X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the industrial market.)

REVERE, MA-The pending sale of a Massachusetts business icon has resulted in a series of real estate maneuvers at the company’s 820,000-sf headquarters and candy making factory here on American Legion Highway. The New England Confectionery Co., better known as Necco, is being acquired by a Maryland company for an undisclosed price.

While acknowledging that his company has agreed to buy Necco from parent company UIS Inc., American Capital Strategies VP Jeffrey Anapolsky would not discuss the matter in detail with GlobeSt.com, or decipher the multiple real estate moves related to the acquisition. In advance of the final agreement, Necco has transferred the rights to 101 and 135 American Legion Hwy. to trusts established by ACS. The total price consideration was $15 million, backed by a $35.5-million mortgage from another ACS affiliate. In turn, Necco struck a lease with ACS that could extend its occupancy by 15 years via a series of one-year options commencing this month.

Located near the Wonderland subway stop that connects to Downtown Boston, Necco’s Revere facility has been lauded as an example of modern manufacturing efficiency, having been built after Necco sold its long-time home on Massachusetts Avenue in Cambridge. The buyers of that seven-story complex struck a deal with Necco in 2003 that allowed the firm to buy the 50-acre Revere property as part of a tax-free exchange valued at $76 million. The asset was anchored by a shuttered manufacturing plant that was then retrofitted into the candy operation. The buyers of the Cambridge property subsequently converted the aging factory into first-class lab and office space for drug giant Novartis.

Based in Jersey City, UIS announced more than a year ago its intentions to divest Necco, the maker of such candy brands as the Clark Bar, Mary Janes, its namesake Necco wafer and Sweethearts, the message-laden treats that are especially popular on Valentine’s Day. Founded in 1847, Necco is among the most recognized companies in Massachusetts.

ACS lends money to mid-sized private companies and also makes direct investments into such firms. Officials at UIS and Necco president Domenic Antonellis did not return phone calls by GlobeSt.com to discuss either the real estate matters or the overall sale of the company to ACS. Anapolsky indicated a release is being prepared, but could not say when it might be dispatched.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.