News: Front Section
Posted: June 16, 2017
Halloran, Rizzo & Osvold of NAI Hunneman arrange $3.6m in sales
Brockton, MA NAI Hunneman completed two, 1031 exchange sales. 2 Jonathan Dr., a 14,308 s/f lab building occupied by U.S. Laboratories and located off Rte. 24 at Exit 17 sold for $1.6 million; while 45 Industrial Blvd., a 46,000 s/f industrial building located off of Rte. 28 and occupied by Zoots sold for $2 million.
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 Dr. seller, Jonathan Realty Trust; while JLL represented the seller of 45 Industrial, 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. in 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 Rd. in Mansfield which will serve as the new corporate headquarters for RH Scales,” said Halloran. “The acquisitions of 2 Jonathan Dr. and 45 Industrial Blvd. 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.”
Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member of NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of over 7,000 professionals and more than 400 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets.
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