A section of three storefronts in Magoun Square are up for sale according to a listing on the Property Sales Boston website.
Numbered two, the description reads, "NEW- Asking: 4.2 Million-Somerville/Medford border- 27,000 Sq Ft - Commercial- 3 Unit Retail/Warehouse building with 31,000 Sq Ft of land.Green line T is coming to this area!! Building is Ready for development.
Half of building is Somerville and Half is Medford. Brick building with concrete ceilings and steel supports/beams. Building has a partial rubber roof and majority is tar and gravel. Heat is gas forced hot air and electric.
The building is currently occupied with 3 tenants but the owner is one of those tenants. Owners space is by far the largest using the large retail space and the majority of the warehouse. Owner will close his business or relocate. The other two tenants bring in 5,000/mo total. Old leases/small retail stores but obviously well below market rents."
The owner of the Office Liquidators did receive an offer on the property by the owner of Woody's Liquors, according to a source, a few years ago. Another offer was being considered by a group of Somerville and Cambridge artists two years ago, but was never proposed to the property owner.
The storefronts include (L-R) Woody's Liquors, Furniture Liquidators, and Pini's Pizza. The remainder of the block that include Wang's and On the Hill Tavern has a different owner listed on the Assessor's Database. The owner of the Furniture Liquidators is the owner of the three unit building.
The property is unique considering part of it is in Somerville with the back portion in Medford. This could prove to be tricky for a potential buyer. As of right now, nothing has been proposed to the Planning Department.
Please feel free to comment your thoughts below. Do you think the price of $4.2 Million is appropriate?
3 comments:
Well office liquidators is the highest and best use for the area. Not to mention their prices seem high for used furniture.
That is going to be a zoning nightmare for whoever shells out over 4 mill.
I would love it if the check cashing place moved from the beautiful, centerpiece-of-the-square Sloane building into one of those buildings. The Sloane building really ought to have a classy anchor business that helps define the square.
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