Photo courtesy of Colliers International.

A former industrial site near Beverly’s commuter rail station that was once part of the Manhattan Project has been sold for $3.5 million.

The parcel at 3.78-acre site was bought by an LLC controlled by the Lynnfield-based Procopio Cos., according to documents filed in the Essex County Registry of Deeds. Colliers International represented the seller, an LLC controlled by a California-based real estate investor.

According to Colliers’ listing, the site is in an Opportunity Zone and is permitted for 62 market-rate apartment or condominium units. The site also has a special permit from the city and has received an order of conditions from Beverly’s Conservation Commission and Chapter 91 license from the state, allowing Procopio to move forward immediately. The asking price was $2.9 million.

A backhoe used to dig test pits on the site ignited a fire in 2016, the Salem News reported at the time. The site was once used by a company that produced uranium-235 for the Manhattan Project in the 1940s, but any radioactive contamination has since been cleaned up, the paper reported.

Procopio Cos. Buys Beverly Waterfront TOD Site for $3.5M

by Banker & Tradesman time to read: 1 min
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