Connolly Brothers Buys 160 KSF Boston-Area Asset
The new owners are planning to reposition the quarter-century-old building.
Connolly Brothers has acquired a 160,000-square-foot, four-story office building in Beverly, Mass. RiverStone International was the previous owner, according to Yardi Research Data.
Called 75 Sam Fonzo Drive, the asset is a part of the Cherry Hill Industrial Park in the North Shore submarket of Boston.
The property is currently vacant. Connolly Brothers, a construction management firm, designed and constructed the building in 2001 for Electric Insurance Co.
The firm now plans to reposition the facility, either by renovating the existing building or redeveloping the property as a build-to-suit.
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Floorplates in the building total about 38,490 square feet, according to Yardi Research Data. The property includes 620 parking spaces, in addition to amenities such as a fitness center, commercial kitchen and cafeteria, basketball court and outdoor patio.
The property is located just off Massachusetts Route 128, adjacent to Beverly Regional Airport and about 25 miles outside of Boston.
Boston offices fetch high prices
Assets in the Boston metro traded for an average of $237 per square foot as of May, Yardi Research Data shows, well above the $194 national average. Despite this, several properties have changed owners for discounted rates in recent months.
In June, Riverside Properties acquired the Needham Corporate Center, a 135,272-square-foot property in Needham, Mass., for about $12 million. The same month, R.J. Kelly co. purchased 101 Station Landing, a 160,482-square-foot office building in Medford, Mass., for $11.8 million. James Campell Co. had previously purchased those properties for $26.7 million and $30.3 million, respectively.
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