategic focus on the urban industrial market North of Boston, Calare Properties (Calare) has added to its portfolio of prime commercial real estate with the purchase of 201 Crescent Ave. in Chelsea. The 31,800 sq. ft. industrial flex asset is fully leased with a stable, long-term tenant in place.
“This acquisition reflects our philosophy of leveraging advancing market trends for maximum investment value,” said Bill Manley, CEO at Calare. “With the ongoing growth of e-commerce, the demands for last mile logistics, and the need for flexible space, 201 Crescent presents an ideal opportunity for Calare and our investors.”
201 Crescent Avenue sits on 1.38 acres in a highly desirable location just 4 miles from downtown Boston and 3 miles from Logan Airport. The well-maintained property was extensively upgraded in 2019 and features a modern and flexible design that can accommodate a variety of tenants, from office and distribution, to technology and education. The single-story building offers high ceilings spanning up to 25 feet and two available loading docks.
The property has been purchased with a long-term lease in place to Shore Educational Collaborative, a multi-purpose educational agency serving students and adults with disabilities, under a triple net lease agreement. Shore is deeply committed to the location to support their current and future business needs.
201 Crescent Avenue is located in a high-demand urban market with easy access to Boston and the surrounding area via public transportation and major roadways including I-90, I-93 and Rt. 1. The asset is well positioned in a highly competitive industrial market seeing consistent growth across all submarkets. The Greater Boston industrial market continues to experience limited availability and rising rents due to this steady demand for space.
Roy Sandeman, Scott Dragos, Doug Jacoby, Chris Skeffington, Tim Mulhall and Tony Hayes of CBRE represented the seller and buyer on this transaction and Middlesex Savings bank provided the financing.
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, lab and flex/office commercial real estate for the economic benefit of our investors and strategic partners. Since the firm’s inception in 2003, Calare has led the acquisition of over 18.5 million sq. ft. of properties representing $850 million in transactions through funds, direct deals and a multi-asset portfolio.