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Calare Secures 100% Ownership of 522K SF
Massachusetts firm Calare Properties acquired a 522,000-square-foot industrial asset at 425 Meadow St. in Chicopee, MA. Calare managed and owned the property with a JV majority partner for the past three years, and secured full ownership through a recapitalization.
The asset is comprised of two buildings on 47 acres, a 402,000-square-foot manufacturing facility, and a 150,000-square-foot high bay warehouse. The sales price was not disclosed, though public records note a $7.8 million mortgage was obtained.
Calare also finalized lease terms with two tenants, Callaway Golf Co. and Granite City Electric. Callaway secured a 10-year lease extension for the manufacturing facility, while Granite City signed a long-term lease for 80,000 square feet of warehouse space.
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