June 26, 2016

Plaza building sold for $5.5M

The CVS plaza building in on North Main Street in Rutland was recently sold for $5,550,000.

Robert Layman / Staff Photo

The CVS plaza building in on North Main Street in Rutland was recently sold for $5,550,000.

RUTLAND — A family with deep roots in Rutland sold the CVS plaza building at 31 North Main St. in Rutland for $5.5 million last week.

The total price for the building and its 1.59 acres was $5,550,000, according to city records, which state the property’s grand list value at $1,527,600. The closing was Tuesday.

Rutland native Jim Marro Jr. and his sisters, under their company Two Js and Four Ms Inc, sold the property to 31 North Main Rutland, LLC, which has offices at Eastern Real Estate in Woburn, Massachusetts. Their father, the late James C. Marro Sr., was an influential developer and entrepreneur who helped change the face of the North Main Street area of Route 7.

The plaza building, a key commercial property at the intersection of routes 4 and 7, is currently occupied by CVS, The UPS Store, The Uniform Center and Avada Hearing Center.

In an interview on Wednesday, Marro declined to talk about the details of the sale, due to a confidentiality agreement with the buyer.

Phone calls to Eastern Real Estate’s offices in Woburn on Wednesday and Thursday were not immediately returned. Greg Ullstrom, the Rutland attorney who represented the buyer in this sale, declined to comment.

Marro, 65, said the CVS plaza building has been in his family since his father and mother, Margaret Marro, bought it in 1941. He and his sisters have managed the property ever since his father’s death 20 years ago.

“We’re getting along in years and it was just the right time (to sell),” Marro said.

Rather than listing a price, Marro said he and his siblings invited offers. He said the property was on the market for five weeks.

“I had never met them, but they have a great reputation,” he said of the buyer. “They’ve been in the business a long time, and we were pleased they were selected.”

Noting another major change, Marro said his sister, Peggy Mickel, who owns The Uniform Center, is retiring after 41 years in business and will close her shop in the next few months.

His sister Martha Dwyer retired a few years ago from her store the Ginger Tree — formerly located nearby on North Main Street — which is now an antique shop. Dwyer still owns that building, Marro said.

Marro’s third sister, Mary Jane Rotella, is a retired school teacher living in Belmont, Massachusetts.

Mickel and Dwyer both live in Rutland, and Marro has lived in California for the past 40 years.

Marro said that when his parents bought the North Main Street plaza building in 1941, the south end of the building had the Frost Apartments, where the family used to live. His father later purchased the old Ackley property next door, Marro said.

In 1958, the plaza property was redeveloped for commercial use, he added. Marro said it was built to spec for the A&P Supermarket chain.

Marro’s father also owned the Fairmont Restaurant at the corner of South Main and Park Street for 28 years.

Eastern Real Estate and its founders have a long history in the business. The firm’s website describes it as “one of the industry’s leading commercial real estate investment, development and asset management firms.” Its founders and current principals are Daniel J. Doherty III and Brian J. Kelly.

Over the past 25 years, Doherty and Kelly have jointly conducted real estate transactions involving more than 25 million square feet in properties throughout the United States, the site states. Since its founding in 2000, Eastern Real Estate has developed more than 12 million square feet of retail, office and mixed-use projects, with a total market value of over $2 billion.

 

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