Springfield, Massachusetts – August 1, 2022 – Marilyn Santiago, Senior Commercial Real Estate Advisor at SVN® Parsons Commercial Group – Boston, MA in collaboration Tony Yousif, Director of National Accounts at SVN® Vanguard in San Diego, CA, and Lauri Every, Senior Advisor at SVN® Hamm & Company, West Hartford, CT successfully facilitated the sale of 140 & 160 High Street in Springfield, Massachusetts. The property, a 185,000± square-foot medical and office facility, was sold for $3,741,250. The property was sold via an auction process, utilizing the Ten-X auction platform.
Originally constructed in 1906 as the Wesson Memorial Hospital, the property has been expanded over the years with several additions, now totaling approximately 185,000 rentable square feet (RSF) across two buildings. Situated on 8 surrounding parcels, the property offers approximately 675 parking spaces, supporting its diverse mix of tenants.
The property was 87% leased at the time of sale to a range of tenants, with the majority focused on medical, government, and social services. Key tenants include Baystate Health, a major economic force in western Massachusetts, contributing over $2.6 billion annually to the local economy. Other tenants include essential government and social service agencies, all of which are vital to the Springfield community.
“We chose to sell via the Ten-X auction platform to capture a wider net of investors from around the world who could see the value in U.S. real estate,” said Marilyn Santiago. “This approach allowed us to engage with a global audience and secure a great outcome for our client.”
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About SVN® Parsons Commercial Group – Boston
SVN® Parsons Commercial Group -| Boston is an independently owned and operated SVN® office located in Framingham, MA. The company is a leading provider of commercial real estate services including, leasing (tenant and landlord representation), investment sales, property management, development and construction management services. The SVN® |brand is a globally recognized commercial real estate entity united by a shared vision of creative value for clients, colleagues and communities. Currently SVN® comprises over 1,600 advisors and staff working in more than 200 offices across the globe. For more information visit: www.svnpcgboston.com