Holden, MA - Joe Reidy of Maurice F. Reidy & Co., assisted the seller 1062 Main Street LLC, in the sale of the former Friendly's Ice Cream restaurant located in the center of Holden, MA. The sale closed in September. The new owners plan to redevelop the landmark location as a different style of restaurant.
Past Transactions of Note:
Maurice F. Reidy & Co. Represents Landlord in Long Term Lease to Taco Bell Corp.
Ayer, MA - Joe Reidy of Maurice F. Reidy & Co., recently represented the owner of 2 Sandy Pond Road in Ayer, MA in a twenty plus year lease to Taco Bell Corporate. The site was a former KFC franchise and was vacant at the time of the new lease. Sandy Pond Road is located just off the Ayer Rt. 2A rotary .
Maurice F. Reidy & Co. Represents Seller in Sale of Former Thom McAn Shoe Company World HQ Facility
Worcester, MA, April 14, 1999 Worcester Millbrook LLC, an investor group based in Concord, MA, announced its purchase today of the Thom McAn Building located at 67 Millbrook Street, Worcester, MA. This Worcester landmark served as the headquarters of Thom McAn Shoes from 1965 until 1996 when the company was merged into Footstar Corporation and eliminated its Worcester operations. The property consists of a five story, 270,000 square foot commercial building built in 1920 and an attached one story, 16,000 square foot warehouse on an 11 acre site.
|"We're proud to own this Worcester landmark property," said John Boynton, Worcester Millbrook's managing partner. "It has played an important role in Worcester's business history from its early days as a manufacturing facility for the Bay State automobile, and through thirty years as the headquarters of Thom McAn Shoes. We hope to return it to prominence once again as the Worcester Business Center."|
The brokers for the transaction were Joseph P. Reidy of Maurice F. Reidy & Company in Worcester and Greg Johnson of HG Johnson & Associates of Keene, NH. Pfeufer/Richardson PC, a Cambridge architectural firm has been selected as project architect. The Boynton Company, Inc. of Concord will provide construction and property management for the complex.
Peter Conrad of Concord-based Empire Capital, arranged $3.5 million in mortgage financing for the transaction through The Andover Bank of Andover. Nancy Graham, Vice President of Corporate Lending for the bank and a Worcester native, said, "Andover Bank is bullish on the Worcester market and pleased to be associated with a quality project such as the Worcester Business Center."
|Maurice F. Reidy & Company has been named exclusive leasing agent for the complex. Joseph Reidy, a principal of that firm, said "The Worcester Business Center is one of the most attractive options in the Worcester office market today because it offers newly renovated space, a convenient location, free on site parking, and competitive rents. We're getting lots of interest from value-conscious office users."
Boynton said his firm has received a warm welcome from the Massachusetts Department of Business Development and the City of Worcester. He has been working closely with the City Manager's Office of Planning and Community Development since July of 1998 to discuss specific city and state resources available to assist in the redevelopment of the property. Stephen F. O'Neil, Director of that office, said "This is a major investment and commitment by Mr. Boynton and his partners and we are extremely pleased that they have chosen to invest in the City of Worcester."
Worcester Business Center's major tenants are Specialized Software and Solutions 2000, two related computer firms providing Web, e-Business, Y2K, and Database solutions to Fortune 1,000 firms world-wide. Other tenants include AMI Leasing Corporation, the Greater Worcester Board of Realtors, DataCare Corporation, MTS Networking, Inc., CVS Stores, Inc., Rafferty Aluminum Company, the Center for Living and Working, Ultimate Mobility, Inc., and Footstar Corporation.
Maurice F. Reidy & Co., Brokers Relocation of Reed-Rico Machine Corp.
Auburn, MA - Joe Reidy of Maurice F. Reidy & Co., represented Reed-Rico Machine Corp. in their relocation from the Holden Industrial Park to the Auburn Industrial Park on Sword Street in Auburn, MA. Reed-Rico Machine Corp., a long standing tenant in Holden, is owned by Wyman-Gordon Co. of North Grafton, MA. Wyman-Gordon Co. is a subsidary of Precision Castparts Corp. (PCC) of Portland Oregon, a world leading producer of forged products.