–Leading investment sales firm represents the sellers and procures the buyers for the mixed-use properties in Clinton, Massachusetts–
Newton, MA (December 1, 2021) – Northeast Private Client Group® (NEPCG) has announced the sale of 119-127 High Street and 172-184 High Street in Clinton, Massachusetts.
Senior Associates Tim McGeary & Taylor Perun represented the sellers and procured the buyers for the mixed-use transactions totaling $3,600,000. Investment associate Brad Carlson and associate Jacob Freeman also assisted in the deals.
119-127 High Street, located in Clinton, Massachusetts, sold for $1,985,000, equating to a price of $110,227 per unit and a cap rate of 7.53%. The building boasts an impressive 22,109 square feet for retail and multifamily purposes. High Street Mixed-use is comprised of one (1) studio, 10 one-bedroom, two (2) two-bedroom, and two (2) three-bedroom apartments. The retail level includes The Simple Man Saloon, dentist, and furniture restoration. The building currently enjoys tenant-paid electricity & gas, ample off-street parking for all tenants (34+ spaces). Also included in the sale is the lot next door at 131 High St currently used for additional parking. The property is ideally in Downtown Clinton and is within walking distance of numerous restaurants and stores.
172-184 High Street, located in Clinton, Massachusetts, sold for $1,615,000, equating to a price of $103.64 per square foot and a cap rate of 6.30%. The building is comprised of three (3) retail, five (5) one-bedroom, and six (6) two-bedroom units. Tenants are responsible for their electricity, heat (gas), and hot water (gas). The landlord pays hot water (electric) for retail tenants only. The property has a full sprinkler system, boasts off-street parking and on-site laundry. Recent capital improvements include the rear deck, windows, electrical, & gas furnaces. The new owner has acquired a well-maintained asset in Downtown Clinton with the ability to raise rents to market level and add a unit on the rear 2nd floor.
Senior Associate Taylor Perun has closed a sale volume of over $164 million across 81 transactions. Perun specializes in multifamily real estate portfolios, offices, shopping centers, and retail/mixed-use properties throughout Connecticut and Massachusetts.
Senior Associate Tim McGeary has a sales volume of over $183 million across 77 transactions. While specializing in multifamily apartment buildings, Tim has helped numerous clients strategize with retail, office & mixed-use buildings throughout Massachusetts and Rhode Island.
“Clinton and other suburbs of Worcester have proven to be strong markets as the city continues to grow and rents climb. Due to our competitive process, we were able to host several tours on both buildings and source multiple offers, allowing our sellers to choose which best fit them through negotiations.” – Tim McGeary, Senior Associate.
Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.