WORCESTER, MA– Marcus & Millichap announced the sale of a mixed-use real estate portfolio in Worcester for $7.25 million, signaling continued investor confidence in the city’s thriving commercial corridor.
The transaction includes 10-14 E Worcester Street and 89 Shrewsbury Street, a strategically located group of interconnected office buildings and a popular restaurant in the heart of Worcester.
The buyer, 89 Shrewsbury Street LLC, is a newly formed partnership between Barry Lundgren of Lundgren Automotive Group and Lundgren Equity Partners, and Dave Fontaine Jr. of Fontaine Bros., two prominent local business leaders. The seller, the Condron family, had owned the property for decades.
“We had tremendous interest in this property, which had been owned by the Condron family for decades,” said Harrison Klein, first vice president investments at Marcus & Millichap, who exclusively marketed the portfolio. “This property’s location, at the bottom of Shrewsbury Street in thriving Worcester, Mass., motivated buyers who otherwise may not have chased an office building.”
The portfolio spans 83,769 gross square feet across 2.17 acres, and includes three interconnected office buildings with 155 parking spaces. The buildings contain 70,930 net rentable square feet, which was 82 percent occupied at the time of the sale. Tenants include VIA, one of Worcester’s top-rated luxury restaurants, along with a mix of lifestyle and professional businesses.
Located just 0.4 miles from Union Station, the properties benefit from high visibility in a busy corridor surrounded by new multifamily developments, major hospitals, and well-established dining and retail options.
“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 Dave Fontaine Jr. “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.”
