Hudson-based Calare Properties has acquired full ownership of 425 Meadow St. in Chicopee, a 552,000-square-foot industrial property on 47 acres.

The property includes a 402,000-square-foot manufacturing facility and a 150,000-square-foot high bay warehouse, situated on 47 acres. Calare had previous managed the property as a minority joint-venture partner for the past three years. People’s United Bank granted $7.84 million in mortgage financing for the Feb. 1 transaction.

Calare also finalized lease terms with two tenants. Callaway Golf Co., which has based its U.S. manufacturing operations at 425 Meadow St. since 2003, has signed a 10-year lease extension for the manufacturing facility through 2028. And Granite City Electric recently signed a long-term lease for 80,000 square feet of warehouse space.

“This strategic recapitalization allows Calare to strengthen our oversight of this prime asset, which we have successfully managed for the past three years to ensure property maintenance and improvements continue to meet tenant needs,” Bill Manley, CEO and CIO of Calare, said in a statement.

Calare is marketing the remaining 70,000 square feet of high bay warehouse space with 32-foot clear ceiling heights. The site also contains room for additional development of warehouse and manufacturing facilities and other uses.