Calare Properties has acquired One Westinghouse Plaza Building K, a 42,000-square-foot industrial warehouse/flex condominium in Boston’s Hyde Park section. Terms were not disclosed. The urban property sits within a 22-acre, 10-building industrial and mixed-use site with a manufacturing history dating back to the early 1900s. 128 CRE brokered the sale.
The building is nearly 50% leased to a long-term tenant. The available 24,000-square-foot space provides tenants with an opportunity to secure a long-term lease in a market where quality industrial space is scarce, according to Calare. The new ownership is executing a capital improvement plan.
“Quality industrial buildings of this scale are exceptionally rare in Boston, and that scarcity is exactly what drives our strategy,” said Tim Collis, SVP at Calare. “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.”
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