Norwell Industrial Building Sells for $4M

(To read more on the industrial market, click here.)

NORWELL, MA- American Plumbing and Heating, a Hingham-based plumbing and heating firm, has paid $4 million for a 43,026-sf industrial building at 1000 Cordwainer Dr. The transaction gives the new owner frontage on Route 3 in Norwell’s Accord Park and 30,000 sf of expansion possibility. The property was acquired from Dane Realty Trust.

JP Plunkett, with Cushman & Wakefield’s Boston office, tells GlobeSt.com that although there were other offers on the property, it was the relationship which developed between the buyer and seller during the negotiations that helped seal the $4 million deal.

“(They) just developed a bond,” says Plunkett. “It was a very refreshing and smooth process between a buyer and seller.”

Plunkett says it is unclear whether the new owner plans to move the plumbing and heating business, which targets biotech and pharmaceutical firms, from its current offices in Hingham or expand to the new location.

Plunkett, along with Cathy Minnerly and Jason Bryer, also with Cushman & Wakefield, represented the seller and procured the buyer.