Page 40 - BusinessWest January 24, 2022

Ken Vincunas says the market for industrial properties is white hot, with immense competition for available properties pushing prices higher.
Moving Story
As he talked about the commercial real-estate market and the year that was, Bolotin said there was consider- able movement across the region — and in all sectors.
And he pointed to properties Cole- brook handled in 2021 — and is still handling in many cases — as evidence. The portfolio includes:
• The leasing of 27,000 square feet at 11 Interstate Dr. in West Springfield to Millipore Sigma. The company, a life- sciences R&D firm and subsidiary of Merck, was in a small office in Wilbra- ham and expanded into the space;
• The sale of the industrial property at 2024 Westover Road in Chicopee, one of many such properties that saw considerable interest, went fast, and sold for a good price;
• The successful leasing of the prop- erty at 95 Elm St. in West Springfield, formerly home to United Bank. The large office complex is home to a broad mix of tenants, including Tandem Bagel;
• The sale of 100 Water St. in Holy- oke, a large former mill complex, to GFI, one of the many cannabis compa- nies that now call Holyoke home;
• The sale of 5 South Maple St. in Hadley, once a PeoplesBank branch, a sign of continued movement in the retail market;
• The sale of the former Troy Indus- tries property on Capital Drive in West Springfield; and
• The sale of the 68,368-square-foot, fully leased warehouse space at 87-147 Avocado St. in Springfield to Woodrow Studios LLC, a deal that closed roughly a month ago. “That’s an example of an industrial investment property that had a strong amount of activity,” Bolo- tin said.
“There’s a lot of demand, a lot of positive activity; we see the market being resilient, and, overall, there is a good deal of optimism.”
Collectively, these transactions speak to those many forces mentioned earlier — everything from the can- nabis sector to tremendous growth of warehousing, distribution, and delivery businesses to growth within the manu- facturing sector — that made 2021 one of the busiest years the company has seen recently.
“And 2022 is shaping up to be more of the same,” he told BusinessWest. “There’s a lot of demand, a lot of posi- tive activity; we see the market being resilient, and, overall, there is a good deal of optimism.”
Plotkin agreed, citing his company’s portfolio of activity in 2021 as more evidence of what has been happening, even with some sectors struggling to fully recover from the pandemic and its many side effects.
On the industrial side, the company handled the sale of a large property in South Deerfield being leased by Yankee Candle, and Plotkin said it continues to receive calls from companies actively seeking warehouse or light manufac- turing space with highway access in Springfield and surrounding towns.
On the retail side, it handled a num- ber of transactions, from the former Hafey Funeral Home in Springfield to the former Manchester Hardware store
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