The Maggiore Cos. consummated a lease agreement with Sullivan Tire to construct a 200,000 s/f warehouse and associated office space.
Paul Maggiore, CEO, negotiated the 10 year lease with Roy Donlon, chief legal counsel for Sullivan Tire which was represented by Mark Donahue of Donahue Associates. Maggiore also negotiated the purchase of 15+ acres from Taunton Development Corp. (TDC)/Mass. Development Corp. (MDC) with Cathy Minnerly of NAI Hunneman, the seller's representative. Jacquelyn Maggiore represented the Maggiore Cos. in this transaction.
Maggiore Construction Corp., headed by David Mann, director of construction, and Matthew Maggiore, president, completed the in-house design and obtained the requisite permits from the city and the TDC/MDC.
According to Mann, "Construction began in mid-May and is expected to be completed in October." The facility is constructed utilizing pre-cast panels, up to 40 feet in height.
Matthew Maggiore said, "The panels were erected in 12 work days, from the time the panels arrived at the site."
Maggiore's relationship with Sullivan Tire began in 2012 when Donlon and Paul Maggiore completed a 14,000 s/f lease in Maggiore Industrial Park on Wheeling Ave.,Woburn.
"The transaction was seamless, with both parties coming to terms amicably. When Mark Donahue informed us that Sullivan was looking for a regional warehouse, I knew that if we were the successful proponent, we could easily complete the transaction, given our previous history with the Sullivan Group," said Maggiore.
"It was a great pleasure working with The Maggiore Cos. on the Sullivan Tire project," said Brian Jackson, president of Bradford Steel.
The $9.5 million construction/permanent loan was provided by Paul Finn and Keith Landry of Bank of New England with whom Maggiore has a long standing cordial working relationship.
The Maggiore Cos.is a 40 year old real estate development firm that owns and manages commercial real estate in eight different communities throughout Mass.
Maggiore is also active in the development of larger scale residential condominium projects. The firm operates Maggiore Construction Corp. a general construction company that builds for Maggiore's portfolio as well as for select clients.