Calare Properties Gets $6M For Billerica Lab Space
Real estate investment firm Calare Properties has sold a 40K SF Billerica lab space it has owned since 2013.
The company originally bought the property at 749 Middlesex Road for $3.3M. Calare leased it to biotechnology company RainDance and sold the building for $6.2M, with a lease extension in place for the tenant.
“Considering the ongoing, limited availability of high quality lab space in this market and the ideal fundamentals of this property, Calare was confident in our ability to create value in this investment,” Calare CEO Bill Manley said in a statement.
Billerica has drawn the attention of developers recently. The town announced in June it was commissioning a study, to be executed by the Massachusetts government, to explore mixed-use redevelopment options at a 14-acre Department of Public Works property.