Boston Interior-301 Page Street Update 12/13/17
Stoughton warehouse home to Boston Interiors headquarters sells for $12 million
Calare Properties has sold 301 Page Street, a prime high-bay warehouse located in Stoughton, for $12 million. The sale of the 119,000-square-foot Class A warehouse amounts to about $101 per square foot. Calare purchased the warehouse for $8 million, or $67 per square foot, in an off-market transaction in April 2016, and sold it to achieve substantial returns on the investment in a short time frame. “The asset quality, location and heated Boston industrial market created significant capital appreciation in a very short timeframe,” noted Charles Nolfi, Managing Director of Calare, in a prepared statement. “We are pleased to provide our investors such substantial investment returns in less than two years of ownership.” 301 Page Street’s buyer is 409-411 Dorchester Avenue Realty Trust.
This short turnaround period represents the booming Route 128 South submarket and growth of industrial space outside of Boston. “301 Page Street stands as a prime asset in the Metro South region, where premium high bay warehouse space is scarce, and demand continues to rise,” said Bill Manley, CEO and CIO of Calare in a prepared statement. Route 128 South currently sports a vacancy rate of only 7.9% as of the third quarter of 2017, and demand for space in the submarket is rising steadily, with rents increasing $7.24 per square foot over the last quarter.
301 Page Street is the corporate headquarters for Boston Interiors, who has been a long-term tenant in the property and still has over 12 years remaining on its' lease. Located 16 miles south of Boston, the property is positioned just off of Route 24 a short drive from Interstates 93 and 95.