Former Car Dealership Sold
The former Ragsdale Kia automobile dealership at 499 Washington St. in Auburn was sold recently for $1,570,000.
The buyer was Raps Realty LLC. Paul Raps, a principal with Raps Realty, owns and operates several Napa Auto Parts stores in the area, including one at 208 Southbridge St. in Auburn.
Sheldon Katz, principal of Worcester Commercial Properties and a broker on the deal, said that Raps plans to move his Southbridge Street location to the new Washington Street space, which includes 11,500 square feet on about 1.6 acres.
The new building offers three times as much space as the Southbridge Street location, the balance of which Raps will use for warehouse and distribution areas, according to Katz.
The former business at 499 Washington St. was Ragsdale Kia automobile dealership. After it closed, a used car business moved in, but shut down about 18 months ago.
Katz said the local commercial real estate continues to be soft. Office and commercial have improved, but the industrial market continues to struggle. With interest rates so low, Katz said, more people are turning to real estate to invest their money. As a result, there’s “very little good investment property out there.”
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