Investment Group To Renovate Historic Sudbury Property
A new real estate investment trust out of Waltham has purchased its first property in Sudbury and hopes to spruce up an underutilized downtown commercial complex in the process.
Vantage Investment Properties, a collaboration of four partners, two of whom own a construction firm, Vantage Builders in Waltham, bought 29 Hudson Rd. in Sudbury, located in the MetroWest community's historic district, for $1.65 million in late December.
The 2.82-acre site includes three vintage commercial buildings that make up about 41,000 square feet, according to Marci Alvarado, vice president of Parsons Commercial Group in Framingham, which brokered the deal on behalf of both the buyer and seller.
Sudbury officials are excited about the potential to revamp the commercial complex, while the new investors hope the property is the first of many they can develop in the coming years.
Hometown Heroes
The property, located along Route 27 near the intersection of Concord Road, is quite familiar to Jeffrey Walker, one of the partners at Vantage Investment Properties. He grew up in Lincoln and attended Lincoln-Sudbury Regional High School. So he knows the area.
"We always knew it needed a facelift and we thought we could make it work," said Walker.
A former commercial real estate agent, Walker has spent the last six years running a business in Southborough with his wife that provides educational services for special needs students. But, now he felt it is as good a time as any to get back into commercial real estate.
He linked up with a couple of friends who are also from the area own the construction firm in Waltham, and the group decided to buy the property as its first investment. Vantage set up a limited liability corporation, 29 Hudson LLC, to purchase the site.
It plans to renovate the interior of the buildings, add modern amenities as well as additional parking in the front. There will also be landscape work so it's more inviting to visitors, Walker said.
While the buildings were constructed in the 1970s, they have a historic feel to them, Alvarado said. Walker said he'd like to keep that vintage look on the outside, but upgrade the interiors to make them more attractive to commercial tenants. Vantage hopes to install an elevator in the building, for example.
"We're buying at well below replacement costs, we have some room to put some money into it and we feel that if we reposition the property from a quality standpoint, it has some great potential," Walker said.
The property has a couple of current tenants leasing space that may or may not stay when their leases are up. Eventually, Walker said he believes the spot is ideal for service retail stores, medical offices, commercial offices, or even a restaurant or coffee shop.
Sudbury Town Planner Jodi Kablack agrees.
"It's right in the middle of town in the historic district and right now it's a very underutilized commercial plaza," she said.
She's perplexed about why the property has not been more successful, noting the high number of vehicles that drive past the complex each day.
Vantage plans to pursue local approval from the Board of Selectmen to make site plan changes to the property, which Walker said the firm will pursue in the coming weeks. He's hoping to begin construction in the spring and have the renovated facility open by summer or fall.
As for future investment opportunities, Walker said he and the Vantage investors have their eyes open.
"If we see another great deal out there, we may act," he said.
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