Massachusetts-based real estate investment firm Calare Properties and its joint partner, Fir Tree Partners, has sold an industrial building in Leominster, MA for $31.485 million. Located at 25 Tucker Drive, the 588,000 sqf building features 28’ foot ceilings, 11,500 kVA of available power, 43 dock doors, and CSX rail service with a double spur that allows for sidecar loading directly into the distribution area. The asset is 100 percent leased to commercial office furniture manufacturer AIS.
“After acquiring 25 Tucker Drive in 2012, our team was able to bring this massive, completely vacant building to 100% occupancy in less than three years, and then sell the property at a substantial premium to the original purchase price,” stated Bryan Blake, President and Executive Director at Calare. “We went into the acquisition with a strategic leasing plan, which we were able to expertly execute. 25 Tucker Drive is a well-located asset, and we are confident that the property, and AIS, will continue to see success under the new ownership group.”
