Hudson firm flips property for $20M
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The value of 25 Tucker Drive in Leominster has nearly tripled in three years.
Hudson-based Calare Properties has completed the sale of an industrial property in Leominster for $31.5 million, growing the property’s value from $11.6M three years ago.
“After acquiring 25 Tucker Drive in 2012, our team was able to bring this massive, completely vacant building to 100 percent occupancy in less than three years, and then sell the property at a substantial premium to the original purchase price,” Bryan Blake, president and executive director at Calare, said in a release.
The private real estate investment firm secured leases at the 588,000 square foot building in a joint venture with Fir Tree Partners. They signed a 401,316 square-feet lease with Affordable Interior Systems (AIS) in March 2014, and secured an 185,274 square-foot lease expansion with AIS in May 2015 to bring the facility to 100 percent occupancy. This allowed the sale of the property for substantially more than its 2012 purchase price of $11,650,000. The property was sold to Key Mass, LLC.
The property is a manufacturing, distribution, and office facility on 24 acres of land. It is less than a third of a mile from Route 190. The property also has 28’ foot ceilings, 11,500 kVA of available power, 43 dock doors, and CSX rail service with a double spur that allows for sidecar loading directly into the distribution area.
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