{"id":1004170118,"date":"2017-03-22T10:12:20","date_gmt":"2017-03-22T18:12:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004170118"},"modified":"2022-12-07T17:49:37","modified_gmt":"2022-12-08T01:49:37","slug":"new-england-industrial-asset-trades-for-13m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-england-industrial-asset-trades-for-13m\/","title":{"rendered":"New England Industrial Asset Trades for $13M"},"content":{"rendered":"<p>By Mihaela Coste<\/p>\n<div id=\"attachment_1004170124\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004170124\" data-attachment-id=\"1004170124\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/new-england-industrial-asset-trades-for-13m\/40-pepe\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg\" data-orig-size=\"820,566\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"40 Pepe\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg?w=820\" class=\"wp-image-1004170124 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg\" alt=\"40 Pepe Farm Road in Milford, Conn.1\" width=\"300\" height=\"207\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg 820w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg?resize=300,207 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg?resize=768,530 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004170124\" class=\"wp-caption-text\">40 Pepe&#8217;s Farm Road in Milford, Conn.<\/p><\/div>\n<p><strong>Milford, Conn.<\/strong>\u2014Massachusetts-based Calare Properties recently announced that it has sold 40 Pepe\u2019s Farm Road, a 200,000-square-foot industrial warehouse property located in Milford. The asset was acquired by an undisclosed large institutional buyer for $13.3 million.<\/p>\n<p>The seller purchased the 50 percent occupied property in 2014, with a strategy for capital improvements designed to drive tenant demand and increase value. Currently, after extensive property upgrades, including updates to the exterior dock doors, new LED lighting and landscaping improvements, the asset is fully occupied on a 10-year term by a global transportation solutions company.<\/p>\n<p>The single-story asset encompassing 5,910 square feet of office and 194,090 square feet of warehouse is located along the Interstate 95 corridor, providing easy access to both New York City and to other regions through Interstate 91. The property features grade-level and dock-high loading doors and clear heights between 28\u2019 and 30\u2019.<\/p>\n<p>According to <a href=\"https:\/\/www.cbre.us\/o\/boston\/AssetLibrary\/PR062415CalareFinancing.pdf\" target=\"_blank\" rel=\"noopener\">CBRE<\/a>, the company\u2019s New England Debt &amp; Structured Finance team assisted in securing a first mortgage financing, in the amount of $6.6 million, through Inland Mortgage Capital in 2015 on behalf of Calare Properties.<\/p>\n<p>\u201cCalare purchased 40 Pepe\u2019s Farm Road with a targeted goal of swiftly executing upgrades to bring the property to full occupancy and, most importantly, deliver value to our investors,\u201d said Bill Manley, CEO &amp; CIO of Calare, in a prepared statement. \u201cKnowing there is a lack of high quality high-bay space in this market, we were confident this investment would prove profitable. We\u2019re pleased to deliver this site to the buyer with a premiere long-term tenant in place.\u201d<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 200,000-square-foot warehouse facility in Milford is 100 percent occupied by a global transportation solutions company. <\/p>\n","protected":false},"author":1192,"featured_media":1004170124,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21742,10],"tags":[33499],"class_list":["post-1004170118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-latest","category-northeast","tag-calare-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>New England Industrial Asset Trades for $13M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-england-industrial-asset-trades-for-13m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New England Industrial Asset Trades for $13M\" \/>\n<meta property=\"og:description\" content=\"The 200,000-square-foot warehouse facility in Milford is 100 percent occupied by a global transportation solutions company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-england-industrial-asset-trades-for-13m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-22T18:12:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T01:49:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/40-Pepe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"820\" \/>\n\t<meta property=\"og:image:height\" content=\"566\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/\"},\"author\":{\"name\":\"Mihaela Coste\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/84db22c1406ebbb161906ccf4f43d508\"},\"headline\":\"New England Industrial Asset Trades for $13M\",\"datePublished\":\"2017-03-22T18:12:20+00:00\",\"dateModified\":\"2022-12-08T01:49:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/\"},\"wordCount\":279,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/03\\\/40-Pepe.jpg\",\"keywords\":[\"Calare Properties\"],\"articleSection\":[\"Deals\",\"Industrial\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/new-england-industrial-asset-trades-for-13m\\\/\",\"name\":\"New England Industrial Asset Trades for $13M - 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