21-35 Pearl St

Executive Summary

A two-parcel industrial offering in Webster, Massachusetts, sold as one transaction: a 57,414 SF three-story masonry mill built in 1924 on 2.18 acres, together with an adjoining 5.10-acre parcel of industrial land. That is 7.28 acres in total, both zoned IND, both acquired on the same deed in August 2022. The mill is offered as-is. The floor plates are open, the partitions are already out, carried on a regular interior mill column grid, so demising is framing rather than demolition. There is a freight elevator, four overhead doors with drive-in at grade, municipal water and sewer, and a wet sprinkler system; the building is currently unheated. Asking $2,500,000, which is $43.54 per square foot on the building alone, with the land included. For comparison, two 50,000 to 70,000 SF pre-1940 Worcester mills traded to conversion buyers in 2022 at $93 and $94 per square foot, 3 Chestnut Street to a national self-storage operator and 17 Briden Street to a life-science user. The gap between $43.54 and $93 is the capital budget, the entitlement risk, and the profit. The 5.10 acres next door handles yard, laydown, fleet parking or expansion, subject to approvals. I-395 is one mile out, with Route 12, I-90 and I-84 connections into Connecticut and Rhode Island. We will also lease space at $6.00 per square foot plus utilities, divisible from 8,000 SF and contiguous to 25,000 SF, which suits contractors and trades, service businesses, storage, light manufacturing and fleet operations working Webster, Dudley, Oxford and southern Worcester County. FEMA maps part of the site in flood zone AE. The mill parcel closed under a 2021 MassDEP Permanent Solution; 35 Pearl is an open MassDEP Tier II site. Environmental files, floor plans and any rent roll are available to qualified purchasers under a confidentiality agreement.