Major Industrial Property Transaction in Devens, Mass.

05/04/2017
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Hackman Capital Partners and Calare Properties Announce Sale of 236,505-Square-Foot Multi Tenant Facility to Atlantic Management Corporation


BOSTON, MA (April 25, 2017)—Hackman Capital Partners, LLC and Calare Properties, Inc. announced today the recent sale of 50 Independence Drive to an affiliate of Framingham-based Atlantic Management Corporation. The 236,505-square-foot, multi-tenant industrial facility is situated in the Devens Commerce Center, a 4,400-acre master-planned business park in Devens, Massachusetts. The building is 100% occupied.

Brian Fiumara and Brad Ruppel  of CBRE National Partners represented the seller, a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. The venture acquired the property in 2007 as part of an approximately 11.38-million-square-foot industrial portfolio, located primarily throughout the Northeast.

"50 Independence Drive offers a prime location along Route 2 and robust, high-capacity amenities for distribution. We're thrilled it was a strategic fit for Atlantic Management," said Michael Hackman, founder and CEO of Hackman Capital Partners.

Founded in 1972, Atlantic Management is a real estate investment company, focusing on the acquisition and redevelopment of industrial, commercial and retail properties in New England. The company currently owns and manages a portfolio totaling more than 6 million square feet. 


More About Hackman Capital Partners

Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land.The company is based in Los Angeles, California with offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts.

For more information, visit hackmancapital.com.

 

About Calare Properties

Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company's experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio.

 For more information, visit calare.com.

 


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