Worcester Business Journal

www.wbjournal.com June 20, 2016 • Worcester Business Journal 5 REAL DEAL Real Deal highlights recent commercial property transactions in Central Massachusetts. Commercial real estate firms that want to submit information on transactions can send it to editorial@wbjournal.com. Source: Greater Boston Commercial Properties — Compiled by Sam Bonacci, Worcester Business Journal digital editor The property contains retail and commercial, with the larger tenants being Staffier Associates, eBridge Montessori School and The Bistro. The property was 77-percent occupied at the time of the sale. Located on Route 30 near downtown Westborough, it will continue to be run as a multi-tenant property. ADDRESS: Westborough Downtown Crossing at 57 E. Main St. in Westborough AREA: 56,699 square feet SALE PRICE: $5.5 million SELLER: East Main Street Building 57, LLC BUYER: Astero Management LLC REGIONAL BRIEFS Knowledge + Experience + Trusted Advice. It all adds up. Large enough to serve the needs of most businesses and individuals; small enough to offer the personal attention you expect and deserve. Greenberg, Rosenblatt, Kull & Bitsoli, PC Certified Public Accountants 306 Main Street, Suite 400 • Worcester, MA 01608 508.791.0901 • www.grkb.com Very well established and great reputation for over 30 years, 1.5 million in annual revenue. 260 seat capacity, including function room and lounge. Fantastic location in MetroWest, just off major highway. Beautiful outdoor deck. Looking to retire and want to see the operation run by someone who is passionate about the business and wants to make it their own. If you are a professional chef that has always wanted your own operation, or a manager that is tired of watching the owner take all the profits, this is a once in a lifetime opportunity for you to have your own place. For more details call Kate at 774-258-1131 or Email KK2681@aol.com No Real Estate or Business brokers unless you have an active customer ready to sit down. RESTAURANT BUSINESS AND BUILDING for lease or lease to own Boston Scientific restructuring to reduce expenses, include layoffs Boston Scientific Corp. is undertaking a restructuring program that officials say could result in as much as $150 million in savings per year, although the com- pany indicated some employees will be phased out as the company focuses on new areas of growth. The Marlborough company announced that it would be implement- ing a program that would reduce gross annual pre-tax operating expenses by approximately $115 million to $150 mil- lion by the end of 2020. A release from the company did not go into details about where the savings would come from, but said the program would be focusing on operating efficiencies, glob- al commercialization, key growth mar- kets and continuing implementation of the optimization strategy. The company said it expects employee attrition and "targeted headcount reduc- tions" to be a part of the program. However, the company said it anticipates overall employee headcount will "remain relatively unchanged" once the program is complete as new jobs will be created in areas of growth. Implementation of the program is expected to cost $175 million to $225 million before taxes. Portions of the pro- gram will begin immediately while all activities are expected to be substantially completed by the end of 2018, subject to any employee representative consultative procedures required under local laws. Framingham exploring purchasing $5.5M golf course The town of Framingham is exploring the feasibility of buying the Millwood Farms Golf Course that currently has a purchase and sale agreement on it for $5.5 million from Southborough's Capital Group Properties. The owners of the golf course that has been in operation for 48 years on former farmland in a rural part of town informed town officials in May that they had a purchase and sale agreement with the developer. That developer agreed to purchase the property with the intent of building age-restricted housing on the property, according to town officials. As part of Millwood Golf Course's long-time use of the Chapter 61B tax break for property owners of open space, this bona-fide offer kicked in a 120-day right of first refusal for the town of Framingham. Now town officials are seriously considering whether or not to purchase the 14-hole golf course and maintain it as a public facility, Town Manager Bob Halpin said. There is inter- est in maintaining the open space, he said, now it is just a matter of crunching the numbers. "We do have some interest in explor- ing our right and as part of that we will conduct a market analysis and feasibility study as to how it would fare as a munic- ipal golf course," he said, explaining that a focus would be paid to the conditions of the greens and the irrigation at the course. Seaboard expansion bringing 120 jobs to Westminster The signing of an 189,124 square- foot lease by Seaboard Folding Box will bring 120 jobs to Westminster as the company seeks to expand its manufac- turing capacity. According to Los Angeles-based Hackman Capital Partners that co- owns the property with Hudson's Calare Properties, Seaboard will have both manufacturing and warehouse space at the same facility. Hackman Capital Partners will be customizing the space to accommodate Seaboard's specialty production equipment and office needs. Seaboard signed a long-term lease for part of the property at Route 2 Commerce Park, 100 Simplex Drive. The Fitchburg-based company makes paperboard boxes for customers across the country in the food, retail, and per- sonal care markets. This new facility will boost the com- pany's manufacturing and distribution while bringing 120 jobs to Westminster, according to the company, which did not specify how many would be new positions. The property is part of a more than 10 million-square-foot portfolio owned by a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. The bulk of that portfolio — 24 buildings, totaling 7.95 million square feet — is located in the Northeast. n

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