Newest Leominster Office Space - 114 Merriam Avenue

Have you driven down Merriam Avenue in Leominster lately? If you have you've surely noticed Marc Albert's latest commercial real estate development at 114 Merriam Avenue. As I mentioned in a previous post, Marc had purchased the former Red Cross building and has put up a beautiful 10,000 SF professional office building.

According to marketing provided by Marc's development company, MF Albert Corporation, office suites are availbable from 144 SF to 5,000 SF although unless he has leased 5,000 SF of the building already I'd be willing to bet he would lease out the entire building to the right company.

Lease rates start at $12/SF and the building features full elevator access to the upper levels, modern high-efficiency HVAC, and parking for over 40 vehicles which exceeds Leominster's parking regulations in addition to on-street parking along Merriam Avenue.

Not only can you lease space at 114 Merriam Ave but as Marc has done in his past developments, he is offering office condominiums for sale which is a unique idea but a great one if you are tired of putting money in your landlord's pocket and want to own your own office suite.

I'm sure this property won't be available for long so if you have any interest in seeing what Marc has to offer, please let me know and I can set up a private showing. I should state for legal purposes that I don't represent the interests of the the development company, MF Albert Corp. or the developer, Marc Albert.

If you are considering leasing or purchasing commercial real estate in Leominster or anywhere throughout central Massachusetts, you should consider hiring a real estate professional to represent your interests. Check out Apex Properties on the web and feel free to give me a call to discuss your commercial real estate needs.

More Redevelopment of Leominster Commercial Real Estate

There was an article published recently in the Leominster Champion about the redevelopment of a few older properties around Leominster. Investors and business owners are realizing the potential for some of the older buildings around town and bringing new life to the commercial real estate market in Leominster. Here is the link to the article if you missed it...

Building New Lives - From September 5, 2008 Edition

The article featured the old Foggia Club on Lancaster St which was purchased earlier this year by Tom Bartlett. Tom will be relocating his plumbing and piping business from it's current location on Pleasant St. TJB Plumbing & Piping will be operating out of about 3,000 SF in the lower level of the building and will also occupy an approximately 2,300 SF metal building attached to the rear of the property.

The main level of the building has 3,000 SF of commercial/office space and is available for rent. Tom will be providing handicap accessible restrooms as well as a handicap ramp in exchange for a long-term lease with a qualified business. The property is zoned commercial and the location is ideal for many types of businesses such as professional office or medical offices.

Two doors down from TJB Plumbing is the old fire station with an auto-parts store on the main level and approximately 2,500 SF of commercial/office space available on the upper level. This building features exposed brick, lots of light coming in through newly installed windows, and a lot of history. Nick Pirro and his partner who bought the building from the city are looking for the right company to occupy the second level and have plans in place for a handicap lift and additional parking in the rear of the property where a small wooden structure currently sits that served as garage space for the cities fire department many years ago.

Some other properties featured in the article are Whitney Place, Jim Whitney's redevelopment project on Spruce St which is looking fantastic compared to what the building looked like before he bought it, and Bill Berg's property on First Street. I have to admit that I know next to nothing about the Landmark Storage building on First Street. According to the article Bill has over 100,000 SF of space that could be used as office space and with a great view of the downtown and the surrounding area...

I really wish I had known more about this property as I could have been including it in site visits with area businesses. I'm not sure what Bill's marketing plan entails but if anybody knows him you might suggest that he contact me and I could certainly help him with that...

The article also talked about Steve Boucher's project, Gateway Business Center, which I wrote about in a previous post and 345 Central St which has gone through several redevelopments over the past few years. Most recently a self-storage facility has been constructed on the upper level of the building and store front windows have been installed where dock doors used to be. This property has not had much success attracting tenants but from what I know of the landlord when he does land one it will be a big one and the wait will have been worth it...

Are you interested in learning more about these properties or any others in the area? Please shoot me an email. Coincidentally, I was contacted recently by somebody looking for office space in Leominster after they read one of my previous posts about office space in Leominster so apparently people do read what I write...

Lots going on in the Leominster commercial real estate market

Have you driven around Leominster lately and seen all that is going on with respect to commercial development? There's quite a bit of new office and retail space coming on the market in Leominster.

Here's a rundown of some of the exciting projects you've most likely either seen or heard about.

Whitney Place - 40 Spruce St

This is Jim Whitney's latest redevelopment project and it looks like it's a great one. Jim bought one of the most dilapidated, run-down properties in a "not-so-good" area and is giving it new life as a hub for small businesses. The landscaping has been redone, the parking area re-paved and actually brought up several feet to take away the industrial/loading dock look of the front of the building. Rents are likely to be in the $10/SF range and I know of at least one company that has already moved in and another that is in the process of moving in so Jim's off to a good start.

Red Cross - 114 Merriam Ave

I wrote previously about this project and since my last post the project has received full approval from the planning board and the house that housed the Red Cross for so many years is going to be taken down in the coming weeks and possibly days. Marc Albert will be constructing a 10,000 SF office building with suites available for sale or for lease. This location is perfect for attorneys, doctors, and other professionals. Pricing should come in around the high teens and purchase prices on the units should be somewhere between $200 - $250 / Square foot. Not bad if you consider the alternatives in the area to buy a 2,500 SF office suite...

Lancaster St from Gateway to Union Products

There are two mixed use petitions in front of the city now for the Gateway Business Center owned by Steve Boucher and an adjacent property owned by Dave Mullaney and Barry Cosimi. Steve's property, Gateway Business Center, is a renovated mill that is near full occupancy but he is looking to more or less solidify it's existence in my opinion allowing for a broader range of tenants to round out the mix of businesses that already occupy the property.

Dave and Barry own several buildings adjacent to Gateway and are looking for approval to construct a retail building out by the intersection of Lancaster St and Viscoloid Ave. By way of a mixed use ordinance, they are looking for approval to use 30% (I believe) of their property for retail/commercial. The existing tenants are all industrial businesses. This location is great for a pharmacy or restaurant, or any other retail establishment looking for good traffic counts and high visibility.

Just next door is Jimmy Xarras' project which is the former Union Products building. Development here has been limited for the most part to the interior of the building and personally, I'd like to see something done to the exterior and to the area along Lancaster St. I think until the curb appeal is addressed, the project won't take off as a commercial development. He does have the benefit of low rents and the ability to finance tenant fit-up which is always important to small businesses. Jim has already received his approval for mixed-use so I'm anxious to see some action over there.

Other Opportunities in Leominster

What else is going on in Leominster these days with respect to new commercial development? Do you want info on any of these projects or any others in the area? Are you considering relocating to Leominster from outside the area or possibly just relocating within Leominster? Have you considered consulting with a real estate professional?

Give me a call or send me an email. If you have any info on other projects around town feel free to share them with me by commenting below.