City Realty Acquires Mixed-Use Property In Gloucester, MA For $1.675M

The recently closed property transaction in Gloucester, MA involved the sale of a mixed-use asset located at 50 Rogers Street. The asset comprises of 18 Single Room Occupancy Units and a restaurant, offering a diverse range of opportunities for the new owner. The transaction took place on 12/06/2022 and the asset was sold for a total price of $1,675,000. With a total square footage of 5,117, the price per square foot (PPSF) comes out to be $327, making it an attractive investment.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $1,675,000
• Square Footage: 5,117
• Price per Square Foot (PPSF): $327
• Date of Transaction: 12/06/2022
• Address: 50 Rogers Street, Gloucester, MA

The buyer in this transaction was City Realty, while the seller was Dennis Silva. The deal was facilitated by the broker team consisting of Stephen Girolamo, Dennis Kelleher, and John Pentore from Horvath & Tremblay. Their expertise and experience played a crucial role in successfully closing the transaction.

This closed property transaction serves as a testament to the potential of mixed-use assets in the real estate market. The combination of 18 Single Room Occupancy Units and a restaurant adds value and versatility to the property, making it an appealing investment opportunity for the buyer. The success of this deal highlights the importance of having a skilled broker team that can navigate the complexities of such transactions and ensure a favorable outcome for all parties involved.