Bret O'Brien of Greater Boston Commercial Properties, Inc. brokered the sale of 13 Water St. Greater Boston Commercial Props. represented the seller, Water Street Mill Corp., and procured the buyer, 13-26 Water Street, LLC, in an all cash transaction of $1.411 million.
The seller for the property had completed all of the renovations, upgrades and capital improvements earlier this year, creating an offering that was in impeccable condition. 13 Water St. was a former textile mill converted to a three story multitenant office building with all the character of a New England mill. The sale also included the adjacent building, which was a former bank converted into a smaller three story office building. At the time of sale with the current occupancy of 88.6% the anticipated net income was $148,000.
Greater Boston Commercial Pros., who was the sole broker of record, packaged the property in July and promoted it through an aggressive marketing campaign that included targeted investors, web presence, the brokerage community and extensive advertising. The property was on the market for a total of ten days before the current buyers cash offer was accepted, after which time the transaction proceeded smoothly until it closed.