HMC Real Estate Acquires Second Industrial Asset in Western Massachusetts this Year

Westfield–Cushman & Wakefield Director Damon Bowers facilitated the sale of a 238,575-square-foot industrial building to HMC Real Estate, a New York-based 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.

Located a mile from Exit 3 of the Mass Turnpike, 70 Turnpike Industrial Road is a single-story industrial building centrally located within one of the region’s primary industrial hubs for transportation. 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, expandable loading, heavy power, and improvement allowance packages for tenants.

C&W has also 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. “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 HMC’s 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.

Damon Bowers
Cushman & Wakefield