Holyoke Retail Power Center Trades for $33M
- Jan 18, 2017
Holyoke, Mass.—HFF recently announced that it has closed the sale of Holyoke Crossing, a retail power center in Holyoke, Mass. The property traded for $33.3 million.
The sellers, Holyoke Crossing Limited Partnership and Holyoke Crossing Limited Partnership II, were represented by HFF’s investment sales team led by Jim Koury, senior managing director. The property was sold clear of debt to Prestige Properties & Development.
Located at 7-45 Holyoke St., the 140,361-square-foot asset is adjacent to Holyoke Mall in the Springfield area of western Massachusetts, less than one mile from the Massachusetts Turnpike, in a trade area of more than 1.3 million people within a 30-mile radius. Additionally, the property is in close proximity to prestigious universities such as Amherst, Smith College, University of Massachusetts, Mount Holyoke and Hampshire College. The retail center was completed in 1996 and is located on a 15-acre site, offering ample parking.
The property was fully leased at the time of the transaction and the tenant roster includes TJ Maxx, Bed Bath & Beyond, PETCO and Ulta Cosmetics.
“Holyoke Crossing is a very attractive shopping center that has the advantage of being the only shopping center adjacent to a healthy 1.6 million-square-foot, super-regional mall as well as being strategically positioned directly at the interstate entrance that services the mall,” said Koury in a prepared statement.
Image courtesy of HFF