By: Staff Reports On: 01:30PM / Thursday October 07, 2010
LEE, Mass. — Springfield-based supermarket chain Big Y Foods, Inc., has paid $4.25 million for 9.8 acres of property on which it intends to build a new store.
The site, situated between Exit 2 of the Massachusetts Turnpike and the Lee Prime Outlets, was originally home to Diesel Dan’s Travel Complex.
Colebrook Realty Services, Inc. brokered the sale of the property and its improvements. Colebrook Principals B. John Dill and Mitch Bolotin represented the seller, NortherEdge/Plant One Realty Trust. According to documents filed in the Registration of Deeds, the closing date was Sept 20.
Big Y plans to develop a 48,000 square-foot supermarket on the site, with 5,000 square feet of additional retail space. The Zoning Board of Appeals voted unanimously on Sept. 1 in favor of the construction, which is scheduled to begin by the end of the year.
“We are excited to be one step closer to building a Big Y World Class Market in Lee as we continue to move forward with our plans to open this market to better affect customer service strategy for South County,” said Charles L. D'Amour, President and COO of Big Y Foods, Inc., in a statement released by Colebrook today, Oct. 7.
The sale of the property is part of a broader portfolio restructuring on the part of F.L. Roberts & Company, Inc.
According to Steven M. Roberts, President of F.L. Roberts & Company, Inc., “Along came our repurchase opportunity for some of our formerly owned Sunoco station and Colebrook Realty was instrumental in providing a key element to our asset shuffling strategy: a timely Purchase and Sale Agreement with Big Y. Mitch and Jack did an excellent job in a difficult real estate market.”
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