On behalf of Calare Properties, CBRE/New England’s Debt & Structured Finance team secured acquisition financing for 19 & 21 Alpha Road in Chelmsford, MA.
Cambridge Savings Bank provided financing for the industrial/flex properties in the amount of $7.83 million. CBRE/NE's Kyle Juszczyszyn, Chris Coutts and Lenny Pierce secured the competitive financing. 19 & 21 Alpha Road are two well-maintained, single-story industrial/flex buildings totaling ±127,500 square feet that accommodate office, R&D and warehouse/distribution tenants.
“We are pleased to have assisted Calare Properties with financing the recent acquisition in Chelmsford. Calare will leverage its fully integrated operating platform to retain the long-term tenants at 21 Alpha Road and lease the remaining available space at 19 Alpha Road,” stated CBRE/NE’s Coutts.
19 Alpha Road, totaling ±63,220 square feet, is currently available for immediate occupancy to a single tenant or multiple tenants. The building is ideally positioned for stabilization in concert with the improving submarket fundamentals.
21 Alpha Road, totaling ±64,250 square feet, is currently 100% leased to six tenants, including Thermo Fisher Scientific, NRG Energy and Universal Hospital Services, among other quality tenants.
“Calare continues to identify select acquisition opportunities that meet our risk-adjusted returns. The asset management team has a well-defined business plan for both assets and we have significant interest for the available building,” added Andrew Iglowski, Director of Acquisitions at Calare Properties.
Calare Properties, Inc. is a fully integrated real estate organization, recognized as the largest owner of industrial properties in the Greater Boston market. Established in 2003, Calare Properties specializes in the ownership, management and leasing of industrial and flex/office properties primarily in the Northeast. Calare has led the acquisition of over 17.3 million square feet of properties, representing $750 million in real estate transactions through funds, direct deals and a multi-asset portfolio.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website atwww.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
