Northeast Private Client Group Sells Mixed-Use Building for $1.2 MM in Value-Add Worcester Submarket
– Leading mid-market investment sales firm represents seller and sources buyer for +/-15,500 SF mixed-use property in Worcester, MA –
Worcester, MA (August 8, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of Millbury Mixed-Use located at 23 Millbury Street in Worcester, MA. Taylor Perun, Senior Associate, and Tim McGeary, Investment Associate with the firm, represented the seller and procured the buyer in the $1,200,000 transaction.
Prior to Northeast Private Client Group’s involvement, the seller had received multiple below-market offers from brokers representing buyers. As the exclusive seller representative, Northeast managed a competitive process which resulted in a purchase price that reflected the value-add opportunity. Northeast’s success in articulating the opportunity together with the property’s location in a submarket with improving demographics, resulted in competitive bidding from qualified investors.
“With multiple tours and offers within the first week on-market, we created significant competition for the asset, and were able to advise our client on the relative merits of the various offers we developed,” said McGeary. “Our competitive process resulted in the best price and terms for our seller, leading to a quick close with an experienced investor.”
A private Sutton, MA based seller sold the property to an in-state buyer, Baystate Investment Fund LLC, for a price that equates to $77.12 per square foot and a capitalization rate of 6.58 percent based on current net operating income. The property, comprised of nine three-bedroom units and two ground-level retail units, is located in an up-and-coming Worcester neighborhood within walking distance of the Pawsox development.
About Northeast Private Client Group
Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.