Watertown Warehouse Renovated, Sold For $15M

WATERTOWN, MA – Calare Properties, the developer behind the renovation of a warehouse on Seyon Street in Watertown, announced this week that the property sold for $15 million. The 94,268-square-foot building is leased through 2024, the company said.

Calare purchased the warehouse distribution facility, sitting on five acres of land at 20 Seyon Street, in 2015. With its proximity to I-90 and I-95, the company believed it could become a mixed-use home to national retailers and apartment and condominium communities.

"20 Seyon Street’s position in a high-demand warehouse and flex market, coupled with the attractive features of the site, established this property as a prime investment for Calare’s industrial focused investment strategy in the market," Todd Barclay, vice president of acquisitions, said in a statement. "With this sale, we are thrilled to have successfully enhanced value in this property for the benefit of our investors."

In addition to Calare's improvements, the property also received significant upgrades, including a new roof, HVAC units and security systems. Long-term tenants have invested substantial capital within their spaces.

"Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing" Bill Manley, CEO and CIO of Calare, said in a release. "Our team has been actively selling assets to harvest oversized returns while, at the same time, leveraging our knowledge and reputation as an industrial specialist to acquire and develop creative new investment opportunities for our investors."

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