| BOSTON-NAI Hunneman Commercial has negotiated the $14.2 million sale of a four-property portfolio in Worcester, Mass., representing the seller, Belfonti Associates of Connecticut and procuring the buyer, Roxbury-based Mayo Group.
The properties sold include:
· the 215,000-square-foot Bancroft Commons, a mid-rise residential/retail property with 188 residential apartment units,
· the 83,000-square-foot Park Plaza, a mid-rise residential/retail property containing 90 residential units and three retail spaces that total 50,000 square feet, including a White Hen Pantry convenience store,
· the Preservation Worcester Building, a mid-rise office building with 16,000 square feet of office space anD
· a 13,000-square-foot parking lot located on 514-522 Main Street.
Robert Tito, executive vice president and principal at NAI Hunneman Commercial represented the seller, Belfonti Associates, and Carl Christie, also an executive vice president and principal at NAI Hunneman Commercial procured the buyer, the Mayo Group.
"This portfolio offered interested real estate investors a great location and highly desirable office, retail and residential space," said Mr. Tito. "The Worcester Commons is the premier development in the area, and the sale of this portfolio demonstrated the great interest in the area's property. We're happy that we put this deal together."
The sale is one of the largest commercial deals in Worcester in years, and one of many recent major commercial deals conducted in the market by NAI Hunneman Commercial.
The value of the four-property portfolio in Worcester was greatly enhanced when Boston-based Berkeley Investments Inc. and Starwood Capital of Greenwich Connecticut entered into a joint venture in June 2004 to purchase and renovate the Worcester Commons. The Commons is a one million square foot, mixed-use outlet mall.
Belfonti Associates, a real estate development and investment firm, purchased the properties individually between 1999 and 2003, for approximately $7.55 million, realizing a $6.5 million return on the relatively quick turnaround.
The Mayo Group is relatively new to the Worcester market, but controls nearly 1,400 residential units in the greater Boston area as well as approximately one million square feet of commercial space. The firm recently purchased two buildings in Boston: 211 Congress Street, a 70 percent-occupied office building and 121 Portland St., a vacant North Station building.
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