SalemNews.com, Salem, MA

Local News

December 23, 2011

Cummings Properties buys former Parker Bros. headquarters in Beverly

BEVERLY — The woodland site of the former Parker Brothers headquarters at 50 Dunham Road has been sold to Woburn-based Cummings Properties, said officials for Cummings Properties and Jones Lang LaSalle, the commercial real estate services firm that brokered the deal.

"That is very encouraging news," Beverly Mayor Bill Scanlon said. "Hopefully, it will lend emphasis to the redevelopment of the Brimbal Avenue interchange."

For years, Scanlon has been pushing for a new interchange at Exit 19 over Route 128 to unlock 200 acres to future development.

In the deal announced yesterday, Cummings Properties paid $2.3 million on Dec. 21 for the 54-acre property along Route 128, according to a statement from Cummings, which operates the Cummings Center.

It could be considered a steal when you consider the property last sold for $8.5 million in 2002, according to assessor records. That's when Hasbro Interactive sold the property to Fifty Dunham Road LLC. It is valued at $9.145 million, according to city records.

The sprawling, four-story steel-and-glass building was built in two phases in the 1970s and 1980s. It looks like it would be at home in a research and development office park farther south on Route 128, but it has sat mostly empty for much of the past year.

The property sits to the north of Route 128, in the woods down a 1,000-foot driveway next to the North Shore Music Theatre, The Salem News and Maestranzi Brothers. It's the headquarters to Fantastic Sams, which has 1,300 hair salons nationwide.

"For (Cummings) to buy 50 Dunham was a perfect complement to what they already own in Beverly," said Peter Richardson, a senior vice president with Jones Lang LaSalle in Boston and a North Shore resident.

Cummings brings with it a great reputation and a history of successfully renovating buildings, Richardson said.

"We are delighted they bought the building," he said.

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