Locally based Connolly Brothers Inc., a construction management firm, has acquired 75 Sam Fonzo Dr., a 160,000-square-foot, four-story office building in the Cherry Hill Industrial Park, Beverly, MA. Seller and acquisition price were not disclosed. Connolly designed and built the now-vacant property as a build-to-suit for Electric Insurance Company in 2001.
“The acquisition offers multiple opportunities to reposition the property by renovating the existing office building for a new tenant or redeveloping the property as a build-to suit for a new use,” said Thad Minshall, VP of real estate/development at Connolly Brothers. “At 38 acres, there are very few sites on the North Shore that offer the same access and lot size required for a significant development.”
75 Sam Fonzo Dr. is centrally located in Boston’s North Shore suburbs, with immediate access to Route 128 and Beverly Airport and within a mile of the local commuter rail station.
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