Calare JV Trades Repositioned Self-Storage and Warehouse in Malden

Calare Properties completed the sale of 1 Wesley Street in Malden, MA. The approximately 103,300-square-foot property includes a fully renovated self-storage facility, a fully leased industrial warehouse building and a retail kiosk. Calare and Equity Resource Investments were joint venture partners on the investment since its purchase in 2024.

“When we acquired 1 Wesley Street, we saw a self-storage facility that hadn’t kept pace with the market, paired with a vacant but very functional industrial warehouse building,” said Michael Sullivan, senior associate of investments at Calare Properties. “Repositioning the storage component and bringing the site up to institutional standards is exactly the kind of value-add opportunity we look for, and it’s what made this an attractive asset for the buyer.”

The self-storage facility, previously operated under a legacy local brand, is now managed under Extra Space Storage. The property also includes an approximately 25,100-square-foot warehouse, which was recently leased on a triple-net basis to UniUni, a Vancouver-based logistics company, and a drive-up retail kiosk occupied by Rocky Mountain Spring Water.

Nathan Coe, Gabriel Coe, and Brett Hatcher of Marcus & Millichap, in collaboration with Thomas Shihadeh, the firm’s broker of record in Massachusetts, represented Calare and procured the buyer.

Connect

Inside The Story

Calare Properties

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints