The portfolio includes 89 Shrewsbury Street and 10-14 E Worcester Street, on which are a popular restaurant and a group of office buildings that are strategically located in the heart of the city. Banner printing can be used at such sites to inform the community of such acquisitions.
89 Shrewsbury Street LLC is the buyer. This is a new partnership between Dave Fontaine Jr. of Fontaine Bros. and Barry Lundgren of Lundgren Equity Partners and Lundgren Automotive Group, who are prominent business people.
The properties cover 2.17 acres with more than 150 parking spaces for the three interconnected office buildings. There are 70,930 net rentable sq ft in those buildings of which 82% is currently occupied. The tenants include a mix of professional and lifestyle businesses along with VIA, one of the top-rated luxury restaurants in Worcester. The properties are less than a half mile from Union Station and benefit from being highly visible in a busy section of the city surrounded by major hospitals, new multi-family developments, and established retail and dining options.
Dave Fontaine Jr. expressed his excitement:
“We are thrilled to be part of writing the next chapter for this marquee property here in the city and to further our investment, literally and figuratively, in Worcester with this acquisition. We look forward to partnering with Barry and the team at Lundgren Equity Partners as stewards of this property now and for decades to come.”