Leominster, MA Commercial Real Estate for Sale and Lease

Located a little under fifty miles from Boston, this town of 40,759 is one of the best development opportunities in Worcester County. Incorporated in 1740, the town has 28.9 square miles of land and is located on a plateau above the Nashua River, providing rare elevated views and the possibility of hillside development. At 1020 feet, South Monoosnoc Hill is the highest point in the area.

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Public green spaces and recreation areas include the Nashua Valley Conservation Area, the Leominster State Forest, Johnny Appleseed State Park, the Doyle Conservation Area, and a number of small parks and golf courses. Investors should familiarize themselves with the numerous small villages that make up the town, including North Leominster, the Bowery, the Car Barn area, Morse Hollow, French Hill, and Rice Hill. Although many of these areas are primarily residential, the Car Barn area was primarily a storage place for railway trolley cars, and therefore offers larger tracts of undeveloped land, or properties that are ready for redevelopment.

In terms of transportation, the area has a number of public transit options, including the MBTA Commuter Rail Fitchburg Line station in North Leominster. Bus service is also available through the Montachusett Regional Transit Authority, or MART. Vehicular traffic can access the area though Interstate 190, Route 2, Route 13, Route 12, and Route 117.

Several commercial properties have recently come onto the market for lease or sale, including the lot at 390 Harvard Street. This 134,600 square foot lot is currently seeking a developer to create a mixed-use development. The estimated rent for this property has not been disclosed. A 49 acre parcel at Research Drive is currently for sale at an undisclosed price. This property has been zoned industrial and mixed use, making it a perfect investment for a developer who wishes to create a dramatic new commercial addition to the city. Meanwhile, a 5.0 acre parcel at 22 Jungle Road is also ready for commercial development. The price for this property may be subject to a public bid. There is another 24.84 acre, privately-owned, mixed-use zoned lot at Tanzio Road that also has not disclosed its sale price. Finally, the 30 acre lot at 540 Mechanic Street Byp also has not disclosed its sale price, but offers incredible access to Interstate 190 and the Johnny Appleseed State Park, making it a prime opportunity for a commercial investor.

Office Space Market

Numerous elegant multi-story buildings within the town’s central business district offer office space, such as the property at 114 Merriam Avenue. Built in 2009, this three-story live/work tan building with landscaped shrubs and adjoining parking lot is sited in an ideal location. It offers numerous amenities including a state-of-the-art kitchen with stainless steel refrigerator, kitchen island, and mahogany floors. The 10,000 square foot building footprint offers several units of varying sizes that combine the elegance of luxury living with the convenience of dedicated office space. The property has been listed for sale at $399,900.

The property at 18-22 Main Street is a red brick and masonry building with elegant stonework detail on the exterior and meticulous period woodwork on the interior, including marble lined walls and built-in bookshelves. Built in 1910, the 34,210 square foot office building offers a number of suites in varying sizes, starting from 1,000 square feet. Located only 0.2 miles from the North Leominster Commuter Rail Line, the building is right at the heart of downtown, providing excellent access to restaurants, shops, and other urban amenities, including the post office. The estimated rent for this property is $0.76 per square foot per month.

For those seeking specially outfitted medical office space, the property at 80 Erdman Way may be the ideal investment. Built in 1988, the building wraps its multiple floors in a modern concrete envelope, providing a tall columned entryway that leads into floor to ceiling glass storefront windows. With 60,000 square feet, the building offers varying sizes of suites, from 300 square feet to 7,914 square feet. Certain suites are designed for medical use; others have been host to insurance and processing businesses, and have large waiting areas and other suitable amenities. The rent for this space has not been disclosed.

The property at 145 Central Street offers 9,048 square feet of live/work space in a relatively central location. Built in 1990, the building has the appearance of a multi-story apartment building, and contains numerous offices, “bull pen space” and conference rooms. The sale list price for this property is $580,000.

Retail Space Market

To serve the populous community, this town has numerous retail complexes and smaller boutique stores spread throughout the city. The property at 510-550 North Main Street offers 73,125 square feet of storefront retail, and includes signage for each business. Located next to an ample parking lot, the property offers varying sizes of spaces. The rent for this place has not been released.

The 2,256 square foot property at 8 Lancaster Street is currently for lease. Located right off Route 12 and only 1.9 miles from the MBTA Commuter Line station, this property is easily accessible to a variety of traffic. Built in 1999, the estimated rent for this space is $2.66 a square foot per month.

Those who wish to own retail property in this town will be delighted by the property at 9 Nelson Street. Built in 1998, this 10,112 square foot property is located at the intersection of North Main Street and Nelson Street. Within a five miles radius of this address, 92,300 people reside. The sale price for this property is $6,900,000. The property at 20 Commercial Road is also for sale. A charming retail complex with five ground floor units located in the center of a parking lot on a 2.02 acre plot, this property has a footprint of 20,000 square feet and is located directly on Route 2. The sale price for this complex is $2,410,000.

With a footprint of 20,000 square feet, the retail complex at 20 Commercial Road has street frontage along Route 2. Built in 1995, the complex has a large parking lot that is bordered by lush sections of lawn and trees. Pylon signage is provided for businesses. The estimated rent for this property ranges from $2.50 to $3.33 a square foot per month.

The 34,396 square foot property at 975 Merriam Avenue features a brick veneer along the colonnade that joins each of the units in this storefront retail complex. Centrally located along the heavily trafficked Route 2, this property was built in 1986 and maintains a high tenant occupancy. The estimated rent for this structure has not been released.

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