BURRILLVILLE – A plaza that has housed a bank, a hair salon, restaurants and many other small businesses over the years has been purchased by a couple from Massachusetts after nearly three decades of ownership by members of the Valliere family.
Alexandros & Stamatia Kontoulis of Bellingham, Mass. purchased the commercial block at 40-82 North Main St. for $1,750,000 from Valliere Realty Associates, according to a deed recorded with the Burrillville Town Clerk on Thursday, Feb. 6.
The single-story brick building was mostly constructed in 1984, with a 6,700-square-foot addition put on in 2005. The 26,354-square-foot plaza currently houses businesses including Rhode Island Credit Union, with a mix of retail and office space situated on a 6.89-acre lot.
According to town property records, the property last sold for $152,000 in 1996 to Valliere Associates, led at the time by President Matthieu Valliere. The small shopping center previously known as Merchant Square was dubbed “Herald Square Shops” by Valliere, a well-known local businessman and firefighter who was active in the community.
Valliere, who lived in Pascoag, died in 2006, and the property has since been managed by his daughter, Marcia Lord, who lives in Maine.
The property was listed for $2 million last year and is currently 90 percent occupied, according information published by the agent. In addition to merchant space facing North Main Street, the lot also includes 11 storage units in the back and a detached stand-alone garage.
Zoned Village Commercial, the property features 90 parking spaces and is assessed at $1,956,600
New owners Alexandros & Stamatia Kontoulis previously ran Bellingham House of Pizza at 442 Hartford Ave., Bellingham, just over the town line with Woonsocket. The couple sold the business last year to Sat Mary, Inc.
Moving soon to Burriville. Building a new house