News: Front Section
Posted: November 4, 2016
Santiago, Galvani and Quinn SVN | Parsons broker sale of 7,778 s/f building for Fletcher Realty Trust II
Southborough, MA SVN | Parsons Commercial Group | BOSTON completed the sale of 3-11 Turnpike Rd. Marilyn Santiago, Victor Galvani and Garrett Quinn, commercial real estate advisors at SVN | Parsons handled the transaction. The seller, Fletcher Realty Trust II, owned the building for over three generations.
3-11 Turnpike Rd. is a 1.5 story retail and office building with 7,778 s/f on a .83 acre lot. The property has always been known as a retail center due to the fact it is one of the first commercial properties in town along Rte. 9 westbound. The property was originally built in 1970 and expanded in 1985.
The new owner, VTT 46-56 Cedar Street LLC, an entity of VTT Management from Framingham purchased 3-11 Turnpike Rd. for $925,000 and has plans to make improvements to the property.
“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,” said 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.
“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.
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