Foreclosed Worcester factory sold for $1.1M
Photo | Grant Welker
This former factory at 95-99 Prescott St. in Worcester was sold at foreclosure auction for $1.1 million.
Going once, going twice...sold.
A former manufacturing facility at 95-99 Prescott St. in Worcester was sold at foreclosure auction on Thursday for $1.1 million.
The buyer will not be revealed until the closing within 45 days.
Property Alternatives Inc., an entity managed by Steven Daly of Millbury, took out a $1.1-million mortgage on the property from Millbury National Bank in 2009. The bank started foreclosure proceedings in September, according to records at the Worcester Registry of Deeds.
In addition to the sale price, the new owner is also responsible for $570,000 in back real estate taxes.
There were five registered bidders for the 31,647-square-foot brick warehouse, according to Paul Zekos, owner of the Zekos Group, a Shrewsbury auctioneer who conducted the sale.
Bidding started at $500,000 and was over in less than five minutes, Zekos said.
The property, assessed at $790,000, is on a 1.4-acre site near Worcester Polytechnic Institute's Gateway Park and the mixed-use Washburn & Moen mill building on Grove Street.
In addition to WPI, it sits among the Massachusetts Biomedical Initiatives, Courtyard by Marriott and Hampton Inn & Suites.
The building is partially occupied and features industrial space, offices, more than 20 garage bays, freight elevator, loading dock and rear parking area.
“By virtue of the bidding and the ultimate sale price, it shows that the Gateway District is a desirable area and a place where investors want to be,” Zekos said.
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