Reading Retail Property to be Redeveloped into 31 Units

18,000 SF Mixed-Use Development Parcel Sold for $1,250,000

Reading Retail Property to be Redeveloped into 31 Units

Situation: The owners of 467 Main Street in Reading, Massachusetts operated a Sunoco Service Station. They desired to sell the property for its highest and best use, seeking a buyer that offered assurance of closing while also paying full market value.

Process:  MANSARD undertook an exhaustive analysis and uncovered a pending decision by the Town of Reading to expand its mixed-use overlay district, which would include 467 Main Street.  We positioned the property to both the service station market as well as the mixed-use development market in an expansive marketing campaign, resulting in 8 offers to purchase the site.

Result: 467 Main Street was sold for $1,250,000 to a qualified developer and was fully approved by the Town of Reading for 2,500 SF of commercial space and 31 new residential units in a 4 story building to be developed on the site. Here’s a link to the decision.

Jeremy Cyrier, CCIM of MANSARD represented sellers in the transaction.

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