Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sales of 43 & 49 Austin Street, 24 Fruit Street and 373-375 Pleasant Street, all located in Worcester, MA. According to John Horowitz, regional manager of the firm’s Boston office, the assets sold for an aggregate value of $4,040,000.
Matthew Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of the sellers. All buyers were also secured and represented by Pierce. 43 & 49 Austin Street consists of a 38-unit property in the heart of Downtown Worcester. “My client owned the buildings since the mid-1990’s and has since accomplished a lot with these two assets” Pierce stated. “We went to market at an aggressive capitalization rate and got where we planned to land with minimal contingencies. My client has since retired, and we plan to transition him into a more passive, triple-net investment through Marcus & Millichap” added Pierce.
24-26 Fruit Street and 373-377 Pleasant Street are comprised of 17-units in total. “These two buildings were just around the corner from one another in the heart of local colleges and future development for Worcester. We went to market on behalf of the seller and were able to put both buildings under contract after one round of tours with a single buyer” said Pierce. The properties sold for an aggregate value of $1,140,000.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
