BELMONT, Mass. — Leader Bank has purchased 72 Leonard St. in Belmont for $2.825 million, acquiring a former Bank of America location in the town’s central business district.
The seller, Newman Properties, in partnership with New-Bar LLC, announced the sale Aug. 11.
The property features a dedicated drive-thru, prominent street frontage and significant pedestrian traffic. Newman Properties said those characteristics made the property an attractive location for a financial institution seeking an expansion site.
Leader Bank is expected to take over the property and establish a presence at the downtown Belmont location.
The sale was facilitated by Tucker Real Estate Advisors and Atlantic Retail. Jessica Heywood of Dwyer Goncalves represented Newman Properties as its attorney in the transaction.
Newman Properties said it continues to pursue commercial and residential acquisition opportunities across New England.
The company and its affiliates own and manage more than 750 residential units and a portfolio of commercial and retail properties. The company said it has acquired and sold more than $500 million worth of real estate across Greater Boston, the South Shore and the North Shore.
Newman Properties’ current pipeline includes residential condominium conversions, value-add renovations, long-term investment properties and additional commercial acquisitions throughout New England.
