Courtesy / Calare Properties
The building features 32-foot clear height ceilings, 25 loading docks and a 3,500-square-foot fleet service garage.
June 29, 2023
With industrial space in short supply, newly constructed Class A building unveiled in Saco
Courtesy / Calare Properties
Calare Properties completed construction of a 125,000-square-foot Class A warehouse/logistics development building as a distribution hub for a Fortune 500 snack food manufacturer.
Twenty months after scooping up a 31-acre site in Saco, a Framingham, Mass., developer has completed construction of a 125,000-square-foot Class A warehouse/logistics development building as a distribution hub for a Fortune 500 snack food manufacturer.
“In bringing this modern facility to fruition, we are pleased to deliver a premier space that will support the business goals of this renowned organization while also contributing to the thriving industrial real estate market in Southern Maine,” said Albert Manley, vice president of acquisitions at Calare Properties. “We’re thrilled to welcome such a dynamic tenant to 45 Industrial Park Road and to continue delivering value to this growing market through strategic vision and investment.”
Calare Properties Inc. bought the site, at 45 Industrial Park Road, in October 2021 from Sweetser for $1 million.
Construction started in the summer of 2022.
The project cost, the financing and the identity of the food manufacturer were not disclosed.
The lease to the food manufacturer was brokered by Jon Rizzo of the Boulos Co., which said that, according to its commercial real estate comp database, it was the largest Maine commercial lease deal of 2022.
The new building features 32-foot clear height ceilings, 25 loading docks, office space spanning 8,500 square feet, and a 3,500-square-foot fleet service garage.
ARCO National Construction — with national headquarters in St. Louis, Mo., and New England headquarters in Framingham — served as the project’s design-build general contractor. The project was delivered on time.
“Maine has so much to offer and has seen constant population growth over the past 10 years with significant expansion across most business and service sectors”, said Todd Barclay, Calare’s senior vice president. “This is our second real estate project in Maine and we are committed to growing our business in the state. It has been a great experience.”
The site is located approximately one mile from I-95 with immediate access to key points throughout Maine, New Hampshire and Massachusetts. An estimated 25 million people reside within five hours of the project, providing a central hub for distribution operations.
Calare Properties is a private real estate manager and operator focused on acquiring warehouse, manufacturing, research and flex/office commercial real estate for the economic benefit of investors and partners.
Since the firm’s inception in 2003, Calare has led the acquisition of over 19 million square feet of properties representing $1 billion in transactions through funds, direct deals and a multi-asset portfolio.
In May 2020, Calare made its first foray into Maine when it bought a 126,072-square-foot industrial building at 5 Bradley Drive, in Westbrook’s Five Star Industrial Park, for $8.75 million.
Calare sold the Westbrook property six months later for $22.75 million, netting $14 million.
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