Hudson, MA-based Calare Properties has sold 25 Tucker Drive in Leominster, MA to an entity listed as Key Mass LLC, according to Worcester County deed records. Calare originally purchased the single-story contiguous manufacturing, distribution and office space in December 2012 for $11.65 million; Calare's investment was a fraction of its replacement cost in a corporate disposition after sitting vacant for several years.
Located in the center of New England, the property has 28' ceiling heights, 43 dock doors and CSX rail service to the building providing direct loading into the distribution area. Bill Manley, Calare's Managing Partner and CIO, says, "It is a world class facility located in a very business friendly municipality, less than one mile from the interstate."
Built in 1982 with an addition in 1986, Calare invested $4 million in property upgrades after purchasing it in 2012, now selling the asset for nearly three times what it paid for the industrial building. Key Mass LLC bought the industrial building for $31.5 million this month, or roughly $53.57 per square foot. Key Mass LLC is managed by James Wiersma, a broker with Coldwell Banker Woodland-Schmidt in Holland, Michigan, according to Secretary of State records. Stan Johnson Co. represented Calare in the deal.
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