Worcester Business Journal

wbjournal.com | January 9. 2017 | Worcester Business Journal 7 Bowditch sells offices to hockey developer In a continued land-grab by Worcester Railers Hockey Club owner Cliff Rucker, the office building of law firm Bowditch & Dewey sold in December for $2.8 million. The purchase includes an eight-year lease by the law firm with stipulations for extensions. Also included in the deal are a substantial renovation and modernization of its offices. "We are strong believers in Worcester's future and have concluded that the sale of our property will better allow us to participate in that future by focusing on what we do best – deliver- ing the highest quality of legal servic- es," Bowditch & Dewey Chairman Michael Angelini said in a statement. The purchase marks a continued move by Rucker to entrench himself in Worcester. In 2015, the Beverly busi- nessman announced his intentions to bring pro hockey to the DCU Center. The team will begin it's inaugural sea- son next year. Rucker has been rehabil- itating a property near the DCU Center that formerly served as a bar as well as working on a new 100,000-square-foot Canal District skating rink. Southbridge Credit Union names interim CEO Southbridge Credit Union in December promoted its chief sales and retail officer to CEO on a temporary basis, filling a position left vacant by a departing CEO. Kate Alexander will serve as the credit union's CEO while it looks for a permanent replacement to Jeff Davenport, who left the company after nearly eight years. Davenport returned to his previous employer, CUNA Mutual, headquartered in Wisconsin. Southbridge Credit Union has $175 million in assets under management, making it the 10th largest credit union in Central Massachusetts. UMass Memorial posts $68M surplus UMass Memorial Health Care grew its overall surplus in fiscal 2016 to $68 million as patient volume remained steady and investment income grew. The results are a significant gain over the previous year, when the net surplus was $47.6 million. Patient volume has remained stable compared, while an increase in patient acuity level, which refers to how serious healthcare needs are, boosted patient revenue from $2.1 billion in fiscal 2015, to $2.3 billion in fiscal 2016. Standard & Poor's affirmed the sys- tems BBB+ bond rating this week, even in the face of $125 million of new debt UMass Memorial borrowed last month to pay for the EPIC electronic health records project. W R E A L D E A L Real Deal highlights recent commercial property transactions in Central Massachusetts. Commercial real estate firms that want to submit information on transactions can send it to editorial@wbjournal.com. Source: Worcester real estate brokerage NAI Glickman Kovago & Jacobs — Compiled by Brad Kane, WBJ editor ADDRESS: 813 Southbridge St. in Auburn AREA: 6,587-square-foot building on a 4.1-acre lot SALE PRICE: $580,000 SELLER: McDonald's Real Estate Co. of Delaware. BUYER: CM Developers, LLC of Worcester This long-time McDonald's fast- food restaurant in Auburn, which included a play area, will be converted into professional offices. CRAFT BEER. FARMHOUSE FARE. RIGHTEOUS COCKTAILS. Celebrate the artisan craftsman with an unmatched selection of farm-fresh food, hand-crafted spirits and, of course, world class beers. With direct access to local farmers, producers, and our own artisan bakeshop one block away, the slow food movement fi nds its home here. You voted us Best After-Work Bar in Worcester in 2016 & 2017. We are overwhelmed with gratitude. Thank you. CRAFT BREWS. FRESH BREADS. HUMBLE THANKS. Lunch & dinner daily beginning at 11:30AM Brunch Saturdays & Sundays beginning at 10AM Located downtown in the historic courthouse district. 144 Main Street Worcester, MA 508.795.1012 www.armsbyabbey.com Open daily 7AM – 3PM 118 Main Street Worcester MA 774.823.3355 crustbakeshop.com Kate Alexander

• Cover