Billerica, MA – Calare Properties, a private Massachusetts-based real estate investment firm and operator, announced that it has sold 749 Middlesex Road in Billerica, Mass. for $6.2 million, with a lease extension in place to tenant RainDance Technologies, Inc.
Calare originally purchased the vacant 40,000 SF suburban lab facility in 2013 for $3.3 million while concurrently leasing the entire property to RainDance to create significant value on day one.
“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,” said Bill Manley, CEO and CIO of Calare. “We are pleased to have successfully executed upon our investment strategy and to deliver this facility to a buyer with a highly regarded tenant in place.”
RainDance Technologies, which occupies the entire facility, is a biotechnology company that has pioneered a proprietary technology that enables research in areas such as non-invasive liquid biopsy. The company’s genomic tools enable research of new non-invasive applications that should result in more accurate, reliable, cost-effective, and early detection of cancer and other inherited and infectious diseases.
With features such as open floorplans and high-performance systems, 749 Middlesex presents a prime location for lab tenants. The facility includes lab-quality upgrades such as HVAC/ventilation systems capable of circulating 100% fresh air, water treatment systems with additional plumbing/drainage systems, high power capabilities with backup generators, and temperature controlled facilities for testing and storage of sensitive materials.
Located approximately 20 miles north of Boston, 749 Middlesex Road is ideally positioned in an area with a notably low supply of lab space that is experiencing a growing demand. The facility is in an ideal location for those coming from Boston, as well as Central Massachusetts, with easy access to Route 3, I-93 and I-95.