Realty trust purchases shopping plaza | Business
PITTSFIELD — A massive industrial assets in Pittsfield has been marketed to an Andover-based mostly belief.
Wells Fargo Financial institution has sold the Del Alba Plaza on Dan Fox Drive, which properties one of Pittsfield’s two Quit & Shop supermarkets, for $3.85 million to NNM Realty Belief, which is run by Manoj and Preeti N. Munjal, an Andover couple who are authentic estate buyers, according to paperwork submitted at the Middle Berkshire Registry of Deeds. NNM is also the father or mother organization of two other realty trusts that just about every have 18 % of the 13-acre residence, the Munjals explained.
This is the 2nd important sale of key business actual estate in Pittsfield for the duration of the past two months. In September, the Detroit-based mostly proprietors of the Berkshire Crossing purchasing complicated on Hubbard Avenue purchased an adjacent parcel that houses B.J.’s Wholesale Club for $19.4 million.
NNM Rely on also owns professional qualities in Massachusetts and New Hampshire, but this is the firm’s first foray into Berkshire County. The pair bought the residence as an expenditure, Preeti Munjal said, incorporating that they have been captivated to Pittsfield due to all the improvements that Mill City Cash is building at close by Bousquet Ski Space and the former Berkshire West Athletic Club, and the plaza’s proximity to Pittsfield Municipal Airport.
“We normally do not like to go an hour past (Andover) but Pittsfield was seriously interesting to us,” Preeti Munjal mentioned. “With the development going on and the new city residences we appeared at that as a optimistic spin to the market place.”
The Del Alba Plaza is positioned at the corner of Dan Fox Push and South Road (Route 7), the key route that motorists vacation when they go to Bousquet.
“With the ski area there everyone will be heading earlier this plaza and site visitors will definitely multiply, which is what attracted us,” Preeti Munjal mentioned.
The plaza consists of 72,014 square ft, and was 93 p.c occupied when it was put up for sale, according to the real estate listing. Stop & Store, which leases 61,000 square feet, is the greatest tenant and shares the plaza with TrustCo Bank’s Pittsfield department (Citizens Bank’s Pittsfield department is found within Prevent & Shop) and a 2,000 sq. foot fuel station.
In accordance to the Munjals, all over 12,000 sq. toes is presently readily available for lease — an 8,100-square-foot storefront that formerly housed a online video keep, and a vacant 3,500-sq. foot parcel that can be “built to fit,” Preeti Munjal reported. The Munjals claimed they are functioning with a broker on obtaining a tenant for the vacant parcel, and that the house has captivated desire from some national retail chains.