March 22, 2017
Calare Properties, based in Hudson, MA, sold 40 Pepe’s Farm Road in Millford, CT to an undisclosed institutional buyer for $13.3 million. With the sale, Calare officially ended its less-than-three-year hold on the industrial property.
Calare acquired the Southern Connecticut property in 2014. At the time, the asset was 50% occupied. Calare made extensive property upgrades, including updates to the exterior dock doors, along with new LED lighting and landscaping improvements.
The seller also ended up inking a 10-year lease with R3 Metro (formerly Schrier Bros. Inc.), a logistics, freight and cargo company. The company took the entire building.
“Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable,” said Calare’s Bill Manley. “We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
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