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News: Front Section
Posted: February 25, 2022
DApice and Clark of the Mega Group facilitate $7.3 million building sale
Merrimac, MA The Mega Group completed the sale of 51 East Main St., a 87,792 s/f industrial manufacturing building situated on 22.37 acres. The sale price was $7.3 million or $83.15 per s/f and an additional undisclosed multi-million dollar sale of the existing business added to the purchase price.
Brian DApice of the Mega Group represented the buyers, NSD 2 Real Estate LLC. Jason Clark of Mega Group represented the sellers, 51 East Main Street LLC in the off-market transaction. DApice said the buyers will continue to operate the existing business on-site and will utilize over 10,000 s/f of unused space for another entity the group operates. Future plans for the 22-acre parcel includes additional industrial style space to be built and perhaps other opportunities in the rear of the parcel where Federal St. divides the land area.
The sale of the existing business, James F. Mullen Co., Inc. (JFM), is a multi-generation family owned business which primarily operates in the machine shop, jobbing and repair business/industry within the industrial and commercial machinery and computer equipment sector. The company offers sheet metal fabrication, metal forming and stamping, machining, tools and die, gas turbine parts, and repair services.
JFM has been operating since 1989 and according to Bloomberg generates about 14 million US dollars in international revenues annually, and employs approximately 60 people at its single location.
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