BOSTON - Boston Realty Advisors, the largest Boston-based independent real estate brokerage, is exclusively representing Highland Management Inc. in the sale of 531 Main St. in Melrose, a 10,000-square-foot retail and office building in the busy Melrose business district.
“The core of downtown Melrose has a strong retail presence with a healthy mix of strong name-recognized corporate tenants supported by local privately owned small businesses,” Daniel Dewing, Associate of Boston Realty Advisors, said today. “Melrose is in close proximity to Boston, and this property opens the door for investors to command strong existing rents or expand the footprint, capitalizing on a growing commercial area.”
Boston Realty Advisors will conduct tours of the property in the upcoming weeks with a call for offers to follow.
The two-story 531 Main St., also known as the Eastman Building, was built in 1888 and has had recent extensive upgrades including first-floor retail spaces, which currently house local retailers such as the Plaza Barber Shop, Buckalew’s General Store, Ann Donahue Interiors, and Madison Ave consignment boutique. Including the existing basement, 531 Main Street has a gross square feet of 15,454.
The second floor and a modest-sized third-floor loft house offices and businesses, including popular Bill Adams Karate. The area has a CVS, Starbucks, Shaw’s and Caffé Nero coffee shop and other retail offerings.
The well-maintained brick building has good access to Melrose/Cedar Hill and Wyoming Hill stations on the MBTA’s Haverhill Commuter Rail Line and is less than a mile from Route 1, with easy access to I95 and I93. There is city-owned and street parking nearby. Melrose is also close to the MBTA’s Oak Grove Station on the Orange Line in adjacent Malden.
“Melrose is one of the most transit-oriented cities outside the urban core of Boston with a small-town New England feel, making it a commuter friendly and a convenient place to live,” said Dewing.
Benefitting from transit access, Melrose has experienced a welcome increase in multifamily housing and mixed-use developments, and others are planned or permitted, meaning foot traffic in the commercial area will increase further.
The city has a good public school system and many local amenities, such as the Melrose Diner and Turner’s Seafood. The Middlesex Fells, more than 2,200 acres of open land in Melrose and four other communities, is a popular recreational site, and Melrose Wakefield Hospital is less than half a mile from 531 Main St.