Former Necco factory in Revere has sold for $355 million, thanks in part to an Amazon lease
The Atlantic-VMD joint venture acquired the 50-acre property in 2017 for $54.6 million. Read more on realestate.boston.com.
The owners of the former Necco candy factory in Revere have landed a sweet return for their investment.
Atlantic Management Inc. of Framingham and VMD Companies of North Andover have sold the former Necco complex, a 50-acre site that features an 830,000-square-foot industrial building, for $355 million to Clarion Partners LLC of New York. The Atlantic-VMD joint venture acquired the property in 2017 for $54.6 million.
The reason for the big return? Atlantic and VMD can thank Amazon. The Seattle-based tech powerhouse leased the entire building last fall, to turn it into a delivery station, the last stop before Amazon brings the goods to customers’ doorsteps.
Read the complete story at BostonGlobe.com.
Don’t have a Globe subscription? Boston.com readers get a 2-week free trial.
To comment, please create a screen name in your profile
To comment, please verify your email address
Conversation
This discussion has ended. Please join elsewhere on Boston.com