Legacy Portfolio
News & Press Releases
- For $3.3M, Legacy Grabs RI Foothold
- Nations Heritage Credit union strikes deal for building
- Legacy Buys Attleboro Office Site From NationsHeritage
- Legacy Warrior, LLC Purchases Wayland Office Property for $1 Million
- Cambridge Savings Bank Ad
- Eastport Moves in New, Old Directions
- Legacy Launches With Deals in Tow
- Legacy Launches With Medical Office Buy
- Merchant Buy Gives Legacy Second Asset
- Price Sits on RealShare Panel
About Legacy Real Estate Ventures, LLC
Legacy Real Estate Ventures’ primary focus is the acquisition and value enhancement of commercial real estate, with a goal of increasing the wealth of our equity investors through cash flow and appreciation. As implied by the name Legacy, it is the company’s intention to build long-term value that can be passed on to future generations.
Michael L. Price - Principal
With over 27 years of hands on experience in the Boston Real Estate market, Michael L. Price has launched a new company, Legacy Real Estate Ventures, LLC, allowing him to focus strictly on acquisitions. Price's real estate experience began in 1981 as a Property Manager for The Codman Company, where he managed their portfolio of Back Bay office properties. In 1986 he joined National Development as a development Project Manager and Director of their property management group. Price gained valuable experience in the development arena and built a property management portfolio of three million square feet over the ten years he was with National. However, Price's long-term goals involved owning and operating his own company. In 1995, in partnership with Mark and Richard Connaughton he founded Eastport Real Estate Services, Inc. Eastport started out as a management services company but expanded into the acquisition forum. Over a ten year period Eastport acquired eighteen properties exceeding $60 million in value. Currently, Eastport owns nine of these properties valued at $35 million and manages approximately 1 million square feet of commercial space. Price's new venture, Legacy, is his own enterprise, and allows him to focus all his efforts on acquisitions. Legacy's first acquisition, a 26,000 s.f. medical office building in Framingham, was purchased for $7.25 million, closing just three months after Legacy opened for business. The second acquisition was a 30,000 s.f. fully-occupied flex building located in Sharon and purchased for $2.35 million.
A 1977 graduate of Roxbury Latin School and 1981 graduate of Middlebury College (B.A. in economics), Price is a Certified Property Manager, licensed Real Estate Broker in the Commonwealth of Massachusetts and Notary Public. Price is a five time PanMass rider, sits on the Board of Directors of the BoSox Club, is a member of the Roxbury Latin Alumni Council and Real Estate Round Table, is a guest lecturer in Lehigh University's real estate studies program, and is active in the Wayland Boosters.
Dan Botwinik - Senior Analyst
Legacy Portfolio Details
Property |
Purchase Date |
Size |
Project Cost |
Equity Invested |
Preferred Return |
1st Year Projected Return |
Description |
|---|---|---|---|---|---|---|---|
| 260 Cochituate Rd. Framingham | 3/23/08 |
26,047sf |
$7,352,500 |
$2,390,000 |
7.50% |
10.40% |
Two story dual tenant medical office |
| 6 Merchant St. Sharon | 6/3/08 |
30,300sf |
$2,425,000 |
$675,000 |
8% |
9.70% |
Single story multi tenant flex/warehouse |
| 260 Boston Post Rd. Wayland | 1/2/09 |
8,449sf |
$1,050,00 |
$300,000 |
8% |
9.74% |
Two story multi tenant office |
| 607 Pleasant St. Attleboro | 1/21/09 |
12,563sf |
$2,095,000 |
$600,000 |
5% |
5% |
Single story multi tenant retail and office |
| 111Plain St. Providence, RI | 9/17/09 |
12,792sf |
$3,415,000 |
$925,000 |
8% |
9.58% |
Three story dual tenant medical office |
| TOTALS | 90,151 |
$16,337,500 |
$4,890,000 |