Cushman & Wakefield announced today that the firm completed the sale of 70 Turnpike Industrial Road in Westfield, MA. Cushman & Wakefield Director Damon Bowers facilitated the sale of the 238,575-square-foot industrial building to HMC Real Estate, a New York-based real estate investment firm co-founded by Michael Grossman and Barry Lefkowitz, former executive officers of a multi-billion dollar public REIT with 33.5 million square feet of office, flex, and industrial properties.
Cushman & Wakefield has been retained to lease the newly acquired building, which is undergoing major renovations including full roof maintenance (with partial replacement); installation of new mechanical systems and bathrooms throughout; internal demolition and reconfiguration to create an efficient and flexible design; and extensive parking lot, landscaping, and site improvements.
Located one mile from Exit 3 of the Massachusetts Turnpike/I-90, 70 Turnpike Industrial Road is a single-story industrial building centrally located within one of the region’s primary industrial hubs serving Springfield, Hartford, Boston, Albany, New York, Providence, Montreal and beyond. The property offers 128,000 square feet of warehouse space with 32’ to 36’ ceilings, 98,575 square feet of production and warehouse space with 23’ to 26’ ceilings, and 12,000 square feet of office space. In addition to its expansive floorplate for industrial tenants, the facility, which is divisible to 49,350 square feet, features abundant parking and outdoor storage, freight rail accessibility, ESFR sprinklers, ample and expandable loading, heavy power, and improvement allowance packages for tenants.
“This project represents an excellent opportunity to turn a non-performing property into a productive asset for the community as well as our investors,” said Michael Grossman. “The strategic location and physical attributes of 70 Turnpike Industrial Road are ideal for industrial tenants looking for a new facility in a business-friendly environment, and we look forward to working with Cushman & Wakefield, the Commonwealth of Massachusetts and the city of Westfield to deliver a highly successful project.”
This acquisition represents the firm’s second in Massachusetts. Earlier this year, the company acquired 101 Herbert P Almgren Drive in Agawam, MA, a fully-leased 187,840-square-foot warehouse building in the Agawam Regional Industrial Park.
Cushman & Wakefield’s Boston office provides a complete suite of commercial real estate services for the entire life cycle of properties and portfolios.
About HMC Real Estate
HMC Real Estate, headed by industry veterans Michael Grossman, Barry Lefkowitz, and Brendan Kolnick, is a full-service real estate investment firm that targets industrial and office/flex properties offering the potential for superior risk-adjusted returns through creative problem solving, aggressive management, and unparalleled service. The firm, through its affiliates, has acquired in excess of 1 million square feet in recent years and is actively seeking acquisition opportunities throughout the Northeast and Mid-Atlantic.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visitwww.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.