Worcester warehouse building sold for $4.1M
A subsidiary of Leominster-based Fidelity Bank has purchased an office and warehouse building in Worcester for $4.1 million.
Deed records indicate that Exchange Authority LLC, which conducts tax-deferred property exchanges, bought the building at 220 Brooks St. on May 8 from BACM 2006-1 220 Brooks Street LLC, an affiliate of Manhattan-based Torchlight Investors.
The 93,796-square-foot Class A complex consists of roughly two-thirds office space and one-third warehouse space. The office space was used by Verizon as a regional call center until 2012, while Verizon continues to use the warehouse space to service the company’s trucking fleet.
Exchange Authority LLC is based in Leominster and conducts what are called 1031 exchanges, which allow a property owner to trade one property for another without having to pay federal income tax on the transaction. The company referred a press inquiry to an attorney, who didn’t immediately respond to a request for comment.
The one-story, Class B building was built in 1968. It was sold in January 2006 for $11.9 million, then after the property went into foreclosure, was taken back by Torchlight - which held the mortgage - with a $500,000 credit bid in April 2013.
Torchlight wasn’t interested in holding the property, which prompted the latest sale.
WBJ Web Partners
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