Blank Canvas Industrial Space | I-91 Access 149 Wason Ave 147,600 SF Vacant Industrial Building Online Auction Sale Springfield, MA 01107
INVESTMENT HIGHLIGHTS
- Fully vacant, sizable industrial warehouse with ample secured yard space perfect for investors, developers and or owners/users
- Broad zoning allows for many potential uses, including manufacturing, warehousing, distribution, office, and wholesale.
- In a coveted part of Springfield, just 5 minutes to downtown and across the street from the prominent Baystate Medical campus and executive offices.
- Situated directly off Interstate 91 and along a major rail line, offering seamless distribution access to key markets across the entire East Coast.
- Close to major markets and just 2 hours to Boston and Albany, and less than 3 hours to New York City, reaching millions of businesses and consumers.
EXECUTIVE SUMMARY
149 Wason Avenue is the premier opportunity in Springfield, Massachusetts. The 147,600-square-foot warehouse is highly functional and constructed of brick and mortar. The three-story asset comes equipped with one drive-in and three external docks. The property has stairs to reach each floor, ramps for forklift access, and freight elevators. Perched on 1.51 acres, the property makes use of the entire lot. The property was previously used for a single tenant but can be reimagined to meet new business needs. The IA zoning allows for many potential future uses. The zoning is designed to accommodate industrial adapted reuse, self-storage and medical uses. Manufacturing and processing, warehousing and distribution, research and development, office uses, and wholesale businesses are all permitted. Additionally, the property abuts a rail line and has side/rear designated parking for parking and vehicle storage. New ownership can continue to use the property as-is or reimagine the space to create additional revenues.
The Hampden County Industrial Submarket is the ultimate place for investors to enter Massachusetts. The area contains roughly 51.3 million square feet of inventory, which is further divided into 25.9 million square feet of logistics space, 4.7 million square feet of flex space, and 20.7 million square feet of specialized inventory. Rents have changed by 3.0% year over year in Hampden County.
Springfield creates the perfect backdrop for industrial investment. There is excellent interstate connectivity just off Interstate 91 and close to Interstate 90 (Mass Pike) and Interstate 291, ensuring efficient transportation. Rail access is easily accessible from the property, with major freight lines running through town and linking the area to Boston, New York, and beyond. Major markets such as Boston, Albany, and others are on the East Coast, allowing for easy distribution. The area offers a skilled labor pool with a strong workforce consisting of over 253,500 total employees working within a 10-mile radius of the asset. The property is ideally located just north of downtown near many conveniences such as KFC, McDonald’s, several hotels, grocery stores, and more.
Discover 149 Wason Avenue, the ideal location for businesses in need of a blank canvas space, or investors seeking the ultimate vacant asset.
Property tours are available by appointment only on April 14th and April 17th. Please contact the listing broker to schedule a tour.
Property is being listed by John Nasca | Lee & Associates | MA License # 9540638
The Hampden County Industrial Submarket is the ultimate place for investors to enter Massachusetts. The area contains roughly 51.3 million square feet of inventory, which is further divided into 25.9 million square feet of logistics space, 4.7 million square feet of flex space, and 20.7 million square feet of specialized inventory. Rents have changed by 3.0% year over year in Hampden County.
Springfield creates the perfect backdrop for industrial investment. There is excellent interstate connectivity just off Interstate 91 and close to Interstate 90 (Mass Pike) and Interstate 291, ensuring efficient transportation. Rail access is easily accessible from the property, with major freight lines running through town and linking the area to Boston, New York, and beyond. Major markets such as Boston, Albany, and others are on the East Coast, allowing for easy distribution. The area offers a skilled labor pool with a strong workforce consisting of over 253,500 total employees working within a 10-mile radius of the asset. The property is ideally located just north of downtown near many conveniences such as KFC, McDonald’s, several hotels, grocery stores, and more.
Discover 149 Wason Avenue, the ideal location for businesses in need of a blank canvas space, or investors seeking the ultimate vacant asset.
Property tours are available by appointment only on April 14th and April 17th. Please contact the listing broker to schedule a tour.
Property is being listed by John Nasca | Lee & Associates | MA License # 9540638
DATA ROOM Click Here to Access
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
- Third Party Reports
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
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Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
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Transacted SF
999
999
999
Average SF
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/SF Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/SF
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
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Sale vs Asking Price
-9.9%
-9.9%
-9.9%
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% Leased at Sale
9.9%
9.9%
9.9%
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Market Sale Price per SF
Springfield - MA USA
Market Cap Rate
Springfield - MA USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 1.51 AC |
| Rentable Building Area | 147,600 SF |
| No. Stories | 3 |
| Year Built | 1900 |
| Tenancy | Single |
| Parking Ratio | 0.09/1,000 SF |
| No. Dock-High Doors/Loading | 3 |
| No. Drive In / Grade-Level Doors | 1 |
| Cross Streets | Birnie |
| Opportunity Zone |
Yes |
AMENITIES
- Bus Line
- Fenced Lot
DEMOGRAPHICS
REGIONAL ACCESSIBILITY
CITY
POPULATION
MILES
DRIVE TIME
Boston
694,583
92
1 h 55 m
New York
8,398,748
146
3 h 19 m
Philadelphia
1,584,138
239
4 h 54 m
Baltimore
602,495
338
6 h 48 m
Washington
702,455
373
7 h 35 m
Virginia Beach
450,189
496
10 h 30 m
ACCESS AND LABOR FORCE
10 MILES
Total Population
483,343
Total Labor Force
235,799
Unemployment Rate
3.95%
Median Household Income
$63,810
Warehouse Employees
38,697
High School Education Or Higher
87.00%
$ values in USD
PROPERTY TAXES
| Parcel Number | SPRI-012030-000000-000063 | Improvements Assessment | $2,241,226 CAD |
| Land Assessment | $706,494 CAD | Total Assessment | $2,947,720 CAD |
ZONING
| Zoning Code | IA |
SALE ADVISORS
SALE ADVISORS
Greg Milopoulos, Principal
(954) 558-1220
Contact
Greg Milopoulos is Principal with Lee & Associates South Florida heading up the Broward County Industrial market. with over 15 years of experience in leasing, sales and acquisition of industrial properties in Broward and throughout South Florida, Greg has developed a deep understanding of Broward’s Industrial market trends, can deliver complex property valuation and unique value add services to benefit his clients.
Prior to joining Lee and Associates, Greg was an Associate Director with Newmark, where his clients included a vast array of industrial tenants and owners. Greg also worked with Berger Realty Corp as a Commercial Real Estate broker where he leased over 450,000 SF of property throughout South Florida, cultivating relationships with both local and institutional clients. Prior to entering the commercial brokerage industry in 2010, Greg was involved in real estate development as a licensed General Contractor and brings with him knowledge of ground-up construction and tenant improvements.
Greg Milopoulos is a native of Broward County with extensive knowledge of this vibrant industrial market and is fluent in Spanish and English. Greg is also a current member of the Urban Land Institute (ULI).
Prior to joining Lee and Associates, Greg was an Associate Director with Newmark, where his clients included a vast array of industrial tenants and owners. Greg also worked with Berger Realty Corp as a Commercial Real Estate broker where he leased over 450,000 SF of property throughout South Florida, cultivating relationships with both local and institutional clients. Prior to entering the commercial brokerage industry in 2010, Greg was involved in real estate development as a licensed General Contractor and brings with him knowledge of ground-up construction and tenant improvements.
Greg Milopoulos is a native of Broward County with extensive knowledge of this vibrant industrial market and is fluent in Spanish and English. Greg is also a current member of the Urban Land Institute (ULI).
John Nasca, Executive Director | Capital Markets
(716) 417-0506
Contact
Joining in 2022, John Nasca serves as Executive Director of Capital Markets and manages all aspects of investment sales transactions for Lee & Associates Boston. With over 10 years of experience in the commercial real estate industry, John has executed on more than $2 billion of office, industrial, and life science transactions in Greater Boston.
Prior to joining Lee & Associates, John was an integral member of the capital markets team for both Colliers and JLL, most recently serving as Vice President on the Colliers Capital Markets team
Prior to joining Lee & Associates, John was an integral member of the capital markets team for both Colliers and JLL, most recently serving as Vice President on the Colliers Capital Markets team
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Keisha Hartshorn
Contact
Auctioneer License:
Ten-X, LLC Arlene Richardson RE Brkr 423761-RE-LC
