Marcus & Millichap facilitates $7.25 million sale of Worcester office buildings and restaurant

Worcester, MA Marcus & Millichap completed the sale of 10-14 E Worcester St. and 89 Shrewsbury St., a mixed-use portfolio for $7.25 million. 

“We had tremendous interest in this property, which had been owned by the Condron family for decades,” said Harrison Klein, first vice president investments. “This property’s location, at the bottom of Shrewsbury St. in thriving Worcester, Mass., motivated buyers who otherwise may not have chased an office building.” 

Klein exclusively marketed the property on behalf of the seller and procured the buyer, 89 Shrewsbury Street LLC, a partnership between Barry Lundgren of Lundgren Automotive Group and Lundgren Equity Partners, and Dave Fontaine Jr. of Fontaine Bros. 

“We are thrilled to be part of writing the next chapter for this marquee property here in the city and to further our investment, literally and figuratively, in Worcester with this acquisition,” said Fontaine. “We look forward to partnering with Barry and the team at Lundgren Equity Partners as stewards of this property now and for decades to come.” 

The portfolio comprises 83,769 gross s/f across three parcels totaling 2.17 acres. It includes three interconnected office buildings and 155 parking spaces. 

The portfolio’s 70,930 net rentable square feet was 82 percent occupied at the time of sale. The property is also home to VIA, one of Worcester’s top luxury restaurants, along with other lifestyle and professional tenants. Located 0.4 miles from Union Station, the properties sit in a high-visibility corridor near new multifamily developments, major hospitals and established dining and retail destinations.