Marcus & Millichap’s Pierce Arranges Sale of Worcester 9-Unit Legacy BuildingJanuary 07, 2019
WORCESTER–Matthew Pierce, an investment specialist in Marcus & Millichap’s Boston office brokered the sale of 148-152 Millbury Street, a 9-unit mixed-use apartment property located in Worcester, MA, according to Tim B. Thompson, regional manager of the firm’s Boston office. The asset sold for $710,000, 98% of the asking price, at an 8% capitalization rate.
Pierce orchestrated the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Pierce.
The Property is located on the corner at 148-152 Millbury Street near Kelley Square in Worcester, MA. “The seller had owned and managed the business and building for the past few decades. After a successful sale-leaseback of the business, we presented a solid mixed-use asset with significant upside for buyers in an area of Worcester that is starting to see increased demand due to the local development and future growth potential,” said Pierce. “We continue to see our clients and out of state capital transition to markets like Worcester for the value-add opportunities and returns that yield several basis points higher than core markets, added Pierce.”Matthew Pierce