Bay State Commons. Picture by Jason Hughes courtesy of Grossman Improvement Group
Grossman Improvement Group, in partnership with Lengthy Time period Capital and Fairness Industrial, has acquired Bay State Commons, a 261,672-square-foot mixed-use improvement in Westborough, Mass. In accordance with CommercialEdge, the vendor of the primarily retail asset was Philips Worldwide.
The brand new proprietor paid $11 million for the asset, as revealed by Boston Enterprise Journal. The corporate intends to spend money on property enhancements, together with new sidewalks, revamped landscaping and signage, in addition to neighborhood occasions. Retail leasing is being dealt with by Kelleher & Sodowsky Govt Vice President Todd Alexander.
Anchored by grocery store Roche Bros., Bay State Commons is a 2-acre neighborhood middle encompassing an array of eating, procuring, in addition to well being and wellness choices. Boston Interiors, Reliant Medical, Boston Ski & Tennis, Ted’s Montana Grill and Panera Bread are among the many tenant.
Along with retail, Bay State Commons additionally encompasses workplace house. The property was accomplished in 2007 and likewise incorporates medical workplaces and eating places, as proven by CommercialEdge.
House owners of retail properties are going through challenges in adapting to the shifting methods during which their areas are utilized by prospects, retailers and operators. The fixed evolution of the retail sector is inflicting stress on homeowners to re-envision their properties and decide the optimum mixture of makes use of.
