Framingham-Based Firm Buys 16-Acre Salem Technology Way Property

SALEM, MA — A Framingham-based industrial property firm said Tuesday it completed the purchase of the 16-acre property on Technology Way in Salem home to Thermal Circuits for the past three decades.

Calare Properties said Thermal Circuits will remain the primary tenant at the 84,700-square-foot site with an additional 21,000 square feet to be leased to another manufacturing business.

Terms of the sale were not announced.

Calare said the property was bought through its Sale Leaseback program, enabling the former owner to remain in the facility as a long-term majority tenant while realizing value from their investment.

"This hard-to-come-by property offers an ideal opportunity for a tenant in need of modern, well-located space in this highly desirable market," said Todd Barclay, Co-Chief Investment Officer (CIO) at Calare, in a news release to Patch. "We're pleased to assist the previous owner in unlocking the full potential of this exceptional asset, helping ensure its value is realized for their business while maintaining our commitment to high-quality management of the site."

Thermal Circuits has been in business for 70 years as a custom manufacturer of conductive, convective, and radiant etched foil heaters that supply an array of industries across the globe, from automotive and industrial, to medical and military.

The portion available for lease is a single-story flexible space with ceilings up to 15 feet, one dedicated loading dock, and space for an additional dock, as needed.