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Synergy Investments Acquires Office Building In Worcester, MA For $10.5M

Property Image
SOLD
$10,500,000

Massachusetts

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Office273,304 SF
Sold 03/02/2023
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Property Image
SOLD

Synergy Investments Acquires Office Building In Worcester, MA For $10.5M

10 Chestnut Street

See Similar Deals
Office273,304 SF
Sold 03/02/2023
Contact now

Summary

MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$38
Total Square Footage:273,304 SF
Transaction Type:Sale

The office property located at 10 Chestnut Street in Worcester, MA has been sold. The transaction took place on March 2, 2023, with a sale price of $10,500,000. The property spans 273,304 square feet and the price per square foot was $38. The buyer of the property is Synergy Investments, while the seller is Hertz Investment Group. The deal was facilitated by brokers Brian Johnson and Jim Umphrey of Kelleher & Sadowsky.

Summary of transaction details:

This transaction represents a significant deal in the office market of Worcester, MA. Synergy Investments, led by Brian Johnson and Jim Umphrey of Kelleher & Sadowsky, successfully acquired the property from Hertz Investment Group at a price of $10,500,000. The office building on Chestnut Street offers a total of 273,304 square feet of space, providing ample opportunities for various business purposes. This deal highlights the active real estate market in Worcester, MA and the strong presence of both Synergy Investments and Hertz Investment Group in the region.

Players

Brian Johnson
1 deal$10.5M volume(774) 272-1112
BROKER

Jim Umphrey
Kelleher & Sadowsky
5 deals$55.8M volume(508) 579-6080
BROKER

BUYER

Details

SOLD
IMAGE: Jim Umphrey & Brian Johnson DATE: 03/02/2023 ADDRESS: 10 Chestnut Street MARKET: Worcester, MA ASSET TYPE: Office BUYER: Synergy Investments SELLER: Hertz Investment Group (@HertzInvestmentsGroup) BROKERS: Brian Johnson & Jim Umphrey - Kelleher & Sadowsky (@KelleherSadowsky) SALE PRICE: $10,500,000 SF: 273,304 ~ PPSF: $38

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$559,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$37,304.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,775.36
Annual Debt Service$597,304.28