- Aug. 13, 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 and 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.
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