BOSTON- NAI Hunneman recently completed two, 1031 exchange sales involving properties located in Brockton, MA. 2 Jonathan Drive, a 14,308 SF lab building occupied by U.S. Laboratories and located off Rt. 24 at Exit 17 sold for $1,600,000; while 45 Industrial Boulevard, a 46,000 SF industrial building located just off of Rt. 28 and occupied by Zoots sold for $2,000,000.
Both properties were purchased by Norwest Group, Inc., who was represented by NAI Hunneman Senior Vice Presidents Ned Halloran and Leeanne Rizzo. NAI Hunneman Vice President Ovar Osvold represented 2 Jonathan Drive seller, Jonathan Realty Trust; while JLL represented the seller of 45 Industrial Boulevard, American Medical Response of Massachusetts, Inc.
“Over the past 15 months we have worked with Norwest Group on four separate transactions stemming from the sale of the former HQ for RH Scales at 240 University Ave, Westwood in which we played an advisory role. Prior to the sale of 240 University Ave, we represented Norwest Group on the acquisition of 135 Forbes Road in Mansfield which will serve as the new corporate headquarters for RH Scales,” said Halloran. “The acquisitions of 2 Jonathan Drive and 45 Industrial Boulevard were the last component for Norwest Group in restructuring its real estate holdings. These acquisitions allowed them to reinvest proceeds from the sale of 240 University Ave via a 1031 exchange into two properties that are 100% leased to quality tenants that generate solid returns.”