COMMERCIAL
The Commercial Group | Compass (TCG) has been retained by River's Landing, LLC (the “Owner”) for the sale and or potential lease options of the River's Landing Project (the “Property”), consisting of 77,153 square feet on 3.56 acres and located at 1150 Hall of Fame Avenue, Springfield, MA 01105.
This Offering has been prepared by The Commercial Group and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. Although the information contained herein is believed to be correct, the Owner and its representatives disclaim prospective purchasers to exercise independent due diligence in verifying all such information. Further, TCG, Owner, and its representatives disclaim any and all liability for representations and warranties expressed and implied, contained in, or for omission from, this Investment Offering or any other written or oral communication transmitted or made available to the recipient.
Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.
Owner and TCG each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offer regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering or making an offer to purchase the Property unless and until a written agreement for the purchase of the property has been fully executed, delivered, and approved by the Owner and its legal counsel, and any conditions to Owner’s obligations thereunder have been satisfied or
waived. TCG is not authorized to make any representations or agreements on behalf of the Owner.
PHOTO GALLERY
CITY OF SPRINGFIELD, MASSACHUSETTS (www.springfield-ma.gov)
The subject property is located in Springfield, MA in the Pioneer Valley, directly across from, and shares parking with the Basketball Hall of Fame (www.hoophall.com). The entire River's Landing development runs along the Connecticut River to the West and I-91 to the East. 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 250,000 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 MountHolyoke 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 “KnowledgeCorridor” to describe that stretch of real estate.
Major employers in Springfield: 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.
Residents of the “Pioneer Valley” enjoy the fact that they are an hour away from boating, an hour away from skiing, can drive to NY City in two and half hours, or be in Boston in an hour and twenty minutes.
PROPERTY HIGHLIGHTS
SITE DESCRIPTION
Address: 1150 Hall of Fame Avenue, Springfield, MA 01105
Gross Building Area: 74,978 Square Feet
Building: One three & One two connected structures
TENANT MIX:
LA Fitness: 59,128 SF
Professional Physical Therapy: 3,450 SF
Pellegrini, Seeley, Ryan, Blakesley, P.C.: 12,400 SF
ADDITIONAL HIGHLIGHTS
Year Built: 1980’s; Last renovations in 2009
Former Use: Naismith Memorial Basketball Hall of Fame
Adjacent Developments: Across the parking lot from the Naismith Memorial Basketball Hall of Fame (www.hoophall.com) and the freeway from the MGM Resorts Casino and Entertainment
Complex (www.mgmspringfield.com)
KEY INVESTMENT FEATURES
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Fitness International recently signed a 15-year lease extension after the initial 15-year period.
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Leases feature rental increases throughout initial term and option periods with NOI potential growth of 50% in the coming years.
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Fitness International and Professional Physical Therapy under NNN leases.
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Marquee location in Western New England at the Basketball Hall of Fame Complex, adjacent to MGM Springfield, and Downtown Springfield.
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Nearly direct on/off ramps access to Interstate I-91 Highway (110,000 VPD)
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Ideally situated in the heart of Western Massachusetts at the Basketball Hall of Fame Mixed-Use Complex.
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Supported by nearly 635,00 residents in the Greater Springfield area and 240,000 employees in the 5-mile trade area.
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KEY PROPERTY FEATURES
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The former Naismith Basketball Hall of Fame building was fully renovated in 2009.
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Located prominently on Highway 91 and adjacent to the Connecticut River. 100,000 plus per day traffic count.
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Abundant parking. Over 1400 surface parking spaces are available on site. They are all easily accessible, no fee, well lit, with 24-hour on-site security, and include an underground parking area.
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Blocks from Downtown Springfield and an on-site bridge to gain access to the river walk and bike path.
KEY CONTACTS
