Church Buys Chelmsford Building For $755K
PHOTO/COURTESY
The former headquarters of Winco Corp. at 15 Alpha Rd. in Chelmsford was recently sold for $755,000.
A Korean church named Mil-Al has purchased a 9,100-square-foot single-story property in Chelmsford for $755,000 that used to be the home of Winco Corp., a machine shop that closed last year, according to real estate brokers involved in the transaction.
Winco Corp. had been operating at the 15 Alpha Rd. property in Chelmsford for 43 years, according to Paul Mulroy of O'Brien Commercial Properties in Marlborough, which brokered the deal for the Winco owners.
The company, which specialized in custom machine manufacturing, closed last summer after the owners decided to retire, Mulroy said.
Meanwhile, the Mil-Al Church will finally have its own space, said Bill Pozerycki of Keller Williams in Westford, who represented the church in the deal.
Tough Market
When Winco Corp. closed last year, Mulroy said the property went on the market fairly quickly. There was another deal under agreement late last year for the building, but it fell through. Earlier this year it went under agreement again with Mil-Al and the transaction was finalized within the last few weeks.
The difficulty in selling the property is indicative of the commercial real estate market, Mulroy said.
"You've just go to stick with it," he said, noting that the overall commercial real estate market along the northern Interstate 495 area is relatively unchanged from a year ago.
"It's not getting worse, but it's not getting better," he said, adding that there are still good opportunities for buyers in the region.
As for Mil-Al, Pozerycki, who represented the buyers, said the move will allow the congregation to permanently settle into a home. The church has been renting space in Chelmsford for the last year, but was looking for a place to purchase. The church runs Sunday School programs and a variety of other activities, he said.
Pozerycki agreed that the commercial real estate market continues to lag.
That's not the case on the residential side, however, he said.
Pozerycki said his business is double what it was last year on the residential side. Buyers, he said, seem interested in taking advantage of depressed prices and low-interest rates.
"(Residential) real estate is localized to the towns," he said. "There are some great deals in communities with great schools out here."
On the commercial side, however, single-occupancy buildings like the Alpha Road property can sit on the market for a while before a deal is done, he said.
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