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Tue, Jan 31
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Jan 31

1850-Built Mixed-Use In Gardner Trades for $2.32M via McGeary of Northeast Private

January 06, 2023
280-320 Central St.; Gardner MA

Gardner — A circa 1850-built mixed-use building on Central Street in Gardner has traded hands via the brokerage firm Northeast Private Client Group for $2,320,000. Senior Associate Tim McGeary represented the seller and procured the buyers on the transaction.

According to a release, the Central Street Mixed-use currently consists of (17) one-bedroom, (12) retail, and (7) office spaces with the potential for redevelopment of additional residential units. A newly installed solar system on both roofs produces additional income and eliminates common area electric expenses. Both buildings have on-site coin-op laundry and full sprinkler systems. The Central Street Mixed-Use provides an investor the unique opportunity to acquire a mixed-use asset of scale in downtown Gardner, aka the furniture capital of New England, with the ability to raise rents to market level.

“Gardner and downtown Gardner especially have become sought-after markets from investors outside the area as markets closer to Worcester and Boston have become more competitive. This property, in particular, and others nearby have great value-add opportunities, which is why we were able to attract investors from all over the state to run a competitive process and obtain the list price for our client,” said McGeary. “We expect to see continued activity in this market as rents continue to increase.”