Worcester Business Journal
Worcester nonprofit Goddard/Homestead has purchased a 24-acre site at 781 Grove Street in Worcester for $4.75 million, where it will be developed into 158 senior living apartments in a 150,000-square-foot, three-story building.
Telegram & Gazette
The power plant of the Southbridge Innovation Center at 60 Optical Dr. sold for $5.5 million after six months on the market. The 35,247-square-foot, two-story concrete building, built in 1910 as part of the original American Optical complex, sits on the 150-acre campus of the Southbridge Innovation Center, a 1.2 million square foot, 14 building multi-tenanted business park.
Worcester Business Journal
“Not only does the I-290Connector offer the largest available flex/lab/office space in the market, but it also places its tenants in proximity to a thriving life sciences ecosystem,” Phil DeSimone, executive vice president of Kelleher & Sadowsky, said in a statement.
New England Real Estate Journal
Kelleher & Sadowsky Associates completed the land sale of 520 Park Ave. and 111 Maywood St. totaling 7.3 acres by Family Holdings Nominee Trust and Jerek Realty, Inc. to Clark University for $6.95 million.
Telegram & Gazette
ComputerVault Inc. has signed an eight-year lease at One Mercantile beginning in January, moving its corporate headquarters to downtown Worcester. Will Kelleher, Phil DeSimone and Jim Cozza of Kelleher & Sadowsky represented the landlord, Franklin Realty Advisors, on this transaction.
Worcester Business Journal
Compared with other countries, the United States has an exorbitant amount of retail space with an estimated 25 square feet of retail per person, said Todd Alexander, an executive vice president specializing in retail at Worcester commercial real estate agency Kelleher & Sadowsky Associates.
Worcester Telegram & Gazette
Jim Umphrey has worked in the Worcester real estate market for 35 years, and he can’t believe what has happened over the past 18 months. “I’ve never seen anything like this,” Umphrey said of the red-hot industrial market. A principal at Kelleher & Sadowsky, a commercial real estate broker in Worcester, Umphrey said rents for industrial properties skyrocketed over the past year-and-a-half, a stretch that includes the coronavirus pandemic.
Worcester Telegram & Gazette
Franklin Realty Advisors will work with Kelleher & Sadowsky, Conventures Inc. and SGA to rebrand and market the building as One Mercantile, a multitenanted Class A office building, according to a release by the groups Wednesday. The marketing campaign for the space will showcase the building’s strengths as the newest property in the market with the largest floor plate available, the best amenity package and a well-capitalized sponsor.
Mass Live
“As cities like Boston have been priced incredibly expensive for development, Worcester has been seen as a place of opportunity from a return-on-investment perspective,” said James Umphrey, a principal at Kelleher and Sadowsky Associates.
Worcester Telegram
Mirick O’Connell has signed a 10-year lease to remain in the Mercantile Center in downtown Worcester. The law firm will occupy more than 32,000 square feet on the 16th, 17th and 18th floors of 100 Front St. In the lease agreement, David Campbell of Hunneman represented the tenant (Mirick O’Connell) and Jim Umphrey and Will Kelleher of Kelleher & Sadowsky represented the landlord (Franklin Realty Advisors).