The City Council voted 6-0 March 6, with one member absent, to enter into a purchase and sale agreement with Wolf Realty Group, which will pay $5.6 million for 1037 Boston Post Road.
By Tom McDermott
The City Council voted 6-0 March 6, with one member absent, to enter into a purchase and sale agreement with Wolf Realty Group, which will pay $5.6 million for 1037 Boston Post Road. The City bought the property in 2006 for $6.2 million, and has been actively pursuing a buyer through its broker CBRE since the fall. Wolf Realty, part of Bill Wolf Petroleum Corporation, was one of eight competitive bids received in January.
The major terms of the agreement are: an all-cash offer, an environmental contingency, and a 20-year renewable license agreement for up to ten parking spaces, 9 a.m. to 12 p.m., except legal holidays.
The Council saw Wolf’s all-cash offer and experience with possible environmental issues as presenting the best opportunity for closing a deal quickly.
One of the unsuccessful bids had been submitted by retailer Lester’s, which has been leasing the building from the City for $24,000 per month. Under the sale agreement, Lester’s will continue to occupy the space and pay rent to the new owner; their lease expires December 31.
Councilmember Catherine Parker, who had taken the lead in encouraging the City to refuse a $3.6 million offer from Lester’s last fall to seek a higher offer, commented to Adam Wolf, representing the buyer, “that the name of your company makes people a little nervous” and asked him to talk about his plans for the building.
Wolf assured the Council and audience that, “We’re here to stay,” and showed a colonial-style rendering of the proposed building. He assured them that it will not be a gas station or a convenience store. “It is going to be Lester’s or better,” he said.
Resident Ted Carroll wanted to know if the buyer might walk away from the deal or substantially reduce its price, if it finds serious environmental issues on the property which was once a gas station. Wolf answered “No” on both counts. Wolf also repeated that his intention is to find a “high-end retailer” to occupy the building.
At the end, Mayor Doug French congratulated his colleagues, especially Parker, for a job well done.