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Wednesday, July 30, 2014

Confirmed: Block of Magoun Square Storefronts Still Up For Grabs

After receiving conflicting reports on the status of three Magoun Square storefronts, I reached out and can confirm that they have not sold and are not under agreement. Listed for $4.2 Million, the real estate description reads: "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 two adjoined storefronts, Wang's and On The Hill Tavern, were rumored to be up for sale, as well, but no real estate listing could be found. Recent statements that the whole block (all 5 storefronts and a house) sold for $10 Million to one buyer-at this point-are not true.

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