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Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands // Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands // Natick Flex Building Has New Owner //Stoughton Church Buys 14+ Acres //JP Morgan Chase Bank in Rowley Going Forward //Hotel On Tap for University Station Lot //Fairfield Inn in Milford Trades Hands //

Duffy Properties Harvests FDIC Relic for $1.65M

January 20, 2012 — By By Joe Clements

SUDBURY — Nearly 20 years after securing the asset during a national auction of foreclosed real estate, Duffy Properties has divested 29 Hudson Rd. to another local firm, reaping $1.65 million in a sale brokered by Parsons Commercial Group. New owner Vantage Investment Properties has subsequently named PCG Vice President Marci Alvarado and Associate Jake Parsons as exclusive leasing agents for the 2.7-acre complex.

“The property is going to be re-positioned as the new ‘town center’ to attract quality retail and professional office and medical tenants,” Alvarado says this week. Vantage intends to renovate the buildings, with a new elevator, cosmetic improvements and enhanced parking among the work on tap. Besides being on a popular route, 29 Hudson Rd. offers tenants the chance to operate in Sudbury’s historic district, relays Alvarado, adding it will feature a variety of other amenities from the experienced operator.

Duffy Properties principal Steven P. Duffy says his firm fared well attracting commercial tenants during its stewardship of 29 Hudson Rd. Just prior to the recession, however, the Waltham-based developer permitted the site for nearly two dozen residential condominiums, a platform he predicts would have succeeded until being sidetracked by the 2008 recession. “It made a lot of sense, but the timing just wasn’t there,” he says. Despite that vision, Duffy says Vantage has a viable concept leasing 29 Hudson Rd. for commercial tenants. “We filled it up,” he notes.

Duffy recalls the early 1990’s auction sponsored by the Federal Deposit Insurance Corp., an event held via satellite at a downtown Boston conference facility. “It was really impressive,” says Duffy, with his firm also scooping up two New Hampshire assets. The auction was an outgrowth of New England’s catastrophic real estate crash that took until the mid 1990’s to ease. Under an affiliate, Somerset Sudbury Development LLC, Duffy Properties paid $641,250 for 29 Hudson Rd. in a deal that closed in June 1993.

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