DeLuca tells GlobeSt its acquisition by a couple of locals is scheduled to close Feb. 1. Though the Colliers broker was unable to disclose the names of the buyers or the exact amount of the tentative sale, he would say it was just about on target with the asking price of $3 million.
The building and its 6,660-sf site have been owned for about the last 14 years by another group of locals. DeLuca says the owners based their decision to sell on the strength of the real estate market here. It's time to "take the profits and reinvest" and let somebody else handle the needed upgrades.
The two top floors of the three-story building are "trashed" and vacant, says DeLuca. A small jeweler occupies the ground level. As far as cost, it would be a "toss-up" between renovating and starting over from the ground up, says DeLuca.
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