335 Lincoln Street - Hingham Shipyard
L incoln Street H i n g h a m , M A
A 3 . 07 ACR E D E V E LOPMENT S I T E at Hingham Shipyard
303 Congress Street | Boston, MA 02210 | 617.457.3400 | www.hunnemanre.com
EXECUTIVE SUMMARY
Hingham Shipyard
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335
Hunneman’s Capital Markets Group has been exclusively retained to market 335 Lincoln Street, a potential multifamily or retail development site located that is part of the Hingham Shipyard in Hingham, MA. The Subject Site is a 3.07-ACRE PARCEL OF LAND , which is improved by a two-stor y freestanding sales office for MarineMax Russo. The balance of the land is predominantly improved by a 45,636 square foot reinforced concrete foundation and pad that remains from a former Navy building that resided on the site. The site is situated at the entrance to The Hingham Shipyard and is directly adjacent to the 2,000 car Hingham MBTA ferr y parking lot and terminal. The Launch at Hingham Shipyard is one of the most popular destination spots on the south shore. The Shipyard features 850,000
square feet of residential housing, with an additional 250,000 square feet of office, retail, and other commercial uses, including Talbot ’s Headquarters across Lincoln Street. 335 Lincoln Street represents a unique opportunity to acquire a three-acre land site. This attractive land development is available for immediate acquisition.
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SHIPYARD NEIGHBORHOOD
THE LAUNCH AT HINGHAM SHIPYARD: Representing one of the most successful mixed-use projects in Massachusetts, The Launch at Hingham Shipyard, which was developed by Samuels & Associates, is comprised of the MBTA Hingham/Hull commuter ferr y, Hingham Marina, 30,000 square feet of office space and 210,000 square feet of retail. There is also a strong residential presence in the immediate vicinity, which includes Hewitt ’s Landing, a 150-condominium unit development, and Avalon at the Hingham Shipyard which is comprised of 235 units with 190 additional units currently under construction. Directly across the street is AEW’s Lincoln Plaza, which is anchored by Marshall ’s and Stop & Shop. The Launch at Hingham Shipyard offers a full set of attractions and amenities including:
SHOPPING: Major retailers including AT&T, Bed Bath & Beyond, Charming Charlie, Old Navy, Sleepy ’s and the Talbots headquarters is across the street from the Subject Site. DINING: Alma Nove, Boathouse Bistro, Hingham Beer Works, Panera Bread, Trident Galley and Raw Bar, Wahlburger’s, Zendro Asian Bistro & Lounge
FITNESS & SERVICE: Orangetheory Fitness, Pure Barre, Abeo MedSpa, Elements Therapeutic Massage, Lunchbox Wax Salon and SuperCuts
RESIDENTIAL: The Avalon residential community, Hewitt ’s Landing, are located right across Shipyard Drive on the east side of the Subject. EMPLOYMENT: Hingham's top 5 employers are Blue Cross Blue Shield (1,456 employees), the Town of Hingham (985), Linden Ponds (802), Talbot's (461), and Serono Labs (437).
ENTERTAINMENT: Patriot Cinemas
TRANSPORTATION: 2,000 car MBTA Hingham to Boston commuter ferr y with a 2,000-car parking lot and terminal are located adjacent to the Site.
Hingham Shipyard
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INVESTMENT HIGHLIGHTS
3.07-ACRES
RARE OPPORTUNITY To acquire premier land site for development adjacent to the popular Hingham Shipyard.
DESIRABLE LOCATION
The land has 502 feet of frontage along Lincoln Street (Route 3A), which has an average daily traffic count of 5,220 vehicles.
BUSINESS B ZONING FOR A 3.07-ACRE REDEVELOPMENT The permitted zoning allows for retail, office, and industrial uses, as of right. The creation and use of multifamily dwellings are allowed through a special permit. Situated in a premier transit-oriented location, the site has valuable potential to be developed into retail, office, industrial or multifamily.
TRANSIT-ORIENTED DESTINATION The Site is directly adjacent to the Hingham MBTA ferr y terminal and parking lot, with direct frontage on Route 3A, which combine to make the site highly visible and accessible to Boston.
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With the ninth-largest GDP in the countr y, and fifteenth-largest in the world, Metro Boston is an economic powerhouse and one of the nation’s centers for education, finance, tourism, healthcare, life sciences, and technology. The region is home to Twelve Fortune 500 Companies; and some of it's largest employers include Brigham and Women’s Hospital, Massachusetts General Hospital, John Hancock, Boston University, and Liberty Mutual. Greater Boston boasts a population of 4.7 million – ranking it one of the largest metropolitan areas in the United States. A vibrant histor y, numerous cultural attractions, five professional sports teams, and some of the best shopping in the world keep more than 15 million tourists coming to the metro area annually. BOSTON MARKET OVERVIEW
The 80+ colleges and universities in the region are anchored by world-class institutions such as Harvard and MIT, and provide a large pool of talented young workers who remain attracted to the area’s burgeoning innovation economy, solid employment prospects, above-average wages, and amenities. As a worldwide leader in science and tech-based industries, the metro area continues to benefit from healthcare and biotech research and development. Armed with a strong entrepreneurial spirit and highly educated workforce, prospects for growth in Greater Boston continue to rank the city as one of the top employment centers in the nation.
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4.7 MILLION POPULATION
MEDICAL 30+ HOSPITALS INCLUDING MASS GENERAL, RANKED #1 HOSPITAL IN THE U.S.
TOURISM 15 MILLION VISITORS ANNUALLY
EDUCATION 94.5 COLLEGE STUDENTS PER 1,000 RESIDENTS
TRANSPORTATION 5 MILLION RESIDENTS & 175 TOWNS SERVICED BY THE MBTA
VENTURE CAPITAL FUNDING $3.7 BILLION (2017)
LOGAN AIRPORT MAINTAINS 50 NON-STOP INTERNATIONAL FLIGHTS DAILY
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HINGHAM MARKET OVERVIEW
HINGHAM/HULL FERRY
MBTA COMMUTER RAIL GREENBUSH LINE
5 MINUTE DRIVE WEST HINGHAM
8 MINUTE DRIVE NANTASKET JUNCTION
5 MINUTE DRIVE DERBY STREET SHOPPES RETAIL-ORIENTED WS DEVELOPMENT ATTRACTS A SIMILAR AFFLUENT DEMOGRAPHIC
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The Town of Hingham covers an area of 22.5 square miles and is approximately 15-miles southeast of Boston. Hingham is the major harbor and yachting center on the South Shore. Due to Hingham’s colonial histor y and location on Boston Harbor, it is one of the most popular suburban towns for home buyers in the Greater Boston area. Access to transportation is a key feature in Hingham. Residents can travel by driving (Route 3, 3A, 228), riding the MBTA Commuter Rail (Greenbush line) with stops at West Hingham and Nantasket Junction, or taking the Hingham to Boston Ferr y at Hingham Harbor. All the transportation options provide direct access to downtown Boston, making the site a transit-oriented neighborhood of Boston. Hingham’s views, harbor location, public transportation and attractions are all factors for why it has become a desirable suburban Boston town.
DEMOGRAPHICS
1 MILE
3 MILE
5 MILE
POPULATION
6,637
46,962
138,704
DAYTIME POPULATION
8,411
38,655
130,383
MEDIAN AGE
46.7
43.8
42.8
MEDIAN HOUSEHOLD INCOME
$93,096
$79,490
$73,804
AT T R AC T I ON S PUBLIC TRANSPORTATION T O A N D F R O M B O S T O N
LOCATION
30 MINUTE DRIVE TO DOWNTOWN BOSTON
& TERMINAL PARKING
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HINGHAM SHIPYARD
BOSTON
DAILY TRAFFIC COUNT: 5,220 VEHICLES
Hingham Shipyard
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HULL
HINGHAM FERRY PA R K I NG LOT
PHASE II
HEADQUARTERS
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ROUTE 3A | HINGHAM
L I N C O L N P L A Z A
HEADQUARTERS
PHASE II
Hingham Shipyard
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335
HINGHAM FERRY PA R K I NG LOT
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PROPERTY OVERVIEW
502 FEET OF FRONTAGE ON L INCOLN STREET
PERMITTED USE FOR RUSSO MARINE DEVELOPMENT: The Seller was intending on developing the site into a climate-controlled yacht storage facility. The site was fully approved for construction of a 46,336-square foot boat storage facility with 32-foot clear height ceilings. The proposed use of the space was to be a showroom, storage and ser vicing facility. Due to changes in its business strategy, the ownership is instead placing the sit up for sale. ZONING: 335 Lincoln Street ’s permitted zoning is “Business B”, which allows for retail, office, and industrial uses, as of right. The creation and use of multifamily dwellings is allowed through the special
permitting process. The Subject Site is situated in a premier transit-oriented location and has valuable potential to be developed into retail, office, industrial or multifamily.
Hingham Shipyard
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CURRENT IMPROVEMENTS: The existing retail/office building was built in 1991 and renovated in 2017. The building is occupied by MarineMax Russo. The first floor (1,250 square feet) is the main entrance to the reception lobby and sales offices. There is an additional 750 square feet and 1,000 square feet on the second floor and basement, respectively. The total building square footage is 3,157 square feet. The balance of the 3.07 acre site is flat and largely improved by a 45,636 square foot foundation that dates back to a former Navy Shipyard building.
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PROPERTY OVERVIEW
3.07 ACRES
502 FEET OF FRONTAGE
SHIPYARD DRIVE
PHASE II
Hingham Shipyard
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335
TRAFFIC COUNT: 5,220
140'
351' 6"
HINGHAM FERRY PA R K I NG LOT
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SITE PLAN
Hingham Shipyard
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L incoln Street H i n g h a m , M A
A 3 . 07 ACR E D E V E LOPMENT S I T E at Hingham Shipyard
EXCLUSIVELY OFFERED BY Andrew Kaeyer Executive Vice President 617.457.3207 akaeyer@hunnemanre.com
303 Congress Street Boston, MA 02210 617.457.3400 www.hunnemanre.com
Trey Agnew Executive Vice President 617.457.3363 tagnew@hunnemanre.com
Bill Rand Associate 617.457.3336 wrand@hunnemanre.com
Disclaimer: Information included or referred to herein is furnished by third parties and is not guaranteed as to its accuracy or completeness. You understand that all information included or referred to herein is confidential and furnished solely for the purpose of your review in connection with a potential purchase of the subject property. Independent estimates of pro forma income and expenses should be developed by you before any decision is made on whether to make any purchase. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual documents to which they relate. The asset owner(s), their servicers, representatives and/or brokers, including but not limited to Hunneman and their respective agents, representatives, affiliates and employees, (i) make no representations or warranties of any kind, express or implied, as to any information or projections relating to the subject asset(s), and hereby disclaim any and all such warranties or representations, and (ii) shall have no liability whatsoever arising from any errors, omissions or discrepancies in the information. Any solicitation for offers to purchase the subject asset(s) is subject to prior placement and withdrawal, cancellation or modification without notice.
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