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1150 Hall of Fame Avenue - Basketball Hall of Fame, Springfield, MA

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DetailMap
1150 Hall of Fame Avenue - Basketball Hall of Fame

Springfield, MA 01105-2531 - Hampden County Submarket


Property Type:Retail Sub Type:Storefront Retail/Office Status:Existing , Renov 2009 Year Built:1980
Building Size:70,644 SF Land Area:2.33 AC (101,495 SF)
% Leased:
For Sale Price:$15,900,000 Price/SF:$225.07
Cap Rate:7.85 %
Smallest Space:8,989 SF Largest Space:8,989 SF Total Space Avail:8,989 SF Rent/SF/Yr:
Negotiable
Features:Bus Line, Freeway Visibility, Hotel, Pylon Sign, Signage


Space Available:
Floor
SF Avail
Rent
Occupancy
Lease Term
Space Use
 1st
8,989 SF
Negotiable
Vacant
Negotiable
Retail
 
10948338


Floor
SF Avail
Rent/SF/Yr
Occupancy
Lease Term
Space Use
1st
8,989 SF
Negotiable
Vacant
Negotiable
Retail
1980, Renovations in 2009, including an additional structure for L.A. Fitness

Sale Notes:
The subject property is located in Springfield, MA in the Pioneer Valley, directly across from, and shares parking with the Naismith Memorial Basketball Hall of Fame. The entire development runs along the Connecticut River to the West and I-91 to the East. The development is across the I-91 freeway from the new $1B MGM Casino and Entertainment Complex that is currently under construction. The region is known as the crossroads of New England because Interstate 91 intersects I-90 (the Massachusetts Turnpike) in West Springfield with a connecting highway, I-291 in Springfield. I-91 is the major highway running from Florida to the Canadian border and I-90 connects Boston to Albany. The traffic count on I-91 at the subject property is approximately 100,000 cars per day.

The Pioneer Valley is that part of Western Mass where the Connecticut River flows through 3 counties, Hampden, Hampshire, and Franklin. The area is also known as the 5 college area because Smith College, Amherst College, UMass, Hampshire College, and Mount Holyoke are all located here. There are many other fine colleges and Universities in Western Mass including Williams College in Berkshire County. This fact, along with all the technology companies stretching from Springfield to Hartford Ct has given rise to the name Knowledge Corridor to describe that stretch of real estate.

Major Springfield employers: MassMutual Financial Group/Mass Mutual Life Insurance; Babson Capital; Baystate Health Systems; Western New England College; Springfield College; American International College; Solutia (formerly Monsanto). Regionally: United Technology; Hasbro Games; Yankee Candle; and many more. Bradley International airport is 20 miles south of Springfield, a 20 minute drive on I-91

KEY INVESTMENT FEATURES
• Centrally located with easy access to major freeways.
• Long term NNN leases, anchored by LA Fitness which was just renovated in 2013.
• Current annual NNN income of $1,217,745, Pro Forma of $1,400,609, once the vacancy is leased.
• Now under construction is the MGM Resorts and Entertainment Complex Link to MGM Springfield Website <http://www.mgmspringfield.com> located directly across from Highway 91, same off-ramp. Plans for an $950 million dollar resort to open in 2017.
• 88% leased currently, so value add opportunity with one (1) vacancy which was formerly a restaurant.
• Long term condominium lease with the Springfield Redevelopment Authority until 2099, currently at $125,000 per annum.

KEY PROPERTY FEATURES
• Former Naismith Memorial Basketball Hall of Fame building, fully renovated in 2009.
• Located prominently on Highway 91 and adjacent to the Connecticut River. 100,000 plus per day traffic count.
• Across the parking lot from the new and expanded Naismith Memorial Basketball Hall of Fame ( Link to Naismith Memorial Basketball Hall of Fame website <http://www.hoophall.com/>) that includes additional retail amenities.
• Abundant shared parking lot with over 1,000 stalls.
• Blocks from Downtown Springfield and an on-site bridge to gain access to the river walk and bike path.
• The development is across the I-91 freeway from the new MGM Casino that is currently under construction Link to MGM Springfield Website <http://www.mgmspringfield.com>



Coldwell Banker Commercial Advisors
Lee Black
(818) 746-9651


NAI Plotkin
William H Low
(413) 200-6023 x223



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