Former Allegro Microsystems building sold for $3.9M
The former Allegro Microsystems building at 115 Northeast Cutoff in Worcester has sold to an industrial property developer for $3.9 million.
The sale to Worcester-based Chacharone Properties comes nearly a year after the company moved out of the nearly 200,000-square-foot Worcester location in favor of a new facility in Marlborough.
The Worcester space, according to Allegro President and CEO Ravi Vig, was falling short of the semiconductor company’s research and development needs.
“We’re very excited about this property’s potential,” principal Jim Chacharone said in a statement. “It’s a high-quality 200,000 square foot building with ample parking in close proximity to Interstate 290. The development potential of the property coupled with Worcester’s low vacancy rates and increasing rental rates make this 56-acre property an attractive proposition for our portfolio.”
Chacharone could not immediately be reached for comment. Chacharone owns about two dozen other properties in Worcester, Sturbridge, Shrewsbury, Auburn, Sterling, Marlborough, Charlton and Rhode Island. The company was a major developer in the South Worcester Industrial Park, including for Table Talk Pies’ newest facility.
The structure, comprised of an office building and manufacturing space, sits on more than 50 acres, including a 578-space parking lot.