PITTSFIELD — A Pittsfield-based impact investment firm has increased its portfolio of downtown real estate by purchasing another building in North Street's 400 block.
Mill Town Capital, doing business as Canyon Properties LLC, recently purchased a residential/commercial building at 441-445 North St. for $1.1 million from its Boston-based owners, according to documents filed at the Middle Berkshire Registry of Deeds.
The investment firm now owns three buildings in the North Street block between Bradford and Linden streets, in addition to the Hot Dog Ranch's former location at 18-20 Linden St., which the firm purchased for $300,000 this winter.
The building at 441-445 North St. houses two commercial business on the ground floor: the Funky Phoenix, a gift store, and the Golden Phoenix, a Chinese restaurant. Twelve residential apartments are located on the upper floors.
Tim Burke, Mill Town Capital's managing director, said his firm bought the structure because it sits between two other buildings that it already owns — the building that houses Frameworks at 437 North St., and the one occupied by The Lantern Bar & Grill at 455 North. Mill Town also owns the parking lot behind those structures.
"It just made sense for us from a neighborhood perspective to control our own area," Burke said.
Mill Town has obtained a mortgage on the property with Pittsfield Cooperative Bank, according to registry documents. No changes to the building are planned.
"It's fully occupied," Burke said. "We'll manage it with our internal management company and continue to be good landlords."
A Pittsfield native, Burke formed Mill Town Capital with partner Dave Mixer in 2017 after returning to the area following 15 years in Boston, which included seven years working in the biotech industry in Cambridge. Besides its chunk of downtown real estate, Mill Town Capital also co-owns Green Apple Specialty Linens, a commercial laundry on West Housatonic Street.
Burke said purchasing another North Street building was done more for convenience than for expansion purposes.
"We're just trying to be opportunistic and continue to make upgrades to the neighborhood where we can," he said.
Jonathan McLaughlin, of Boston, and James Loutzenheiser, of Cambridge, doing business as Two Rabbits LLC, had purchased 441-445 North St. from George Whaling, of Pittsfield, for $742,500 in 2016, according to registry documents. The two men own other properties, but not in the Berkshires, McLaughlin said.
He said they enjoyed owning a building in that part of Pittsfield and were planning to hold on to the structure "for a long time."
"But we got to know Tim and we knew how he operated, and knew he was invested literally and figuratively in downtown," McLaughlin said. "He gave us a good offer."
Business Editor Tony Dobrowolski can be reached at 413-496-6224 or firstname.lastname@example.org.