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Former Evergreen Solar Plant in Devens, Massachusetts, is sold

The state-of-the-art manufacturing facility that was the former Evergreen Solar Plant has been acquired by Hackman Capital and Calare Properties. The founder and CEO of Hackman Capital said the company is thrilled about the real estate transaction as it builds its presence in the Greater Boston Area. It is looking forward to finding tenants for the facility and expanding employment opportunities in the area.

The 25-acrea 448,000 square-foot facility, located in the 400-acre master-planned Barnum Business Park, is ideally located due to its close proximity to two highways allowing for easy access to New England destinations, including Worcester County, Downtown Boston and Hartford Connecticut.

The design, quality and size of the Evergreen facility are unrivaled in the New England area. Its newer construction consists of an air compressor system, air abatement systems and emergency diesel generators. Additionally, it offers internal waste water treatment, chemical bunkers, gas distribution systems and water cooling systems.

The acquisition took several months because Evergreen Solar was in a complex bankruptcy process. Real estate transactions, whether residential or commercial, can be difficult when one party is under bankruptcy protection however, it is not impossible, as this transaction demonstrates. For example, a short sale for either a commercial or residential property could be an attractive investment for individuals or companies looking for a good deal. Consult with an attorney well-versed in the real estate process if you are interested in learning more about acquiring or selling a short-sale property.

According to sources, this is not the first time Calare properties, a Massachusetts-based real estate investment manager, and Hackman Capital, a privately held investment firm, have joined forces to acquire property in Devens, Massachusetts. Together the two companies manage almost nine million square feet of real estate in five eastern states.

Source: NewsTimes.com, "Hackman Capital and Calare Properties Purchase Former Evergreen Solar Plant," April 18, 2012

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