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Calare Leases Back Property to North Shore Manufacturer

Image courtesy of Calare Properties

Calare Properties expanded its industrial portfolio through a sale lease-back transaction with a North Shore manufacturer.

The Framingham-based development firm acquired 1 Technology Way in Salem for $10.1 million and is offering a portion of the facility for lease.

The 16-acre property includes an 84,700-square-foot manufacturing facility.

Industrial heater heater manufacturer Thermal Circuits has occupied the site since its development nearly 30 years ago.

Calare plans to offer the remaining 21,700 square feet of single-story flex space for lease to a second tenant.

“This hard-to-come by property offers an ideal opportunity for a tenant in need of modern, well-located space in this highly desirable market,” Calare Co-Chief Investment Officer Todd Barclay said in a statement.

Commercial & Industrial