November 1, 2018

Hingham property firm buys Michael's Cigar Bar building for $2.5M

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BradyMac Capital Advisory has purchased this building for $2.5 million.

A South Shore real estate firm already undertaking a $3-million renovation of the former Elwood Adams Hardware building in Worcester has purchased the Michael's Cigar Bar building a few blocks away for $2.5 million.

Hingham-based BradyMac Capital Advisory's purchase of the 60,000-square-foot property closed Wednesday.

Hugh Mclaughlin, co-founder and principal of the firm, called the purchase an investment play rather than a renovation, but the firm is eyeing up to $500,000 in upgrades to the building to make it more visually appealing and improve lighting.

The building currently houses the cigar bar, The Citizen Wine Bar, The People's Kitchen, the Still & Stir Cocktail Bar and other offices on the upper three floors.

All current tenants will remain, Mclaughlin said.

Mclaughlin said Worcester Regional Chamber of Commerce CEO Tim Murray introduced him to the former owners in a story similar to the firm's first investment in Worcester.

"We loved the building," Mclaughlin said. "It's got an iconic history in Worcester."

The building was constructed in the early 1900s as the police station and Worcester District Court. It was most recently owned by the Maykel family.

Now, the collection of restaurants and bars and the shared courtyard is one of the best kept secrets in Worcester, Mclaughlin said.

"The courtyard was one of the things that really drew me to the building," he said.

BradyMac Capital Advisory hopes to eventually own a combined 100 leaseable commercial and residential units in Worcester. With the two buildings, that figure is approaching 40.

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