87 Avocado Street

Springfield, MA --- Springfield is the economic hub of Western Massachusetts and the seat of Hampden County, anchoring the Springfield metropolitan statistical area within the Pioneer Valley. The city's economy is diversified across healthcare, financial services, manufacturing, and logistics, supported by a regional labor force drawn from both the Springfield and greater Hartford, Connecticut labor markets to the south. Major employers headquartered or heavily concentrated in the region include MassMutual, one of the nation's leading life insurance and financial services companies; Baystate Health, the largest private employer in the region with a workforce of over 12,000 employees; Smith & Wesson, whose corporate headquarters and manufacturing operations remain based in Springfield; and General Dynamics, which maintains a significant defense-sector presence in the city. The presence of Springfield College, Western New England University, American International College, and Springfield Technical Community College further supports a stable base of institutional employment and workforce training. The Property benefits from excellent regional transportation infrastructure. Springfield sits at the intersection of Interstate 91, the principal north-south corridor connecting New Haven, Hartford, and the Vermont/Quebec border, and Interstate 90 (Massachusetts Turnpike), the primary east-west route linking Boston to Albany and the greater New York market. Interstate 291, the Springfield Expressway, provides a direct auxiliary connection between I-91 and I-90, improving local distribution access. For rail-served freight, CSX operates an intermodal terminal in West Springfield offering domestic intermodal service, giving distribution users in the market access to double-stack rail capacity alongside highway trucking options. Springfield Industrial Market Overview --- The Springfield industrial market offers a compelling combination of tightening fundamentals and outsized rent growth relative to the nation. As of Q3 2026, the market's 52.3 million SF of industrial inventory carries a vacancy rate of just 6.1%, with vacancy having tightened 30 basis points over the past year on the back of 157,000 SF of positive net absorption. Critically, new supply remains highly constrained — only 15,000 SF is currently under construction against a 52-million-SF base — positioning well-located, functional buildings like 87 Avocado Street to capture demand with minimal new competition on the horizon. Rent growth is where Springfield truly stands out: market asking rents rose 3.7% year-over-year, nearly triple the 1.3% national average, and the market's five-year average annual rent growth of 5.9% substantially outpaces the historical U.S. trend. This dynamic reflects strong, sustained tenant demand pushing against a supply-constrained market. On pricing, Springfield offers meaningful upside for investors. Estimated market pricing of $63/SF compares to a national average of $160/SF — a significant discount to replacement cost that provides a wide margin of safety and substantial room for appreciation as the market continues to mature. Over the trailing 12 months, 65 industrial properties traded for a combined $91.4 million, demonstrating liquid, active transaction volume even at a submarket level. Leasing activity remains robust and diversified, with recent deals ranging from national logistics and trucking operators to regional manufacturers and distributors — evidence of broad-based occupier demand supporting the asset class across property types.