Building was scheduled for foreclosure auction
By Melanie Petrucci, Senior Community Reporter
Shrewsbury – The historic Hale Block Building, located at 566-572 Main St. and neighboring United Bank building, 564 Main St.. has been sold. A foreclosure auction was originally scheduled for May 12 to be conducted by Newton based Stanley J. Paine Auctioneers.
However, the auction was continued to May 21 due to concerns surround Gov. Charlie Baker’s Stay-at-Home advisory due to the COVID-19 pandemic according to Paine.
In the interim, on May 15, both buildings were quietly purchased by Arilia Holdings, LLC and Weinstock Holdings LLC, each with 50 percent interest. The Hale Block Building sold for $890,000 while the United Bank building sold for $300,000. Mortgages for both are on record with Cornerstone Bank.
When asked for information, Paine stated that the auction had been cancelled and he declined to give further details.
“The purchase of these highly visible properties could be an opportunity for investment to renovate the larger building and rejuvenate the town center,” remarked Moe DePalo, chair of the Shrewsbury Board of Selectmen. “We look forward to talking with the new owners to discuss their plans and our work on the future of the entire town center area.”
The town of Shrewsbury has assessed the buildings with a combined value of $1,521,000 that had been owned by Block Enterprises listed in the name of Shrewsbury resident Pamela Cole.
The larger of the two buildings is a 10,000-square-foot two-story brick building that was built in the 1920s. It once anchored Hale’s Drug Store and is thus known as the Hale Block Building.
Currently, the building features apartment space, several commercial storefronts including long-time tenants Amici’s Trattoria and The Hairs Inn.
The 2,200 square foot bank building was built in 2003. According to town records, United Bank was listed as its co-owner.