Calare Properties and Equity Resource Investments Sell Repositioned 103,300-SF Self-Storage and Industrial Asset in Malden, MA
Calare Properties and joint venture partner Equity Resource Investments have sold a repositioned mixed-use property at 1 Wesley Street in Malden, Massachusetts, the firms announced August 4, 2026. The approximately 103,300-square-foot asset combines a renovated self-storage facility, a fully leased industrial warehouse, and a drive-up retail kiosk on 4.65 acres along the Malden/Revere border near Route 1.
Nathan Coe, Gabriel Coe, and Brett Hatcher of Marcus & Millichap, in collaboration with Thomas Shihadeh, the firm's broker of record in Massachusetts, represented Calare Properties and procured the buyer. The sale price was not disclosed.
A Value-Add Repositioning Play
Calare Properties and Equity Resource Investments acquired 1 Wesley Street in 2024 as a joint venture, targeting what they described as an underperforming self-storage facility paired with a vacant but functional industrial warehouse. Over the hold period, Calare executed an improvement program that included replacement of the roof and HVAC system, renovations to the lobby and office, and the addition of an ADA-compliant entrance, among other site-wide enhancements.
"When we acquired 1 Wesley Street, we saw a self-storage facility that hadn't kept pace with the market, paired with a vacant but very functional industrial warehouse building," said Michael Sullivan, Senior Associate of Investments at Calare Properties. "Repositioning the storage component and bringing the site up to institutional standards is exactly the kind of value-add opportunity we look for, and it's what made this an attractive asset for the buyer."
The self-storage facility, previously operated under a legacy local brand, is now managed by Extra Space Storage, a national self-storage operator. The facility comprises 717 climate-controlled units across nearly 74,800 square feet.
Mixed-Use Income Profile Anchored by Triple-Net Industrial Tenant
The industrial component of the property — an approximately 25,100-square-foot warehouse — was recently leased on a triple-net basis to UniUni, a Vancouver-based logistics company, ahead of the sale. The property also includes a drive-up retail kiosk occupied by Rocky Mountain Spring Water. Together, the three income streams — stabilized self-storage, a triple-net industrial lease, and a retail kiosk — allowed the asset to be marketed as a partially stabilized, multi-tenant package.
The site offers a parking ratio of 6.6 spaces per 1,000 square feet and is visible from Route 1, with convenient access to Boston and surrounding submarkets.
"Self-storage demand across greater Boston remains strong, and a newly repositioned facility paired with leased industrial income is exactly the kind of asset institutional buyers are competing for right now," said Todd Barclay, co-CIO of Calare.
Market Context: Boston-Area Self-Storage and Industrial Demand
The transaction reflects continued buyer appetite in the greater Boston market for infill assets that combine multiple income streams. In dense Northeastern markets, mixed-use assets pairing self-storage with in-place industrial or retail tenants can attract a broader institutional buyer pool, as leased industrial income improves cash flow visibility alongside the storage component. The 1 Wesley Street asset's highway-visible location, large paved lot, and proximity to Boston positioned it within that buyer profile.
Calare Properties, founded in 2003 and headquartered in Framingham, Massachusetts, focuses on acquiring warehouse, manufacturing, research, retail, and flex/office commercial real estate. The firm has led the acquisition of more than 20 million square feet of properties representing $1.2 billion in transactions through funds, direct deals, and multi-asset portfolios.
About the Parties
Calare Properties is a private real estate manager and operator based in Framingham, Massachusetts. Equity Resource Investments served as the capital partner on the 1 Wesley Street joint venture. Marcus & Millichap is a national commercial real estate investment services firm; Nathan Coe, Gabriel Coe, and Brett Hatcher led the brokerage assignment, with Thomas Shihadeh serving as the firm's Massachusetts broker of record.