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340 Main Street, Worcester,...

The Silverbrick Group Acquires Office Building On 340 Main Street In Worcester, MA For $14.5M
SOLDOffice

The Silverbrick Group Acquires Office Building On 340 Main Street In Worcester, MA For $14.5M

340 Main Street, Worcester, MA, USA

$14,500,000

$43/SF

Building Size

333,302 SF

Asset Type

Office

Closing

Dec 9, 2020

AI

The office property located at 340 Main Street in Worcester, MA has been sold for a total price of $14,500,000. The transaction took place on December 10, 2020, and the property spans across 333,302 square feet. The price per square foot for this sale equates to approximately $44.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $14,500,000
  • Address: 340 Main Street
  • Market: Worcester, MA

The seller in this transaction was Commerce Associates, LLC, and the buyer of the property was The Silverbrick Group. The deal was facilitated by brokers from JLL Capital Markets, namely Adam Dunn, Mike Restivo, and Chris Phaneuf.

Players

Michael Restivo

JLL

Broker

$523.4M

vol

29 deals

Broker

Leominster Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.09%

Cash-on-Cash

-0.31%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93