351 Holt Road, North Andover, MA

351 Holt Road
North Andover, MA
248,500 Square Feet
Distribution/Warehouse/Manufacturing and Office Space

 

The facility located at 351 Holt Road, North Andover, Massachusetts sits on a 27.74 acre site consisting of a 248,500 square foot multidimensional manufacturing and distribution facility. The former home of Sweetheart Cup Company (Sweetheart), Solo Cup Company (Solo), and more recently Dart Container Corporation (Dart), after acquisition of Solo, is in close proximity to I-495, I-93, I-95 and Route 125. The building offers manufacturing, warehouse, distribution and production areas along with 9,000 SF of office space. With adjacent Pan Am Railway line access including direct access via a rail spur on the property, this facility provides optimal shipping and receiving options including two rail car doors, three drive-in doors, and eight existing loading bays with the potential for loading expansion. This facility also provides substantial power capacity suitable for heavy manufacturing, lab, or distribution users with 167 surface parking spaces adjacent to the building.

Property Milestones

  • 1971 – The property was originally constructed by Borden, Inc. as a manufacturing facility for the production of plastic wrap;
  • 1984-1993 – Multiple additions were added to the property with a final addition of 70,000 SF added for warehousing;
  • 2000-2001 – The Property was leased to and renovated by Sweetheart to accommodate the current Tenant’s use, growth, manufacturing, and distribution needs. Renovations included building out office space along with miscellaneous production areas throughout the warehouse along with new HVAC, electrical distribution, fire sprinkler system upgrades, and new Sarnafil roofing;
  • 2004 – Sweetheart is acquired by Solo;
  • 2012 – Solo is acquired by Dart and the plant is vacated;
  • April 2016  – AMC acquires the Property and reinvests over $1.5M in base building improvements which included painting of the roof deck and walls within the warehouse areas, upgrading LED lighting throughout the warehouse and exterior portions of the building, and improving landscaping features/planting beds with new plantings;
  • May 2017 – AMC signs a long term lease with Lifoam Industries, a subsidiary Newell Brands, working closely with Lifoam, the Town of North Andover, and the State to obtain the required permits and approvals;
  • June 2017 – AMC successfully negotiates a buy-out of the lease with Dart Container;
  • May 2017 through July 2018 – Lifoam endeavors to permit, design, and build their state-of-the-art manufacturing facility in Massachusetts.

Atlantic Management Corporation’s (AMC) vision for the property, which had been vacant for approximately 4 years prior to AMC’s acquisition, far surpassed the then current appearance of an antiquated manufacturing facility which had been in need of improvements to meet current market demands. At that time, it was easy to understand why the leasing activities had been unsuccessful.

In understanding the current and future demands, AMC began transforming the asset for marketing to potential manufacturing/distribution users. Upon acquisition, our initial steps involved meeting with representatives of the Town of North Andover. To ensure potential users could envision the transformation of the facility to suit the needs of their operations, AMC’s primary focus was deferred maintenance and overall appearance of the property. Since Dart vacated the building in 2012 and held the lease at the property, our intention was to create a working relationship with Dart where the tenant would meet its lease obligations while the landlord further improved the property for enhanced marketability. AMC’s objectives at this juncture were closely aligned with Dart.

Working in conjunction with CBRE, the teams were tasked with finding a replacement user for the building to reduce or eliminate the financial obligations on Dart’s operations. Dart’s obligations included deferred maintenance such as landscaping, cleaning, and repairs to existing building systems; while AMC’s base building improvements included painting of the roof deck and walls within the warehouse areas, upgrading LED lighting throughout the warehouse and exterior portions of the building, and improving landscaping features/planting beds with new plantings. To date, the property has been further improved with new mechanical rooftop heating equipment, asphalt/concrete replacement at loading bays, exterior building painting, and the application of a high-performance epoxy floor coating.

With assistance of the CBRE team and Cushman & Wakefield (representing Lifoam), Lifoam was introduced to the property in late 2016. Shortly after, Lifoam signed a long-term lease for the property while AMC concurrently negotiated a mutually agreeable buy-out with Dart.

Today, Lifoam has a state-of-the-art facility producing EPS foam coolers and gel packs for the fishing, medical, and retail industries. The property has been transformed into a prominent manufacturing facility with a distinguished manufacturer creating jobs for the community and state.