**Connolly Brothers Acquires Vacant Beverly Office Property for Redevelopment**
Connolly Brothers Inc., a locally based construction management firm, has acquired a vacant 160,000-square-foot, four-story office building located at 75 Sam Fonzo Drive in the Cherry Hill Industrial Park, Beverly, Massachusetts. The seller and acquisition price were not disclosed.
Connolly Brothers originally designed and built the property in 2001 as a build-to-suit for Electric Insurance Company. With the building now vacant, the company sees a variety of opportunities for the site’s future.
“The acquisition offers multiple opportunities to reposition the property by renovating the existing office building for a new tenant or redeveloping the property as a build-to-suit for a new use,” said Thad Minshall, Vice President of Real Estate and Development at Connolly Brothers. “At 38 acres, there are very few sites on the North Shore that offer the same access and lot size required for a significant development.”
The property benefits from a prime location with immediate access to Route 128, proximity to Beverly Airport, and is situated within a mile of the local commuter rail station, making it attractive to a variety of potential users.
