12 E. Worcester St, Worcester, MA

$7,250,000 | 70,930 SF | $102.21 PSF | 8.4% Cap Rate

CHALLENGE

This property had been family-owned for decades. It was being managed by a family member who lived out of state and preferred to spend less time at the property. Unfortunately, the top floor had become a persistent vacancy problem, leaving the building only 80% occupied.

ACTION

For a year, we advised ownership on strategies to maximize value. We launched an exclusive marketing campaign targeting local investors, residential developers, owner/users, and out-of-market buyers. This campaign highlighted the upside potential created by the existing vacancy.

RESULT

We completed eight tours, which resulted in five qualified offers. The winning bidder partnered with a construction firm that occupies space in the building. This partnership made financing a breeze for what is typically a difficult asset class to finance.

TESTIMONIAL

Harrison and his team were consummate professionals throughout the sales process. This sale would not have happened without their diligence and strong problem-solving abilities.

— Maura M.