US (MA): In Holyoke, buildings bought for cannabis industry sit idle as buzz fades

In 2020, packaging manufacturer Sonoco Products Co. sold its Holyoke plant to cannabis manufacturer Pleasantrees for $3 million. In March, Pleasantrees sold the property at 111 Mosher St. to real-estate investors for $5 million.

“They never built it out,” said Kevin Jennings, president of Jennings Real Estate Services. Jennings helped broker both sales and now represents the new owners — New York investors — as they attempt to lease 113,700 square feet of manufacturing or warehousing space, some of it with 22-foot ceilings.

“We’re seeing a contraction in the cannabis industry for sure,” he said. “Holyoke was ground zero. They were the most progressive out of the gate.”

Rebecca Rivera, real estate broker with B & B Real Estate in Holyoke, said a few years ago that a renter could expect to pay $18 a square foot. Today, it’s going for closer to $7.


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