L.A. firm pays $13M to further expand downtown Worcester holdings
Photo | Grant Welker
The Colton Apartments at 590 Main St. in Worcester
Photo | Grant Welker
The Stevens Block on Southbridge Street in downtown Worcester
Photo | Grant Welker
A parking garage at 27 Austin St. in Worcester
Photo | Grant Welker
8 Austin St. in Worcester
A Los Angeles real estate firm that bought Worcester's Sky Mark Tower in 2019 has now paid nearly $13 million in its third round of purchases downtown.
The latest buys from Benedict Canyon Equities includes a 54,000-square-foot brick office building on Southbridge Street known as the Stephens Block, the 45-unit Colton Apartments building at 590 Main St., a three-story commercial building at 8 Austin St., and a parking garage at 27 Austin St.
The seller was Federal Square Properties, a real estate firm based at the Stephens Block building. The deals closed Jan. 20.
For Benedict Canyon Equities, the series of purchases are the latest for a company with ties to Worcester through its founder, Worcester Polytechnic Institute graduate and trustee Bob Hart.
Benedict Canyon Equities bought the 24-story Sky Mark Tower apartment building, the city's tallest residential tower, late in 2019 for $28.8 million. A few months later, in early 2020, the firm paid $1 million for three buildings just around the corner: the long-vacant 27 Chandler St., the vacant former Corner Store building at 35 Chandler St., and 47 Irving St., a vacant lot behind the vacant convenience store.
The Sky Mark Tower has since undergone renovations and been rebranded as The 6Hundred, a take on its address at 600 Main St.
Plans for the firm's other new buildings haven't been disclosed. Benedict Canyon Equities is one of two major investment and development firms from outside the region to expand holdings downtown in the past few years. The other, the Washington, D.C.,-based Menkiti Group, is slated to open its first renovation, 24 apartments on Chatham Street, this spring.
The five-story Stevens Block site at 24 Southbridge St. last sold in 1998 for $2.1 million, according to city records. It was last assessed by the City of Worcester at $2.1 million.
The Colton Apartments building site, with 34,000 square feet over five floors, last sold in 2014 for $2.5 million. It was last assessed by the City of Worcester at nearly $2.4 million, or about $53,000 per unit.
The site with the 12,000-square-foot office building at 8 Austin St. last sold in 2014 for $2.5 million. It was last assessed by the City of Worcester at $767,300.
The parking garage site at 27 Austin St. last sold in 1998 for $11.3 million. It was last assessed by the City of Worcester at $1.5 million.
WBJ Web Partners
Most Recent
Most Recent
0 Comments