Mill Town Capital Purchases Gilded Age Cottage from Lenox for $ 1.2 Million, Expanding Growing Berkshires Portfolio | Business

LENOX – Just over a year after purchasing an iconic Walker Street building in Lenox, Mill Town Capital has acquired an adjacent 19th-century structure that will become the new headquarters of a Berkshire investment firm.

Mill Town bought the David Wolf Bishop House at 45 Walker St. for $ 1.2 million, according to documents filed with the Middle Berkshire Registry of Deeds. The structure had been offered for $ 1.35 million, according to Stone House Properties’ listing.

Lenox’s Renaissance Investment Group LLC has signed a 10-year lease with Mill Town and plans to move from Lenox Commons on Pittsfield Road to 45 Walker St. in November.

Renaissance will occupy the entire building, according to Mill Town CEO and Managing Director Tim Burke. The property contains a smaller structure with two remaining tenants.

A cottage from the Golden Age, the two-story, 3,000-square-foot structure was built in the late 1890s to serve as a residence, but now houses offices.

Mill Town, a private investment firm based at the Berkshire Innovation Center in Pittsfield, will own the building and be responsible for financing property improvements, according to a statement from Renaissance. Only cosmetic improvements should be made, said Burke.

Her company has made several investments in Pittsfield, including Bousquet Ski Area, which Mill Town purchased for $ 1.07 million in May 2020 and is now in the process of renovating and combining with two adjacent properties that it purchased in December. In June, Mill Town purchased a second lodging property, the Yankee Suites Extended Stay Complex in Pittsfield, for $ 2.25 million.

Burke called the purchase of 45 Walker St. a “strategic acquisition” for Mill Town, as it is located adjacent to Gateways Inn and Restaurant, the property the company purchased nearby in July 2020.

Guests of the Gateways Inn can now access Church Street by walking through the new property, he said. Mill Town bought the hostel for $ 1 million, then reopened it in February after a three-month renovation.

“The acquisition was an opportunity to expand our presence in the region and create a meaningful relationship,” said Burke. “We are delighted to have the Renaissance Investment Group team as a tenant and partner. “

Founded in 2000, Renaissance offers investment management and financial advisory services.

“We’ve been here in the Berkshires for 20 years and Lenox is a big part of where we meet clients and associates,” said Christopher Silipigno, CEO and Managing Director of Renaissance Investment. “We thought it would be a big step forward in terms of being able to meet clients, both formally and informally.”

Renaissance plans to add more employees after its move to Walker Street, Silipigno said, although he is not sure how many.

“It was part of the decision,” Silipigno said. “The Renaissance has doubled in size in recent years.”

The David Wolf Bishop House was built by the Bishop family, who owned large estates in Lenox, and was one of two structures on Walker Street that the family arranged as guest cabins (the other is located at 35 Walker Street) according to the Lenox Historical Society. The Bishop family gave the house to David Wolf Bishop, who never lived there.

The property was sold in 1921 and again in 1927. The previous owner, Charles T. Schulze, purchased the property in 1994 and transferred his ownership to Schulze Properties LLC in 2012.

Source link

About Catriona

Catriona

Check Also

Is Legal & General Group Plc (LON: LGEN) a high quality share to own?

While some investors are already familiar with financial metrics (hat tip), this article is for …

Leave a Reply

Your email address will not be published. Required fields are marked *