A recent sale on North Shore Road shows that the real estate market in Revere is only getting hotter.
In 2017, the 31,000 square foot, former Rent-a-Tool building and surrounding 9.4 acres of land around it, was sold for $6.25 million to Alterra, of Philadelphia, a property development company.
The Massachusetts-based, Calare Properties acquired the property on June 7 of this year for $12.4 million.
“That’s significant,” said Bob O’Brien, director of the city’s Economic Development Department.
The 9.4-acre parcel located on Route 1A in Revere a short drive to Revere Beach, Logan Airport, and Downtown Boston. A two-story, 31,950 square-foot office and warehouse building built in 1920 stands on the parcel. About 25 percent of the building is comprised of office space, with the remainder of the building comprised of warehouse space with 23-foot-high ceilings and 10 overhead doors.
Calare acquires and repositions warehouse, manufacturing, research and flex/office assets in select markets. They identify unique opportunities and execute well-defined business plans, while providing real-time, day-to-day oversight for each investment.
Charles Nolfi, of Calare, said the previous owner had purchased the building empty and then was able to bring in a full-building tenant on a long-term lease, which created significant value in the property.
The tenant is AmQuip, a crane rental company with corporate headquarters in Atlanta, Ga.
“It is also challenging to find urban-industrial land as most has been rezoned over the years for other purposes such as multi-family, office or retail development,” Nolfi said.
Rent-a-Tool had made its home in Revere for 63 years. supplying generators, trucks, light towers, blowers, a Bobcat and just about any other piece of equipment you can think of. At one point you could even go for a helicopter ride. Rent-a-Tool was owned by Steve Williams.