February 3, 2020
The former Necco candy factory in Revere, MA has sold for $355 million to Clarion Partners, less than three years after Atlantic Management Inc. and VMD Companies paid $56 million for the 50-acre complex.
In the interim, the Necco location closed in 2018, the property was rezoned and Amazon signed a lease for the complex’s entire 830,000-square-foot warehouse.
“With execution of Amazon’s lease, this valuable asset is now being sold in one of the most high-profile transactions in the Boston metro area,” James L. Vitas, managing director of VMD, told the Boston Globe. “It is especially significant because of the jobs and vitality it brings to Revere.”
NKF represented Atlantic Management and VMD in the sale. Revere Mayor Brian Arrigo had worked to find a new tenant for the Necco site, even mentioning it in the city’s joint bid with Boston for Amazon’s second headquarters, the Globe reported.
Photo courtesy of VMD Companies.
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Revere Warehouse Trades for $355M on Amazon Lease
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