MA-Based Real Estate Firm Acquires Canton Property On Rt. 128

CANTON, MA – Massachusetts-based private real estate investment firm Calare Properties this month announced the acquisition of 15-21 University Rd. in Canton at the juncture of Rt. 128 and I-95. The 17-acre industrial-flex property is located in a high-volume retail, dining and transportation area and offers space for manufacturing and distribution, according to a press release.

Calare acquired the property off-market and plans to improve it with new roofs, HVAC upgrades, re-paved parking areas, updated landscaping and cosmetic enhancements. The 103,200-square-foot site features 14 loading docks, six drive-in docks and over 300 parking spaces.

"Just 15 miles from Boston, 15-21 University Road is a well-positioned asset and an ideal value-add opportunity for our investors in a market experiencing exceptional demand and competitive pricing for assets of this caliber," Bill Manley, CEO and CIO of Calare, said in a release. "Through a strategic capital improvement program designed to upgrade property systems and infrastructure, we are confident of the opportunity to drive significant capital appreciation."

Calare has partnered with JLL as its primary leasing broker and says it has already received several inquiries from potential tenants.

The Rt. 128 South submarket is the second-largest industrial submarket in greater Boston, with a low vacancy rate of 7.9 percent as of Q3 2017, according to Calare, citing NAI Hunneman data. The property has direct access to Amtrak and the Commuter Rail, as well as I-95 and I-93, and is less than a mile from retail, dining and hospitality hub University Station in Westwood.

Photo via Nickerson PR