COLEBROOK'S SUMMER UPDATE - 2021
The summer of 2021 has been busy for commercial real estate in the Pioneer Valley. The greater Springfield MA marketplace has seen a brisk pace of activity for Industrial buildings, as well as key Retail locations. While other markets such as Office continue to lag pre-pandemic level activity, Colebrook Realty has seen an uptick in tours and leasing for companies seeking new office space to rent. This is evident by MilliporeSigma leasing approximately 27,000 square feet of space at 11 Interstate Drive, West Springfield MA as well as Seven Hills Foundation & Affiliates taking the top floor of 95 Elm Street, West Springfield MA - two recently completed leases.
In addition to completed transactions like these, Colebrook has listed quite a few new properties over the summer months. Below is a summary of properties that have recently been added as new listings...
151 Capital Drive, West Springfield, MA
One of the Pioneer Valley’s premier industrial properties, the site consists of a 39,960 square foot industrial building with offices, plus a 5,100 square foot storage building at the rear of the property. Formerly a gun manufacturing facility, the building features 25 foot ceilings with access to 5 docks and efficient floor space. The excellent office space is extremely unique for Industrial buildings in the area – two floors of roughly 6,000 SF for executives and team members to work, neatly separated from the production process. A terrific property, visible from I-91 and ideally located at the I-90 interchange. The asking price for the building is $3,800,000.
455–483 Breckwood Boulevard, Springfield, MA
Located at the busy Breckwood Blvd and Wilbraham Road intersection across from Western New England University, Colebrook is excited to bring this long managed retail center to market. The 27,944 square foot retail property is anchored by Family Dollar who recently signed a new, long-term, lease agreement in 2020. The property sits on 2.035 acres with a Bank of America ATM prominently featured at the southwest corner of the property. Other tenants for the property include Hot Table, Fred’s Shoes, Sophia’s Pizza, Joy Bowl, as well as other service businesses such as a hair salon and dentist. The property is 100% leased with an asking price of $4,750,000.
101–127 Lyman Street, Springfield, MA
Just one block from the $75 million Union Station Development project, 101 – 127 Lyman Street consists of 77,601 square feet of both office and industrial space. The property is on 1.52 acres, including an empty lot diagonally across the intersection that is approximately 0.22 acres. In total, there are 5 parcels to the property with existing tenants on the ground level. The upper floors of the office building are largely vacant and do require improvements, however proximity to downtown Springfield and ability to control two corners of the Chestnut – Lyman Street intersection are key considerations for this property that has an asking price of $1,650,000.
5 Industrial Pkwy, Easthampton, MA
Situated in Easthampton's busy Industrial Park, just off of Route 10, 5 Industrial Pkwy offers multiple uses for either a user or area investor looking for exposure to the industrial and self-storage marketplace. The property features a 4,000 SF industrial building which is leased to two tenants (one whose lease will be expiring in the coming months) with a large yard area behind (approximately 0.60 acres) currently being used for storage and parked vehicles. The warehouse features 3 drive in doors with additional office space and the rear of the building was recently paved. The property is in great condition and has been well maintained by the owners. 5 Industrial Pkwy also uniquely features 47 storage units that are currently being rented and producing an additional income stream for the owners. The storage units are a mix of container and built-in units. The asking price for this property is $1,200,000.
1201-1219 Parker Street, Springfield, MA
Located just east of Breckwood Shops, 1201-1219 Parker Street is another Family Dollar anchored shopping center that came on the market this summer. The property is 24,940 square feet sitting on 2.61 acres with plenty of parking, approximately 118 spaces out front. In addition to the Family Dollar building, there is a pad-site housing Wings Over Springfield – a very popular fast food restaurant chain. Additional tenants for the property include Ginger Blossom, Vapor & Smoke Shop, and The Paw Spa. The buildings are in close proximity to CVS, Dunkin’ Donuts, and Fresh Acres Market in the desirable Sixteen Acres neighborhood of Springfield. The project is currently 96% leased with an asking price of $4,350,000.
77 Servistar Industrial Way, Westfield, MA
A current and former food manufacturing facility, the 33,356 square foot building is a terrific industrial property. The property features 23 foot ceilings with 2 docks and 2 drive in doors with approximately 2,100 of front office space, located just off Route 10 with easy access to I-90. The building is being sold with existing freezer and cooler infrastructure, but would also be well suited for an industrial user or investor looking to capitalize on the strong leasing activity for warehouse space in the greater Springfield metro area. The building formerly housed Angy’s, a premium pasta company. The asking price for the property is $2,200,000.
137-135 King Street, Northampton, MA
Known as two very prominent buildings on King Street in Northampton, MA, these retail properties are extremely well located. 137 King Street, Northampton, MA is 7,780 square feet and currently houses and auto parts store with an existing lease in place. 135 King Street, Northampton, MA is approximately 6,250 square feet and houses a recently remodeled 24-hour gym. Both buildings sit at the King Street - North/Summer Street intersection, across from Dunkin’ Donuts. There is parking at the rear of both buildings and they represent important parcels for the busy King Street corridor. The asking price for 137 King Street is $1,175,000 and the asking price for 135 King Street is $1,100,000.
5 South Maple Street, Hadley, MA
The former People’s Bank branch, around the corner from Route 9 and the busy Russel Street – Maple Street intersection in Hadley, MA was listed for sale. The 3,219 square foot property sits on a sizeable lot at 0.88 acres with ample parking and street visibility, across from the Hampshire Mall. Nearby retailers include Walmart, LL Bean, Home Depot, Whole Foods, and numerous other national restaurant and retail chains. The property is located at virtually the center of the Five College area with UMass Amherst, Amherst College, Hampshire College, Mount Holyoke and Smith College all just short drives away. The asking price for the property is $1,595,000.
SUMMARY & RECENT NEWS
These listings are just a few of the currently active properties Colebrook has listed in Western Massachusetts. We are striving to continue upon our 40+ year legacy of serving our clients from Greenfield MA to Longmeadow MA, Great Barrington MA to Worcester MA, (and everywhere in between) exceptionally well, with the utmost care, consideration, and experience for commercial properties in the region. As many of you already know, we do not dabble in multiple areas of real estate – we have 100% focus and dedication to serving only commercial property owners and tenants in our area. So whether its looking for properties for sale, listing commercial real estate, or needing new space to rent as a tenant, we’d encourage you to schedule some time to speak with us.
Oh, and before you go, be sure to check out some of our recent announcements like the sale of the Faces Building, 175 Main Street, Northampton MA or the lease of 27,000 square feet to MilliporeSigma at 11 Interstate Drive. Both transactions speak to our experience working with anyone from local property owners to Fortune 500 organizations. Commercial real estate is such a unique discipline, and we hope you’ll ask us some questions and possibly work with us in the future. There’s nothing we like more than being an exceptionally strong advocate for our clients.
Take care and thank you,
-The Colebrook Team