Marcus & Millichap : Arranges The Sale Of A 82,875 Square Foot Office Building
January 12, 2023 at 05:30 pm
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Marcus & Millichap Arranges The Sale Of A 82,875 Square Foot Office Building
January 12, 2023
WORCESTER, MA, January 12, 2023 -- Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 85 Prescott Street, a +/- 82,875 square foot office property located in Worcester, MA, according to Thomas Shihadeh, regional manager of the firm's Boston office. The asset sold for $18,300,000.
Harrison Klein, 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 Klein Group also secured the buyer, a private investor. Robert Damigella at Marcus & Millichap Capital Corporation sourced financing for the buyer.
Damigella comments, "As the leading CRE Finance firm in New England, MMCC's strong lending relationships have allowed us to secure great financing terms for the borrower. 85 Prescott Street was financed for five years at a 4.95% initial rate, confirming the depth of resources we have at our disposal. Working closely in conjunction with our in-house sales team in the Boston office, MMCC helped get this deal across the finish line by providing our client with excellent financing terms for this trophy asset and the capital to acquire it."
Klein continues, "This sale at over $220 per square foot is a testament to the seller's stewardship of the asset and Worcester Polytechnic Institute's commitment to Gateway Park. Worcester's renaissance is alive and well."
85 Prescott St is occupied by Worcester Polytechnical Institute (WPI), Mass Academy, UMass Medical, Saint Vincent's and other medical tenants. The historic building was converted to office space beginning in 2005 and retains its historic charm with exposed brick and beam throughout.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 12 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2023 17:29:04 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
