Former Necco Factory Sells For $355M
Framingham-based Atlantic Management and North Andover-based VMD Cos. sold an 830K SF industrial building at 135 American Legion Highway in Revere for $355M to Clarion Partners. The local development partnership bought the 50-acre site in 2017 for $54.5M.
The sizable return is driven by Amazon, which leased the entire warehouse last fall and intends to use it for last-mile delivery, the Boston Globe reports. Amazon plans to invest $40M in upgrading the facility and expects to employ hundreds at the site.
Necco, the New England Confectionery Co., called the site home from 2003 until the summer of 2018. The candy company had manufactured Necco wafers and Clark Bars at the facility.
But last-mile warehouses are now in higher demand than candy manufacturing in Greater Boston. North Shore warehouse vacancy was only at 1.4% at the end of 2019, according to Perry.