A Worcester investor has sold a Shrewsbury Street retail property for $1.4 million, less than a year after purchasing it for $975,000.
The property, located at 169 Shrewsbury St. in Worcester, was sold in a transaction finalized on Friday, according to Worcester District Registry of Deeds records. The purchase included the adjacent parcel at 6 Lyon St., which is a private parking lot.
The property was purchased by 169 Shrewsbury Street LLC, a Worcester-based entity managed by Nicholas Paleologos of Worcester and George Fotos of Holden, according to Massachusetts Secretary of the Commonwealth records.
The property was sold by Premier Investment Properties, a company managed by property investor and developer Michael Ermani. Premier on March 1 sold a Lancaster Street multi-family building for $1.01 million and is behind a proposal to build a 26-unit apartment building on Franklin Street.
The building at 169 Shrewsbury St. was constructed in 1920 and was given a tax assessment value of $356,900 for 2024, according to City of Worcester property records. The building does not have any current tenants but is the former location of  A.L.F. Floors, which moved to Shrewsbury in February 2023.Â
Jimmy Kalogeropoulos of RE/MAX Partners in Worcester represented the seller in this transaction.Â
