Pierce of Marcus & Millichap completes $710,000 building sale

Worcester, MA Marcus & Millichap has completed the sale of 148-152 Millbury St., a 9-unit mixed-use apartment property, according to Tim Thompson, regional manager of the firm’s Boston office. The asset sold for $710,000, 98% of the asking price, at an 8% capitalization rate.

Matthew Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Pierce. 

The property is located on the corner at 148-152 Millbury St. near Kelley Sq. 

“The seller had owned and managed the business and building for the past few decades. After a successful sale-leaseback of the business, we presented a solid mixed-use asset with significant upside for buyers in an area of Worcester that is starting to see increased demand due to the local development and future growth potential,” said Pierce. “We continue to see our clients and out of state capital transition to markets like Worcester for the value-add opportunities and returns that yield several basis points higher than core markets.”