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Chicago Developer Sells Framingham Lowes for $33M

Photo courtesy of the Framingham assessor's office

A Chicago real estate developer sold the 19-year-old Lowes Home Improvement store off Route 30 in Framingham for $32.6 million, to local investors.

The buyers are three corporate entities registered to Allston-based Mount Vernon Company.

Newburyport-based Institution for Savings provided $21 million in financing for the acquisition, according to a Middlesex County mortgage.

The seller, Chicago-based M & J Wilkow, owns nearly 14 million square feet of retail and office properties. It acquired the property in 2005 for $32 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

The 125,276 square-foot store at 350 Cochituate Road was completed in 2006 and is located on a 10-acre parcel.

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