NATICK, MA-A recently closed Sam's Club in Natick has been sold to an undisclosed buying in a $26-million deal that will give the new owner 120,600 sf of retail and warehouse space. The property is in a prime shopping area at the intersection of Route 9 and Speen Street.
Mike Garrido, president of Trident Realty Advisors Inc. in Santa Monica, CA who handled the sale, tells GlobeSt.com that the property was placed on the market earlier this year by seller Utilities & Management Industries of New York. It was occupied by a Sam's Club but the retailer vacated the property during the sale negotiations.
The 1225 Worcester Rd. warehouse club closed its doors without notice in April, leaving 96 employees without jobs. Sam's Club spokesman Chris Buchanan said at the time that the store didn't meet the company's expectations.
Garrido says the new owner opted to purchase the store despite the sudden closing because an existing $1.5-million annual lease on the property, backed by Wal-Mart, which owns Sam's Club, still has 13 years remaining on the term. The acquisition also includes a two-story, 400-space parking garage. He adds the new owner is currently negotiating with several prospective tenants but does not yet have any firm rental commitments.
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