CategoriesAcquisition

Chacharone purchases vacant Worcester mill for $850,000

WORCESTER — A 105,000-square-foot vacant mill building at Gardner and Hollis streets in Main South was sold to a developer for $850,000.

The parcel was purchased by Southgate Street Realty LLC, a subsidiary of Chacharone Properties LLC.

The parcel includes four properties: 50 Gardner St., 38 Gardner St., 40 Gardner St. and 30 Hollis St.

Mel Chacharone, principal and in-house counsel at Chacharone Properties, said the company has no immediate plans for the building, which has been vacant for years.

“The property needs a little TLC and we plan to improve it,” Chacharone said.

He said Chacharone Properties owns two buildings at South Worcester Industrial Park that the company developed and leases to Table Talk Pies.

“We like the area and we see a lot of potential in it,” Chacharone said. “We’re excited about that area and we’re hoping for good things.”

Harrison Klein, an associate at Marcus & Millichap, which brokered the sale, said the parcel is sometimes called 100 Tainter St.

The parcel sold during an online auction with five prospective buyers bidding on the 3.5-acre property, Klein said. The sale was recorded with the Registry of Deeds on Thursday. The deed lists Ralph M. Dworman, trustee of GTH Trust, as the seller.

The property is two blocks from the South Worcester Industrial Park.

City property records say the 105,450-square-foot property is assessed at $406,300. The four properties were sold together to Southgate Street Realty LLC through the online auction facilitated by Ten-X, an online realtor service.

Ten-X’s online bidding platform allows for a “quick and smooth closing,” according to Klein.

Chacharone Properties LLC also purchased the former Allegro Microsystems property at 115 Northeast Cutoff in Worcester in May.

The company develops, manages, and leases properties in Worcester and Central Massachusetts.

Worcester Telegram

CategoriesAcquisition

Former Allegro Microsystems building sold for $3.9M

The former Allegro Microsystems building at 115 Northeast Cutoff in Worcester has sold to an industrial property developer for $3.9 million.

The sale to Worcester-based Chacharone Properties comes nearly a year after the company moved out of the nearly 200,000-square-foot Worcester location in favor of a new facility in Marlborough.

The Worcester space, according to Allegro President and CEO Ravi Vig, was falling short of the semiconductor company’s research and development needs.

“We’re very excited about this property’s potential,” principal Jim Chacharone said in a statement. “It’s a high-quality 200,000 square foot building with ample parking in close proximity to Interstate 290. The development potential of the property coupled with Worcester’s low vacancy rates and increasing rental rates make this 56-acre property an attractive proposition for our portfolio.”

Chacharone could not immediately be reached for comment. Chacharone owns about two dozen other properties in Worcester, Sturbridge, Shrewsbury, Auburn, Sterling, Marlborough, Charlton and Rhode Island. The company was a major developer in the South Worcester Industrial Park, including for Table Talk Pies’ newest facility.

The structure, comprised of an office building and manufacturing space, sits on more than 50 acres, including a 578-space parking lot.

Worcester Business Journal

CategoriesAcquisition

Chacharone Properties Acquires Former McDonald’s in Auburn, MA

The long-time McDonald’s fast-food restaurant in Auburn will be converted into professional offices.

The property at 813 Southbridge St. in Auburn was sold to Worcester-based CM Developers, LLC for $580,000, according to an announcement Thursday from Worcester real estate brokerage NAI Glickman Kovago & Jacobs, who represented the sellers – McDonald’s Real Estate Co. of Delaware.

The 6,587-square-foot building sits on a 4.1-acre lot. The McDonald’s restaurant had included a play area.

CM Developers is headquartered on West Boylston Street in Worcester and its listed manager is Meletios Chacharone, according to Massachusetts Secretary of the Commonwealth records.

 

Worcester Business Journal

© 2021 – Chacharone Properties. All rights reserved.