NECCO Headquarters
Revere, Massachusetts
The DSF Group acquired, expanded and renovated this former warehouse and distribution center located in close proximity to Boston’s Logan Airport.
Investment Opportunity
In search of a spacious enough building to accommodate the three New England Confectionery Company’s (NECCO) existing office and manufacturing facilities, DSF was able to identify and acquire this 500,000 square foot suburban Boston warehouse center that was not only convenient to the airport but on the required public transportation lines. With only two tenants in-residence we were able to buy out their leases and relocate them in order to commence the reconstruction.
Value Added Strategy
This property was purchased for a 1031 Exchange with the NECCO facility in Cambridge that we subsequently executed and converted into the Novartis worldwide research headquarters. Moreover, since we needed 800,000 square feet to accommodate NECCO’s corporate offices as well as their state-of-the-art continuous processing candy manufacturing operations we took advantage of the 30 foot ceilings and built a second floor and then redeveloped and upgraded the rest of the building.