Banker & Tradesman | By Steve Adams
April 27, 2017
Framingham-based developer Atlantic Management has acquired New England Confectionary Co.’s 50-acre headquarters in Revere, the candy manufacturer’s home since 2003, for $54.6 million.
The acquisition is a joint venture with Boston-based VMD Cos., said Joseph Zink, CEO of Atlantic Management. The partners sought to acquire the property because of its size and proximity to Boston, Zink said, and plan to meet with Revere officials to discuss future plans.
“We just thought it was a good long-term investment,” Zink said. “We’ve had conversations (with NECCO) for a while.”
NECCO, manufacturer of candy lines including its namesake wafers, Sweethearts and Clark bars, relocated from Cambridge to the 800,000-square-foot facility on American Legion Highway in 2003. NECCO executives did not immediately return messages. NECCO has signed a lease for the Revere property that expires on Aug. 31, 2018, according to a filing at the Suffolk County Registry of Deeds.
The three parcels at 101-135 American Legion Highway are on the edge of an emerging transit-driven development cluster. Two apartment complexes containing 424 units have been built in the first phase of a 1.4-million-square-foot mixed-use development called Waterfront Square on former MBTA parking lots next to the MBTA’s Wonderland station.