Stagnant Gardner properties sell for $1M to become commercial, residential space
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Main Street in Gardner.
Two properties in Gardner’s downtown sold for $926,000 to an investment firm with a history of redevelopment projects in the city, according to a Friday release from the Gardner mayor's office.
Candor Realty, a Lowell-based investment firm, bought the properties. Candor is focused on investing in North Central Massachusetts, and has acquired 61 units of residential housing in Gardner over the last two years, per the release.
“We see Gardner as the perfect location for us to use as a home base as we expand our portfolio into Central MA,” said Candor Realty President and CEO Jon Bombaci in a statement. “Our focus has always been residential real estate, but we see so much potential in downtown Gardner that we knew we had to get involved.”
The properties include 88-98 Main St., an 18,500-square-foot retail and apartment complex, which Candor bought for $526,500, according to the Worcester South District Registry of Deeds. The second building at 25 Main St., known as the Flatiron Building, is 20,000 square feet and sold for $400,000.
Initial plans for the Flatiron Building include 24 units of commercial and office space. The 88-98 Main St. property is slated to be redeveloped into five commercial units and eight residential units.
Together, the two properties are assessed by the City at $747,000, according to the Gardner assessors’ database.
Candor has been working with city officials on plans for the sale and redevelopment of the properties since February, with the sales closing in early May.
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