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.