A $2.5 million sale on Shrewsbury Street will bring potential new businesses to a former used car lot.
Gallo Motors has sold two parcels at 366 and 386 Shrewsbury St. to Szeto Investments LLC. Alexander K.P. Szeto of Worcester is listed as a principal of Szeto Investments, according to a filing with the Massachusetts Secretary of State.
The 2.16 total acres include a 25,000-square-foot building, the majority of which will be demolished and rebuilt. The new space will be designed for retail, restaurant and office use.
Carl and David Burwick of The Katz Cos. represented Gallo Realty Co. Inc. and also procured the buyer. They are now representing the buyer as leasing agents.
The property sits at the Piccadilly end of Shrewsbury Street and was originally the home of Gallo Oldsmobile. The owners sold used cars, but recently consolidated operations at their Goldstar Boulevard and Fitchburg dealerships.
“Shrewsbury Street has changed over the years,” said Carl Burwick. “It’s not a great location for a car dealership, but is a great retail and restaurant location.”
Burwick is in the initial stages of finding potential tenants for the build-to-suit property. Rental rates are estimated at between $15 and $20 per square foot. Possible interested tenants include restaurants and a gym or fitness center.
