Former Gallo Dealership Demolished
Excavators and other demolition equipment ripped into the former Gallo Motors Oldsmobile dealership on Shrewsbury Street this week to make way for what the property's owner hopes will one day be a 20,000-square-foot retail building.
Szeto Investments LLC of Worcester bought the two properties at 366 and 386 Shrewsbury St. from Gallo Motors in the spring of 2007 for $2.5 million. The properties total about 2.2 acres. Originally, Szeto had hoped to keep at least portions of the old dealership building at 366 Shrewsbury, but according to Carl Burwick of Worcester-based commercial real estate firm The Katz Cos., the building was too far gone.
Gallo sold used cars from the Shrewsbury Street location, but consolidated operations at its Gold Star Boulevard and Fitchburg dealerships and sold the property shortly thereafter.
A 9,920-square-foot retail building is under construction at the adjacent 0.76-acre 386 Shrewsbury, which was a vacant lot. That building's first tenant, a 3,000-square-foot spa called Body Basics, which is moving from Stafford Street and doubling its size, has already signed a lease, Burwick said.
Burwick said the building is scheduled to be complete by the end of the year and should be fully leased by then. Lease prices for space in the new building begin at about $18 per square foot, Burwick said.
Szeto plans to use the 1.4 acre parcel at 366 Shrewsbury for parking for a couple of years before constructing a 20,000-square-foot retail building there, Burwick said.
Burwick and his brother David represented Gallo Realty in the sale of the property to Szeto, whom they procured, and are now the leasing agents for the property.
WBJ Web Partners
Most Recent
Most Recent
0 Comments