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September 27, 2022

Mass. real estate investment company pays $5M for nearly 20 acres in Waterbury

CoStar 3800 East Main St., Waterbury

A Massachusetts-based real estate investment company recently paid $5 million for nearly 20 acres of vacant commercial land on a busy Waterbury road, near the Cheshire border and two interchanges with Interstate 84.

The site at 3800 East Main St. is adjacent to a Kohl’s, Costco and Restaurant Depot with a shared access road. It had been previously targeted for development of a Super Walmart then, most recently, a “last mile” Amazon warehouse.

TSC East Main 3800, an LLC tracing back to Raynham, Massachusetts-based Shearwater Development, paid $5 million to Waterbury Retail Investments in a deal recorded Sept. 13.

Prior potential developers have seen through much of the permitting process on the site. The city, in 2020, altered its zoning to allow “eCommerce Fulfillment and Distribution Centers,” in a bid to facilitate the Amazon fulfillment center.

But Amazon subsequently pulled back on its facilities expansion program, and a developer eyeing the site for an Amazon center backed off.

On its website, Shearwater lists ownership of nine office and industrial properties, ranging in size from a 15,000-square-foot warehouse in Taunton, Massachusetts, to a 160,000-square-foot manufacturing and distribution building in Stoughton, Massachusetts. 

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