New York-based HMC Real Estate has bought an 238,575-square-foot industrial building at 70 Turnpike Road in Westfield in its second Bay State acquisition.

The purchase price was $3.6 million, according to the Hampden County Registry of Deeds. Cushman & Wakefield Director Damon Bowers facilitated the sale.

The property housed the Colony Envelope factory until its closure in 2014, according to MassLive.com.

Co-founded by former Mack-Cali Realty Corp. executives Michael Grossman and Barry Lefkowitz, HMC earlier this year acquired the fully leased 101 Herbert P. Almgren Drive, a 187,840-square-foot warehouse in Agawam Regional Industrial Park.

Cushman & Wakefield has been retained as leasing agent for the single-story building, which is undergoing major renovations including partial roof replacement, installation of new mechanical systems and restrooms, internal demolition and reconfiguration, and parking lot and landscaping upgrades.

The property offers 128,000 square feet of warehouse space with 32- to 36-foot ceilings,  98,575 square feet of production and warehouse space with 23- to 26-foot ceilings and 12,000 square feet of office space.  

“This project represents an excellent opportunity to turn a non-performing property into a productive asset for the community as well as our investors,” Grossman said in a statement. “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.”

HMC has acquired more than 1 million square feet of industrial and office/flex properties in recent years.

New York Developers Acquire Second Western MA Property

by Banker & Tradesman time to read: 1 min
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