The news of the closing of Shaw’s Medford store has left several questions: What will the current employees do, and who will get transferred to other stores? Where will Shaw’s regulars shop? What will happen to the vacant property?
First, it remains to be seen which employees will leave and who will be transferred. Shaw’s does have many supermarkets in the area. Second, there are several places in Medford to shop- two Stop and Shop stores, Whole Foods, and ALDI. There are also major stores nearby, including Market Basket and Trader Joe’s.
The Shaw’s property has been owned by Equity One, Inc., of Miami Beach, Florida, since 2004, according to local real estate records. The company paid nearly $20 million for the property, which is now valued at $9.7 million. According to the records, Shaw’s owned the property briefly from 1994 until 1996, when it sold the property for $1 to Boston City Properties III Inc. The 61 Locust Street location has had five owners since 1993, according to records.
Currently, Shaw’s and Eastern Bank are the only tenants. Shaw’s is expected to close next month.
An email sent to the property manager inquiring about the property’s future did not receive a response.
Equity One is the landlord for many retail properties around the country as well as locally, including Star Markets in Cambridge and Quincy, Shaw’s in West Roxbury, and Whole Foods in Swampscott, according to their website.
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