Calare Properties has closed on the disposition of a 200,000 sqf high-bay industrial warehouse property in Milford, CT. A large institutional buyer picked up the asset at 40 Pepe’s Farm Road for $13.25 million. Calare upgraded the the property with improvements to the exterior dock doors, new LED lighting and landscaping improvements. Calare brought the property to full occupancy securing a 10-year lease for the entire building to a global transportation solutions company. Located in Southern Connecticut along the I-95 corridor, the property’s location provides access to New York City and I-91, along with key regions to the north and south along I-95.
“Calare purchased 40 Pepe’s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors, ” said Bill Manley, CEO and CIO of Calare. “Knowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We’re pleased to deliver this site to the buyer with a premiere long-term tenant in place.”
