Calare Properties Expands Footprint With New Jersey Acquisition

FRAMINGHAM, MA – Calare Properties has expanded its footprint into New Jersey with the acquisition of an industrial industrial condominium at 3 Nami Lane in Hamilton Township.

The acquisition of the 25,750 sq. ft. area extends the attain of the corporate’s portfolio into the Tri-State market, with strategic positioning between the New York Metropolis and Philadelphia metro areas.

The asset at 3 Nami Lane contains greater than half of the 46,000 sq. ft. industrial/flex facility and options a mixture of open area, workplaces, and clear rooms designed to help the event and manufacturing of high-performance know-how merchandise. The area has been totally leased to a long-term Calare tenant based mostly in Massachusetts that designs and manufactures semiconductor merchandise for the telecommunications, industrial and protection, and knowledge middle sectors. The tenant plans on investing capital within the constructing to modernize the ability and help future product progress.

The deal was structured as a sale leaseback transaction, permitting the tenant to take care of operations at a facility through which a latest acquisition had owned and operated over the past 25 years. This association additionally enabled the tenant to capitalize on the worth of the true property asset whereas, on the similar time, embedding a trusted actual property proprietor/operator to handle and preserve the property on their behalf as a tenant.

“This acquisition displays the care and help we offer our tenants and we’re happy that our long-term tenant has entrusted us to increase our work collectively into a brand new market,” mentioned Sam Joseph of Calare. “Our sale leaseback program helps corporations unlock the worth of their property with the added peace of thoughts of getting an proprietor in place that’s devoted to constructing long-term worth within the area.”

3 Nami Lane is situated on a 3-acre property inside in a central space providing quick access to main highways, together with Interstates 95, 195, and 295. The well-maintained single-story constructing options 20-foot ceilings, ample parking, versatile flooring plates, and fashionable methods constructed to help a variety of makes use of together with R&D, know-how, mild manufacturing, lab, and workplace.

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