NAI Plotkin Sells Historical Hampden Savings Bank Building in Downtown Springfield

 
 
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* Commercial Real Estate

Industry:
* Real Estate

Location:
* Springfield - Massachusetts - US

Subject:
* Deals

SPRINGFIELD, Mass. - Dec. 11, 2018 - PRLog -- NAI Plotkin, a leading commercial real estate brokerage firm, announced today that it represented the seller in the sale of 1665 Main Street, a 2,010 square foot commercial building, formerly Hampden Savings Bank, located in downtown Springfield. The building was constructed in 1918 and has a glass ceiling with an ornate supporting structure, marble walls, and copper entrance. The asset sold for $285,000, although it last assessed for $127,600. Wilfredo (Freddy) Lopez of NAI Plotkin was the Listing Broker for the property.  RLTY Development Springfield LLC secured the property and as the new owner plans to complete restoration of the original bank building and open a retail cannabis location. The building is also located directly across the street from the Paramount Theater and one block from the newly renovated Union Station. The next steps for the new owner will be to gain approval for the retail establishment by the Commonwealth's Cannabis Control Commission, Springfield's Mayor Domenic J. Sarno, and the City Council.

"We have had several establishments looking to either lease or buy for a recreational marijuana location in the downtown Springfield area," states Wilfredo of NAI Plotkin. "There is a mix of local, national and even international companies looking to start a cannabis dispensary or cultivation site here in Western Massachusetts utilizing the Opportunity Zone Program. This program has piqued the interest of investors interested in buying property in distressed communities listed in the program.  This allows them the opportunity to participate in preferential tax treatment and possibly be able to defer or eliminate their tax on capital gains over time. I have worked with several owners and investors in the Opportunity Zone and have been involved in many conversations regarding these opportunities.  I look forward to assisting anyone looking to invest in one of these Opportunity Zones."

About NAI Plotkin

NAI Plotkin has been serving the Western Massachusetts and Northern Connecticut region as the premier commercial real estate company for over 55 years, providing a complete range of commercial real estate services including brokerage and leasing, property and facilities management, construction services and consulting and advisory services. Through our affiliation with NAI Global, we offer our clients the single largest and most powerful global network of owner-operated commercial real estate brokerage services. With more than 400 offices and over 7,000 local market professionals, NAI Global completes more than $20 billion in commercial real estate transactions worldwide and manages 425 million square feet of property.  To learn more, visit  http://www.sdplotkin.com/

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NAI Plotkin
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Tags:Commercial Real Estate
Industry:Real Estate
Location:Springfield - Massachusetts - United States
Subject:Deals
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