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Brokerage
Posted: October 28, 2016
SVN | Parsons Commercial Group | Boston completes $925,000 sale
3-11 Turnpike Road - Southborough, MASouthborough, 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 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 0.83-acre lot.
“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 Rte. 9 and tremendous visibility with over 450 ft. of frontage,” said 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.
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