Calare Properties has sold 1 Wesley Street in Malden, MA, concluding a joint venture investment with Equity Resource Investments that began with the acquisition of the site in 2024. The approximately 103,300-square-foot property comprises a fully renovated self-storage facility, a fully leased industrial warehouse and a drive-up retail kiosk, creating a mixed-use industrial and storage asset.
According to Calare, the joint venture initially identified an underperforming self-storage operation alongside a vacant but functional industrial warehouse building at the location. Michael Sullivan, senior associate of investments at Calare Properties, noted that the team viewed the asset as an opportunity to modernize the storage component and reposition the overall property to meet institutional standards, ultimately enhancing its appeal to prospective buyers.
As part of the repositioning, the self-storage facility transitioned from a legacy local brand to third-party management under Extra Space Storage, aligning the property with a nationally recognized storage platform. Calare reports that capital improvements and operational upgrades to the storage component were central to the value-add strategy executed during the hold period.
The industrial component of 1 Wesley Street consists of an approximately 25,100-square-foot warehouse building, which was recently leased on a triple-net basis to UniUni, a logistics company based in Vancouver. This lease converted a previously vacant structure into an income-producing asset and established a logistics user as the primary industrial tenant on the site.
In addition to the self-storage and warehouse space, the property includes a drive-up retail kiosk that is occupied by Rocky Mountain Spring Water. The kiosk provides a small-format retail presence at the property, complementing the storage and warehouse uses and adding another income stream to the asset.
Sullivan emphasized that the ability to reposition the storage facility and elevate the overall property to institutional standards aligned with Calare’s broader focus on value-add opportunities. This combination of upgraded storage operations, a stabilized industrial lease and occupied retail space helped support investor interest and ultimately contributed to the sale outcome.
The marketing and sale of 1 Wesley Street were handled by a Marcus & Millichap team. Nathan Coe, Gabriel Coe and Brett Hatcher, working in collaboration with Thomas Shihadeh, Marcus & Millichap’s broker of record in Massachusetts, represented Calare and secured the buyer for the transaction. The buyer’s identity and pricing details were not disclosed.
