Berlin office complex trades hands for $2.4M; buyer may add apartment building on-site
COSTAR
1224 Mill St., Berlin.
A three-building office complex in Berlin has sold for $2.375 million, and the buyer may consider adding a multifamily building on excess land within the property, according to a broker familiar with the deal.
The office complex at 1224 Mill St., which contains a combined 35,270 square feet of space, sold this month to Jacek Zbrzeski, owner of Plainville-based Cad Cam Machine Corp., according to Michael Guidicelli, of Regions Commercial Real Estate Advisors.
Guidicelli represented the seller — Brooklyn, New York real estate investor Yisroel Rabinowitz — who purchased the property in 2014 for just over $3 million, and procured the buyer in the deal.
The property was sold via auction on commercial real estate website Ten-X.
Guidicelli the buyer has purchased the property, which is 70% occupied and anchored by coworking company Regus, as an investment.
The buyer — who secured a $903,000 mortgage from Danbury-based Ives Bank to finance the purchase, land records show — plans to improve the common areas and continue to lease to office and medical tenants, while looking into the possibility of adding a multifamily residential building on the 6.65-acre property, Guidicelli said.
All three buildings on-site were built between 1992 and 1995, property records show.
The auction had 11 registered bidders and 15 offers, Guidicelli said.
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