North Shore firm expands Fitchburg, Leominster holdings
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96 Central St. in Leominster
A firm registered in the North Shore town of North Reading has paid $2.2 million to expand its holdings of multi-family homes in Fitchburg and Leominster.
The latest sales, which closed Sept. 21, included five properties in Fitchburg and four others in Leominster. The firm, a two-person entity including the lawyer Douglas Mercurio of North Reading, also bought eight properties between the two cities in deals that closed in April, and has sold six others in the past three months, often right down the road from those it has bought.
Mercurio said the firm is looking to find the best return on its investments, which can take place more often where properties are relatively cheaper. It has about 21 properties in all, he said.
"Hopefully, there will be more to come," he said of purchases in Central Massachusetts.
The latest purchases by the firm, which is registered as Piece of the Earth LLC, include five Fitchburg properties: 1008 Main St., 102 Leighton St., 33-35 Goddard St., 66 Hamilton St., 70 Myrtle St., and 84 Pacific St. The three Leominster properties were 37 River St., 94 Central St. and 188 Fifth St.
Those properties have a combined 28 housing units and an assessed value of more than $2.1 million. Their combined $2.2 million purchase price values each unit at roughly $79,000.
The properties were sold by three different firms registered to Paul Tocci Jr. of Fitchburg. Piece of the Earth also bought from those firms condominiums in Acton and Framingham and a small property in Ayer for a combined $383,000.
Piece of the Earth has also been selling properties in the two cities. Since July, it has sold for a combined $1.9 million. Those properties include 152 Fifth St., 96 Central St. and 57 River St. in Leominster, and 48 Lunenburg St., 55 Allen Place and 39 Allen Place in Fitchburg. The properties have a combined 16 units and an assessed value of more than $1.3 million. Their purchase price values each unit at roughly $119,000.
Piece of the Earth paid $1.9 million in April for five properties in Leominster: 10 Laurel St., 96 Central St., 122 Spruce St., 152 Fifth St., and 57 River St., along with three in Fitchburg: 55 Allen St., 39 Allen St. and 48 Lunenburg St.
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