News: Retail

Featured Property of the Month: MGM Springfield breaks ground on $800 million mixed-use development project

After years of planning and public input, MGM Springfield finally moves into full construction mode. The $800 million development officially broke ground on March 24th. Over 300 eager supporters and state officials attended the event. "This is happening," said Dennis Murphy, a local resident and spokesperson for MGM. The project is a mixed-use resort accessible from the heart of the city. Situated along I-91, MGM Springfield's location offers dynamic visibility and accessibility to over 100,000 cars per day. The casino program includes street-front retail, restaurants, 250 hotel rooms, 160,000 s/f of office space, 3,600 parking spaces, and a unique outdoor public event plaza. Over 8 million visitors are expected in the first year. MGM Springfield connects the city's important past with a vibrant future. Historic structures and new buildings come together to create the largest commercial development in the history of Western Massachusetts. The development makes unprecedented commitments to street-scape, pedestrian accessibility, local businesses, and the city's storied history. Springfield is home to the Basketball Hall of Fame, Indian Motorcycles, Rolls Royce, Smith & Wesson, and the nation's primary armory during the revolutionary war. Davenport Properties of Massachusetts is MGM's development partner in Springfield. According to Charles Irving, president, "We are hearing tremendous enthusiasm from the retail and restaurant industry. Local and national companies are excited to play a part in this transformational urban renaissance." MGM Springfield is scheduled to open in 2017. Davenport and MGM will officially commence leasing discussions at the Las Vegas ICSC event in May.
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Ask the Electrician:  How do I prepare my commercial building for a disaster?

Ask the Electrician: How do I prepare my commercial building for a disaster?

New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
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The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

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