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June 3, 2015

Former Evergreen Solar site sells for $36M

Photo Courtesy Calare Properties An expansive warehouse in Devens sold for $85 million to Morgan Stanley.

The owners of the former Evergreen Solar site in Devens have sold the fully-leased property for $36 million after initially purchasing the property for $8.3 million.

The 391,591-square-foot building at 112 Barnum Road was built in 2010 by Evergreen Solar before that company eventually filed for bankruptcy and moved to China. When Hackman Capital Partners and Calare Properties, of Hudson, purchased the property in 2012 it was vacant, Bryan Blake, the president and executive director of Calare, said.

“It’s a great asset in a very strong market and we had a lot of demand for this product from a tenant standpoint and an investor standpoint and we thought the timing was correct,” Blake said.

The building is currently leased to French polymer manufacturer Saint-Gobain and plastics manufacturer Nypro. Saint-Gobain does not currently have operations at the site, however. The property is located within the Devens Industrial Park directly off of Route 2. It is part of the redevelopment of Fort Devens, a 9,000-acre United States Military base that was closed in 1996, according to CBRE New England, whichrepresented Hackman and Calare in the sale. The park now includes Bristol-Myers Squibb and Quiet Logistics in addition to Saint-Gobain and Jabil.

“The Hackman/Calare team had incredible foresight for this building in 2012 and its importance in the marketplace at that time. The buyer has acquired a truly best-in-class facility and we expect them to have continued success moving forward,” Bill Moylan of CBRE said in a release.

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