Photo courtesy of Calare
Calare Properties’ latest acquisition provided the company with an opportunity to secure a portion of Boston’s dwindling industrial real estate remnant.
The Framingham-based developer acquired building K at Hyde Park’s Westinghouse Plaza this month for $7.1 million, according to a Suffolk County deed.
The seller was Warehouse K LLC, which acquired the 42,000 square-foot warehouse-flex building in 2014 for $1.9 million. The 42,000 square-foot industrial condominium is located within a 22-acre, 10-building industrial park.
Industrial tenants have a dwindling set of options in the urban core following the steady redevelopment of industrial properties as multifamily housing and other uses.
“Quality industrial buildings of this scale are exceptionally rare in Boston, and that scarcity is exactly what drives our strategy,” Calare Senior Vice President Tim Collis said in a statement. “Being part of an established, well-run campus gives us both immediate stability and long-term upside as we execute our planned capital program and long term leasing strategy.”
Calare is beginning a capital improvement project and marketing 24,000 square feet of available space that includes over-22-foot ceiling heights and four loading docks. The remainder of the building is leased for the next eight years to an existing tenant, Calare announced.
According to a recent market report by CBRE, the 14 million-square-foot Boston urban industrial market had just a 5.1 percent vacancy rate at the midyear mark.
