Worcester City Motel sold to Lexington firm for $2.3M
Photo | Grant Welker
The Worcester City Motel has been sold to a Lexington firm.
The Worcester City Motel, long an eyesore on Route 9 in Shrewsbury near the Worcester line, has been sold to a Lexington property investment firm for nearly $2.3 million.
Azad Legacy Partners closed on the sale Thursday, according to partner Katen Patel.
For now, the firm will operate the motel as is, but the firm is considering several options for the 21,500-square-foot building on about three acres.
“We have some ideas in our head for what we’d like to happen there,” Patel said.
The property, located within the Lakeway Business District, is in a prime location and close to other recently developed parcels, including the Lakeway Commons plaza featuring a Whole Foods, Starbucks, Burtons Grill & Bar and luxury apartments.
“We feel it’s in the path of progress, and one of the last parcels in that area that hasn’t been touched or developed yet,” Patel said.
The property was sold by Vihar, Inc., registered to Ashok Thaker, Pramod Thaker and Purnima Shaker of Shrewsbury. That entity had owned the property since 1985.
The purchase price is a nearly 50% premium on the property’s assessed value and more than four times the 1985 sale price of $555,000.
According to Shrewsbury Police Department logs, the property is routinely the subject of police activity. From January to March, the police responded to 60 calls at the address.
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