Leominster property leased to AIS, Inc. sells for $66.5M in doubled value sale

A 588,000-square-foot industrial property in Leominster, which is mainly leased to furniture manufacturer AIS, Inc., sold for $66.5 million in a deal closed Friday.

The 24-acre property at 25 Tucker Road has increased significantly in value over the last 10 years, according to the Worcester North District Registry of Deeds. 

Calare Properties, a Hudson-based investment firm, bought the property for $11.7 million in 2012 and executed a $2-million redevelopment of the property, according to its website. Calare secured AIS, Inc. as a tenant for 100% of the industrial building within three years of acquiring it. 

In 2016, Calare Properties sold the property for $31.5 million to Key Mass LLC, a Michigan-based real estate firm. On Friday, Key Mass sold for more than twice what it paid.

The buyer in Friday’s sale was registered to the Concord address of Arris Partners real estate investment firm. Arris sold local properties in the MetroWest region and in Franklin, totaling nearly $20 million, last year. The firm bought a separate $7-million industrial building in Leominster in 2021.

The Tucker Road property is Arris Partners’ largest acquisition, according to its website.