Waldman Associates transforms bank to Dairy Queen franchise

Lynn, MA When the property at 441 Bdwy. came under new ownership for $1.425 million, the buyers knew the property had potential. However, original plans for the site were not approved by the city, forcing them to rethink their strategy.

The owners hired commercial real estate broker Dan Waldman of Waldman Associates to find the right tenant and a new direction for the property.

The site, a former Santander Bank, offered visibility and good parking, but converting it to another use presented some significant challenges. Several large bank vaults and a safe deposit room remained in the center of the building and basement. Removing them would be extremely expensive. In addition, the owners wanted a concept that would be a positive addition to the community and turned down several potential uses while searching for the right fit.

Eventually, Waldman began working with a local businessman who wanted to bring a Dairy Queen franchise to the property.

Getting the deal completed was far from simple. First, Waldman had to obtain the landlord’s approval for the concept. The prospective tenant then needed approval from Dairy Queen corporate, which required several visits to the property before the location was accepted. With a multi-million-dollar investment required to transform the former bank into a modern restaurant, the tenant also needed to secure bank financing for the project.

“It was not an easy process, but everyone stayed committed to making the deal work,” Waldman said. Ultimately, all the pieces came together.

The new Dairy Queen celebrated a grand opening, with cars waiting to enter the parking lot and customers lining up inside. The restaurant offers everything from the traditional Dairy Queen cone and signature treats to a diverse lunch and food menu.

The transformation of 441 Bdwy. demonstrated an important lesson in commercial real estate: sometimes the original plan doesn’t work out but the next plan can be even better.

The property has been transformed from a vacant former bank into a business serving the local community. With a tenant and a long-term lease in place, the property owners are satisfied with the outcome.