Watertown industrial property sold for $15 million
Less than two years after purchasing 20 Seyon Street, a 94,268-square-foot Watertown warehouse and distribution facility located on five acres of land, Calare Properties has sold the property to The Seyon Group for $15 million. The Seyon Group’s acquisition amounts to $159 per square foot; Calare Properties acquired the property for $11 million ($117 per square foot) in December 2014. The property is fully leased through 2024. Calare made capital improvements to the property including a new roof, new HVAC units and a new security system.
The Seyon Group also recently acquired 150 Eastern Avenue and 201 Crescent Avenue, two industrial properties located in Chelsea, for a combined $11.225 million. The deals represent Greater Boston's robust industrial market. “Industrial real estate continues to see significant value increases as a growing buyer pool drives up exit pricing,” said Calare Properties CEO and CIO Bill Manley in a prepared statement. Per industry reports, Greater Boston industrial lease rates increased by 6.3% year-over-year as of the second quarter of 2017.
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