Cassandra Hemenway
MONTPELIER — The Heney family is selling five downtown properties as a package deal for $13.65 million. The properties are listed as the “Vermont Capital Portfolio” on a real estate website called loopnet.
Included in the portfolio are 1–5 Spring Street, 73 Main Street (the Blanchard Block), 79–83 Main Street (in which The Bridge rents an office), 141 Main Street, and 8 St. Paul Street.
“Really they’re my mom’s properties,” said Tim Heney, who manages the properties for his family. Heney, a realtor and former Montpelier City Councilor, said there has been some interest in the properties, but “nothing we can talk about right now.”
He said his mother is in her early 90s and has “decided it’s the right time for her to do this so that’s what we’re doing.”
Calling it a “once in a generation offering,” the listing notes in its “investment highlights” that the five properties bring “Control of Downtown,” and are “Anchored by Trophy Main Street Assets” among other items. The listing also points out that the buildings have benefited from Heney having implemented flood resiliency improvements.
Selling all five buildings as a package “allows enough critical mass” for a new owner or investment firm to hire a crew to manage and maintain them, Heney said. “Each individual property free standing on its own may or may not generate enough income to support a separate team.”
Heney, the oldest of nine siblings who grew up in Montpelier, said he and his brothers Brian and Tom have formed a committee to help his mother sell the properties.
