Worcester MA Gomberg Financial Services recently acted as a financial advisor in helping the buyer and seller negotiate a purchase. The subject property is a U-shaped Mill complex containing over 300,000 s/f. The complex, also known as Legacy Mill, has been approved for the development of 191 residential units. The project has received preliminary approval from both the federal and state National Landmark Registration Office.
The buyer, Brady Sullivan Properties of Manchester NH, has over 20 years of experience converting Mill complexes throughout New England. They have successfully converted dozens of mill properties into commercial and residential units. They expect to break ground on this project in early spring.
The seller, VTT Properties of Framingham, is one of the country's fastest growing owners of apartment buildings with close to 5,000 units nationwide. Part of their impetus for selling the mill was to focus on purchasing existing properties rather than starting this project from scratch.
The real estate broker, Jeana Kahn Real Estate of Marblehead, has over 25 years of experience in commercial and residential real estate.