A Massachusetts couple recently paid $3.6 million for a three-building professional office park in Putnam with a strong presence of medical providers.
In a deed recorded March 20, a limited liability company headed by James J. and Lisa R. Stochaj, of Dudley, Massachusetts, bought the 3-acre professional office park at 35-37-39 Kennedy Drive.
The sellers include Kevin J. Regan, of Merritt Island, Florida; Scott A. Green, of Jamestown, Rhode Island; and Riverwalk Partners LLC — whose principal is Walter Popiak, of Thompson.
The Putnam property includes two, 7,744-square-foot buildings and one 12,000-square-foot building, all built between 2002 and 2006. The property is located a minute’s drive from downtown Putnam and near I-395. There is currently about 6,000 square feet of vacancy.
James Stochaj, also president of Massachusetts-based E.J. Stochaj Insurance Agency, said that he and his wife have been investing in real estate, predominantly multifamily investments, for about 25 years.
Stochaj, 63, he said he is shifting to more hands-off investments, including commercial properties leased on a triple-net basis, in which tenants are responsible for maintenance, property taxes and insurance. He said he is working with Worcester-based real estate services firm Glickman Kovago & Jacobs to identify similar professional office opportunities, as well as retail strip investments of up to 30,000 square feet.
He said the strategy will allow him to focus on his insurance business and spend more time with family.
The property is home to several medical offices. Stochaj said he plans to upgrade landscaping and reseal and restripe the parking lot.
“We will increase the curb appeal,” Stochaj said. “We like everything to look just so.”
Taylor Perun and Bradley Balletto, of Northeast Private Client Group, represented the seller of the Putnam professional office park.
