Understanding the Processes in Leasing or Buying Retail Space in Wakefield, MA

Wakefield is a town that is a part of the Middlesex County and is situated among the other areas of the Greater Boston metropolitan regions. It is currently considered as one of the most populous municipalities in the entire state, which is one of the reasons you should consider having your business site here.

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Another reason why you may want to start your business here is due to its location. The town is bordered by different places, including Melrose, Stoneham, Lynnfield, and Saugus. Additionally, transportation is not a problem here, thanks to the help of Route 129 that runs through the town and serves as its Main Street. It is also situated where Route 128 and I-95 are in one road, which the locals call the Yankee Division Highway.

Properties for Lease and Sale

The town has a few selections when it comes to units that you can purchase and lease for the location of your business. Some of the neighborhoods that you can try during your search are Greenwood and Woodville. Greenwood consists of almost all the southern portion of the town. It borders the district of Melrose, particularly the Highlands and the Horace Mann, which is also a part of the mentioned town. What is great about this community is that it has an interesting site on the map since it is often considered a separate town.

Meanwhile, Woodville can provide you some of the units that you can choose from in the central eastern part of the town. Of course, the downtown area or the Square is one of the most excellent choices in the community since it is where most of the businesses are situated.

Another area is the North Avenue where you can see some sites that can be used by stores and most of the properties in this area even have offices situated on the upper level of the rental. Units here depend on several characteristics to determine the price, but you will see some properties that cost $10 to $12 per square foot per year.

Other properties may be slightly higher in price per square foot yearly because of their precise location, the building class, and the amenities included.

More important than the number of options available, you should understand the processes involved when buying or leasing retail space in this town.

Before you sign a contract or buy a property, you should know some things first. Under a lease, you will be considered the tenant as you use the land. You will have to agree on the duration of the exclusive possession stated in the contract. When you have the paper in your hand, be sure that you read everything from top to bottom, especially what you can do the site when it comes to modifications, the allowed hours of operation, rent, utilities, and other vital aspects.

You are also advised to see the license provided to you, especially if you are a short-term occupant of the property. As the licensee, you are presented with the legal authority to use the asset of the licensor or owner. Often though, you will have a limited arrangement, mainly if the contract only allows you to use the place for a year or two. Additionally, you are not guaranteed the exclusive use of the location, unless it is stated otherwise in the contract.

Once you have done your homework and you have decided that the place you choose in Wakefield is the right one for your business, the next step is to visit the location. It is recommended that you perform this step during the hours your store will operate. Make sure you do not just visit once or twice and as much as possible, visit during different times of the day.

List Your Property

If you have bought a unit in this town and you have an extra space that other businesses can use, you can look for a company that will complement your own transactions. Of course, you do not want another clothing store to take the available room if you are also selling clothes.

In this case, you can be specific about the needs and requirements of your site. We can help you list your property so that you can find the best lessee (or buyer) of the extra room you may have in your building. The process is much more straightforward now than before since we can assist you in targeting the right firms that will occupy the unit in your building.

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Retail Space