Newton, MA– Northeast Private Client Group (NEPCG) announced the sale of the Central Street Mixed-Use in Gardner, Massachusetts.
Senior Associate Tim McGeary represented the seller and procured the buyers for the mixed-use transaction. Central Street Mixed-Use: located in Gardner, Massachusetts, sold for $2,320,000.
The Central Street Mixed-use currently consists of (17) one-bedroom, (12) retail, and (7) office spaces with the potential for redevelopment of additional residential units. A newly installed solar system on both roofs produces additional income and eliminates common area electric expenses. Both buildings have on-site coin-op laundry and full sprinkler systems. The Central Street Mixed-Use provides an investor the unique opportunity to acquire a mixed-use asset of scale in downtown Gardner with the ability to raise rents to market level.
“Gardner and downtown Gardner especially have become sought-after markets from investors outside the area as markets closer to Worcester and Boston have become more competitive. This property, in particular, and others nearby have great value-add opportunities, which are why we were able to attract investors from all over the state to run a competitive process and obtain the list price for our client. We expect to see continued activity in this market as rents continue to increase.” – Tim McGeary, Senior Associate