Agree Realty Corp. of Michigan, a real estate investment trust specializing in the acquisition and development of retail properties, has purchased 33 Orchard Hill Park Drive, the location of a Best Buy store in Leominster’s Orchard Hill Park shopping center for $7.9 million.
Agree Realty owned 16 properties in Massachusetts before the Leominster acquisition, according to the company’s website. The Orchard Hill Park property is the first in Central Massachusetts.
The sale of the property containing the Best Buy doesn’t mean the business was sold, as the transaction was a land transfer.
The seller was an entity registered to Gregg Lisciotti, president of Lisciotti Development Corp. in Leominster, according to the Worcester Northern District Registry of Deeds. The City of Leominster assesses the property at just over $2.8 million.
Entities registered to Lisciotti still own most of the property within the Orchard Hill Park shopping center, except for the Target location at 86 Orchard Hill Park Drive, which is owned by the Target Corporation, according to the City of Leominster Assessors Office.
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