Walpole, MA Commercial Real Estate for Sale and Lease
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What to Expect
This Norfolk County town of around 24,000 people is approximately 13 miles south of Boston. Because it is of a decent size, it has a pretty good selection of commercial real estate options within its borders. These include everything from retail space to office space to industrial space.
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Commercial Investment Properties
While this city is only 2.9 square miles in size, it enjoys a location that is only 12 miles away from downtown Boston. Investors can also enjoy having a location that is just 23.5 miles away from Providence, Rhode Island.
While it was originally known for its cotton mills, lumber companies and paper production, it has grown over the decades to have modern industries. When the Bird Company's mills closed in 1980, a housing development was built on the site. In the modern era, Blackburn Hall is a nexus for community events and activities. It was originally built by Harriet Nevins in 1929 as a memorial to her parents. Over the years, the neo-classical facade has been the site of a children's theater production and popular events.
Meanwhile, other tourists and visitors are drawn to the town for its parks and athletic fields. Residential investments are popular in the area because of the many parks such as the 89-acre Francis William Bird Park. A senior center, fundraising events and youth organizations make this town have a strong community ambiance. These different amenities make it a desirable community for renters, which in turn benefits real estate investors. Plus, the presence of two stops on the Franklin commuter rail line and access to Interstate 95 make this an appealing area for investors and residents.
Office Space Market
Main Street is a popular spot for offices and retail shops in the area. Renters can find units like the one at 841 Main Street. Offered for an annual rent of $17 per square foot, this office has two units available. There are two units available on the second floor. They can be rented individually or together for a total of 990 to 1,990 square feet. While this building has been used as a medical office in the past, it can also be used as a professional office space. Known as the Dagget Building, it is located downtown and close to the intersection of Route 27.
Another option on the main roadway in town is 1333 Main Street. Renters will find 1,500 to 3,300 square feet of office space. Designed for professional offices, it can also be used by medical professionals. The space includes open areas, reception space, private offices and a conference area. Plus, the building has plenty of on-site parking for clients and customers.
A more modern office building can be found at 1600 Providence Highway. The building offers fully furnished suites that can be rented on a month-to-month basis. Currently, there are four units available. These units range from 1,200 to 2,700 square feet in size.
Retail Space Market
For retail shops, there are a number of options in the town. One option is at 395-425 High Plain Street. Anchored by the Big Y supermarket, this site is known as Palumbo Plaza. At this plaza, renters can enjoy excellent access and visibility. The current availabilities are for 1,200- to 1,300-square-foot units. Boasting of a recently renovated facade, the plaza boasts of high traffic counts.
Another option can be found at 1428 Main Street. Known as Bristol Square, this retail space is home to medical, office and retail tenants. It is less than a mile from downtown and conveniently located at Route 1A. Currently, there is a first-floor unit available with 1,673 square feet. It offers amenities like conference rooms, a reception area, private restrooms and air conditioning.
For an annual rent of $20 per square foot, residents can enjoy the space at 643-703 Main Street. This retail building is placed along Route 1A and was originally constructed in 1977. The available space is 2,200 square feet in size. Current tenants at the site include Dunkin' Donuts, the Dollar Tree, Middlesex Savings Bank, Mass Physical Therapy, Rocky's Hardware, Finnegan's and One Small Step. Plus, the plaza boasts of excellent visibility and a high traffic count.
Real Estate News
One upcoming project can be found at Pulte Farms. This project will include 250 units. Placed on East Street, the property takes up 15 acres. An estimated 25 percent of the apartments will be set aside as affordable housing. Because of the affordable housing, the development can skip some of the local zoning rules. Currently, the project is getting the permits and approvals needed to proceed.
Another development is in the works for the site where the Fales Machinery foundry is currently placed. The new development will be called Liberty Village. It will include 152 market-rate units. The apartment will span four stories and will include primarily two-bedroom units. The rest of the units will be one-bedroom apartments. It will be placed at 1034 East Street. The original foundry was built in the late 1800s. After the foundry closed down, it was repurposed by new companies a number of times. Over the years, it has been a bar, a YMCA, a retail shop and a high-class restaurant. At the moment, there are several apartments and companies in the building. The current plan is to maintain the front of the building and its woodwork to retain the building's history. Since some of the building is not structurally sound, it may need to be renovated before the apartments can be constructed.
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