Woburn, MA: Summit Realty Partners is pleased to announce the recent sale of a mixed use building located at 307 Main Street in Woburn, Massachusetts. The buildings’ long vacant retail space was previously occupied by Masotta’s Variety Store and the top three floors as a private residence.
Christopher Ragusa and Michael Balas of Ryeknot Properties, LLC have purchased the 6,800 +/- square foot building and the adjacent vacant lot located at the intersection of Main and High Streets. The new owner has received the necessary permits to renovate the existing building creating a first floor restaurant space for Orange Leaf Frozen Yogurt and three dwelling units on the floors above. In addition, the building will be expanded to include four new dwelling units on the vacant High Street lot above fourteen parking spaces.
During the permitting process City officials praised both the former owner of the building for finding a buyer that would develop the downtown area in a positive manner and Ryeknot Properties for implementing smart growth and adding to the downtown area. Ward 6 Alderman Michael Raymond was quoted saying “I think more projects like this are needed in Woburn”.
The fifty eight seat Orange Leaf plans to open by this summer with a rotating selection of flavors and will be operated by a local franchisee. The Oklahoma City based franchise company has become a well known brand in New England over the past few years for the quality and variety of its self-serve frozen yogurt, the stimulating and family friendly atmosphere of its stores, and for its involvement in the communities which it operates.
Chris McMahon of Summit Realty Partners represented the Buyer and Peter Carbone of Carbone Commercial Real Estate represented the Seller in the sale transaction. The sale price was $625,000.
Ryeknot Properties is based in Newburyport, Massachusetts and is currently seeking similar commercial real estate acquisition opportunities.
Summit Realty Partners is a full service commercial real estate firm based in Lexington, Massachusetts. More information can be found at www.summitrealtypartners.com or by calling 781.862.9700.