Southborough, MA–SVN Boston announced the completion of the sale of 3-11 Turnpike Road in Southborough, Massachusetts. Marilyn Santiago, Victor Galvani and Garrett Quinn, Commercial Real Estate Advisors at SVN | Parsons Commercial Group | BOSTON handled the transaction.
The seller, Fletcher Realty Trust II, owned the building for over three generations.
3-11 Turnpike Road, is a 1.5 story retail and office building with approximately 7,778± square feet on a 0.83± acre lot. The property has always been known as a popular retail center due to the fact it is the first commercial property in Southborough on Route 9 Westbound. The property was originally built in 1970 and expanded in 1985.
“We received a tremendous amount of activity for this property. These types of commercial properties in Southborough do not come up for sale often as they tend to remain as family investments,” commented, Marilyn Santiago.
The building is currently 93% occupied with retail tenants including Bill’s Liquor, Ashland Cabinet Corporation, Ben’s Deli, and Hall of Comics.
“The building provides a convenient location on Route 9 and tremendous visibility with over 450 feet of frontage,” commented Garrett Quinn.
The new owner, VTT 46-56 Cedar Street LLC, an entity of VTT Management from Framingham purchased the property for $925,000 and has plans to make improvements to the property. “I want the building to remain a signature building in the community with the modern amenities needed by retail tenants,” said Vaios Theodorakos, Founder & Chief Executive Officer of VTT Management.