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ORCESTER, MA - Marcus & Millichap has brokered the sale of a mixed-use real estate portfolio in Worcester for $7.25 million, reflecting continued investor confidence in the city's commercial corridor.
The transaction includes 10-14 E Worcester Street and 89 Shrewsbury Street, a group of interconnected office buildings and a popular restaurant at the heart of Worcester. The buyer, 89 Shrewsbury Street LLC, is a partnership between Barry Lundgren of Lundgren Automotive Group and Dave Fontaine Jr. of Fontaine Bros., two prominent local business leaders.
The portfolio spans 83,769 gross square feet across 2.17 acres, with three interconnected office buildings containing 70,930 net rentable square feet. At the time of sale, the properties were 82 percent occupied by tenants including VIA, one of Worcester's top-rated restaurants, and a mix of lifestyle and professional businesses.
Located near 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," said Dave Fontaine Jr., adding that his company looks forward to partnering with Lundgren Equity Partners as stewards of the property.
The seller, the Condron family, had owned the property for decades. The buyer's interest in the property was driven by its location at the bottom of Shrewsbury Street in thriving Worcester, Mass.
