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$6M Lands Wallace Plaza Center

FITCHBURG, MA-Kent Realty Fitchburg LLC is parting ways with the 127,460-sf retail center for a $6 million price tag.

By Ryan Clark | Updated on July 25, 2008

FITCHBURG, MA-The Wallace Plaza Center is changing hands again after a 5-year tenure under Kent Realty Fitchburg LLC. The 127,460-sf retail property is being purchased for $6 million by Peace & Grace Realty LLC. The seller was represented by Thomas R. Blakely, CCIM and president of TRB & Associates. The buyer was represented by David Lenger of Keller Williams Realty.

TRB had repped the previous owners in 2003 for the sale to Kent and was brought on exclusively for this transaction by the seller. In a statement, Blakely explains that this deal in the current market is “a very complicated transaction that involved a loan assumption with Wells Fargo.” Currently, the center is anchored by Market Basket and Big Lots with 24,260 sf of climate-controlled storage space. The building sold for $6.75 million in 2003 while fully-leased. Under the current deal, 17,000 sf of the total 65,000 sf is empty.

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