Pierce of M&M Gets Exclusive Sale of 51,982 SF Mixed Use in $2M Webster Trade
June 28, 2018 - By The Real Reporter
118 & 275 Main Street, Webster MA
WEBSTER–Marcus & Millichap’s Matthew Pierce got the exclusive representation and closing of Main Street Properties, a 51,982-square foot mixed-use portfolio located in the boardering Connecticut town of Webster, MA, according to Tim B. Thompson, regional manager of the firm’s Boston office. The asset sold for $2,000,000.
Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was also secured by Pierce. “Due to compressed cap rates near core-Boston, we were able to find a buyer that was looking for a value-add investment with double-digit returns in a rental market that is pretty consistent during market fluctuation.” Pierce explained. “The seller, who owned and operated the property for over 40 years, was looking to exchange into a more passive investment and move more towards retiring and away from the management piece of the business.” Pierce worked with Adam Cohen, of the Marcus & Millichap Retail Group, on the up-leg exchange into two triple-net retail properties.
The Main Street Properties are located at 118 & 275 Main Street in heart of Webster, MA. The mixed-use buildings are comprised of a total of 40 units, including 31 apartments and nine retail units. The Town of Webster is a medium sized community located in central Massachusetts on the Connecticut border.
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