• Year Built: 1920
121 Chestnut Street is aretail property for lease in Springfield, MA.
The Birnie Building, located in the Historic Apremont Triangle District between the Springfield downtown core and the former Springfield Armory (now Springfield Technical Community College) is equidistant from the Union Railroad Station redevelopment and the newly completed Federal Court House. Built in 1920 for the cutting edge technology of the day, the automobile, the Birnie Building. With a simply carved limestone façade, the 37,800 total square footage of the Birnie Building consists of 12,100 square feet of ground floor retail stores, 12,900 square feet of second floor office space and 12,800 square feet of ground floor formerly shop space with high bays surrounding an interior courtyard.
Given its location in a federally designated historic district, the Birnie Building is eligible for historic rehabilitation tax credits, 20% federal and 10% state. The property is also eligible for the Federal New Markets Tax Credits of 39%. MassDevelopment has offered tax-exempt bond financing with the possibility of loan guarantees and limited recourse.
The owners are experienced Real Estate Investors who will consider owner financing, Joint Ventures, or equity exchanges for the right properties. There is also tremendous upside in renovating and renting the vacant space currently in the building. Current rent roll produces about $6,500 per month while being only 50% occupied.
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