Banker & Tradesman | By Steve Adams
September 6, 2016
Change has been a constant along University Avenue in Westwood, with suburban office and industrial parcels being replaced with transit-oriented mixed-use projects.
Security Lock Distributors, the owner of 200 University Ave., sees potential for more retail space in the neighborhood since the completion of the University Station retail development across the street in March 2015. It’s hired Colliers International to market the 17,000-square-foot property for lease to take advantage of the neighborhood’s status as a shopping destination.
“This has opened the eyes of a lot of people on that street,” said Peter Montesanto, a senior vice president at Colliers. “A lot of our clients – warehouse, industrial and even office – have all asked the question: ‘Can we convert to retail?’”
In many cases, the answer is no. Industrial properties typically have insufficient parking ratios for retail use, Montesanto said, but 200 University Ave. was a rare exception. Security Lock is relocating to a nearby industrial building.