William A. Lawler, VP at Finard & Company, represented Stop & Shop Supermarkets in the transaction while Thomas R. Blakely, CCIM and president of T.R.B. & Associates, a recently formed Brookline, MA-based company specializing in retail brokerage, procured the buyer and brokered the transaction.
The retail building is located at a major signalized intersection on Route 3A in North Billerica. The buyer intends to renovate and lease the building to several retailers.
According to Finard & Co.'s 2003 Retail Report for Eastern Massachusetts, the vacancy rate for retail space was at 6.5% at the end of last year, with the total market vacancy at about 11 million sf of space. The figure is 19% less than the total market vacancy the year before.
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