Springfield, MA–Lee & Associates New Jersey announced recently arranged the sale of 2001 Roosevelt Avenue, a 76,212-square-foot, three-story charter school in Springfield, MA.
The Lee & Associates New Jersey team, which included Gary Sopko, senior vice president, Scott Deutchman, vice president, and Troy Wisse, assistant vice president, represented the seller—Polman Realty, LLC—in the transaction.
“We’re thrilled to have represented, Polman Realty, LLC, in this transaction,” said Sopko. “In addition to our typical underwriting process to present a commercial real estate asset for sale, we worked diligently to understand Baystate Academy Charter School’s vision. Ultimately, we found that its mission and focused curriculum insured long-term success, resulting in a sustainable cash flow stream for target buyers to meet their investment return expectations.”
2001 Roosevelt Avenue was the former headquarters of MeadWestvaco Corporation—an American packaging company—once acquired by Polman Realty, LLC it was fully rehabbed to meet the specific needs of the new tenant. This included major capital improvement projects to revamp the mechanical and structural deficiencies due to the buildings long-term vacancy prior to acquisition. Upon conclusion of these thorough improvements, Polman Realty, LLC leased the facility to Baystate Academy Charter Public School.
The Buyer was a strong supporter of Baystate Academy Charter School and purchased the property to support the school’s mission statement of offering a college preparatory curriculum for students interested in the pursuit of a career in healthcare or health sciences.