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 29 years of hands on experience in the Boston Real Estate market, Michael L. Price is now directing 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 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 continues to play a management role at Eastport, but his new venture, Legacy, is his own enterprise, and allows him to focus the majority of his efforts on acquisitions. Since its founding in January, 2008, Legacy has purchased five assets valued in excess of $16 million.
A 1977 graduate of the 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 a Notary Public. Price resides in Wayland. He and his wife Wendy have three children; Jenny (Lehigh University, 2011), Ben (Union College, 2013), and Nina 15. 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 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 |