- News / Insights / Blogs
Questions? Contact Us.
Franklin Realty Advisors: Mercantile Center
Mercantile Center is a premier mixed-use property, owned and operated by Franklin Realty Advisors of Wellesley, Massachusetts. it is the centerpiece of CitySquare, the $565 million, multi-phased revitalization project in the heart of downtown Worcester.
|100 Front Street||252,100||19||Office|
|90/110 Front Street||206,700||2||Mixed-Use|
|120 Front Street||16,400||9||Office|
|Total Office & Mixed‑Use||646,200|
|Mercantile Center Garage||1,647 Spaces||5||Parking Garage|
Franklin Realty + Kelleher & Sadowsky
By choosing Kelleher & Sadowsky for its brokerage services, Franklin Realty Advisors was able to generate interest and excitement about Mercantile Center in the local business community and beyond.
Mortgage Brokerage Services
Kelleher & Sadowsky sold the property to Franklin Realty Advisors and Great Point Investors in October of 2015.
In 2018, when Franklin wanted to pay off an initial loan with Wells Fargo and buy out its equity partner, managing partner Chip Norton tapped our Capital Market Group to lead refinancing efforts. One of our brokers raised $15 million in new equity from his network of local community leaders. A second secured $70 million in new debt from local lending institutions, including Country Bank of Ware (which led with $59.3 million), Fidelity Bank of Leominster, Cornerstone Bank of Worcester, and Webster Five Cents Savings Bank. Locally sourced financing on this scale was previously unheard of in Worcester.
In 2020, Franklin Realty entered a 15-year lease with Broadway Hospitality Group of South Boston to build and operate a two-story, 12,600-square-foot bar and restaurant called The Mercantile. The 500-seat restaurant was financed through a $4.2 million purchase and construction financing agreement with Webster Five. Financing for the project was arranged by Megan Liddy and other team members of the Kelleher & Sadowsky Capital Markets Group.
Mercantile Center Leasing
As of this writing, the Kelleher & Sadowsky team has brokered leases totaling more than 300,000 square feet of Class A office and retail space at Mercantile Center.
In its first two years, our team brokered leases totaling more than 200,000 sf of Class A office space. Notable tenants included UMass Memorial Healthcare, Nationwide Insurance, Webster Five Cents Savings Bank, Reliant Medical Group and Bank of America, in addition to our firm itself.
Since then, we’ve continued to help Franklin Realty attract and retain significant office tenants to Mercantile Center, including Mirick O’Connell, the Worcester Registry of Deeds, ComputerVault, Knight-Dik Insurance, Boyle-Shaughnessy Law, and The Commonwealth of Massachusetts Committee for Public Counsel Services.
Kelleher & Sadowsky has also helped attract important restaurant additions to Mercantile Center, including Fuel America, Harpoon Brewery, Ruth’s Chris Steakhouse, and Broadway Hospitality Group’s The Mercantile. Together, these restaurants have created a synergistic restaurant row that is attracting new visitors downtown. And word is spreading. Not just amongst foodies, but also amongst other restaurant owners looking to tap into the amazing momentum building in Worcester.
Mercantile Center Sales
After signing a 15-year lease with Broadway Hospitality Group at 2 Mercantile Street, Franklin Realty invested $4.7 million in developing the two-story restaurant space. The Mercantile restaurant opened in the Spring of 2022 and was an immediate success, generating monthly revenue when annualized making it the highest grossing restaurant in Central Massachusetts.
A month after The Mercantile opened, the Kelleher & Sadowsky team helped Franklin Restaurant market and sell the property (and its lease) for $5.6 million to Mayfield Point LLC.