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July 1, 2024

Lundgren owner snatches up two former Berkshire branches for $5.2M

A bank branch Image | Courtesy of Google Maps Berkshire Bank's former Westborough branch

One year after closing branch locations in Marlborough and Westborough, Boston-based Berkshire Bank has sold the properties to an Auburn-based real estate investment firm.

Berkshire sold 303 Turnpike Road in Westborough and 322 Maple St. in Marlborough in deals finalized on Wednesday, according to Worcester District and Middlesex South District Registry of Deeds records. 

Both properties were sold to 303 Turnpike Road LLC, an entity managed by Auburn-based Lundgren Equity Partners. Lundgren owns more than 25 properties throughout New England, according to its website, including several parcels on Main Street in Worcester

Owned by Barry Lundgren, the owner of an Auburn-based Honda car dealership, LEP is behind a plan to construct a 218-unit apartment building on Shrewsbury Street in Worcester.

The property containing Berkshire’s former branch at 303 Turnpike Road in Westborough sold for $3.9 million. An adjacent property, 0 Otis Street in Northborough, containing 1.69 acres of undeveloped wetlands and woods, was included in the transaction.

A former Friendly’s restaurant location, 303 Turnpike Road was acquired by Berkshire in 2012 for $1.65 million, according to Town of Westborough property records. The 4.14-acre property was given a tax assessment value of $2.7 million in 2024. 

Berkshire’s former Marlborough branch, located at 322 Maple St., was sold for $1.25 million. Originally a Commerce Bank location before Berkshire’s acquisition of the firm in 2017, the property was purchased in 2002 for $500,000, according to City of Marlborough property records. The 0.85-acre property was given a tax assessment value of $1.02 million in 2024.

Both Berkshire Bank branches were closed in June 2023 as part of a downsizing move when the bank closed four locations across the state.  

Berkshire Bank is the seventh largest bank in Central Massachusetts, with local deposits of $2.3 billion as of June 30, 2023, according to the WBJ Research Department. The bank has $12.1 billion in assets as of March 31, according to data from the Federal Deposit Insurance Corp.

Drew Higgins and William Kelleher of Kelleher & Sadowsky Associates in Worcester served as the listing brokers for both transactions. 

Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries. 

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