NASHUA, N.H. — Horvath & Tremblay has brokered the sale of a retail property located on Amherst Street in Nashua. An undisclosed buyer acquired the property for $1.2 million. Advanced Auto Parts occupies the property with more than four years remaining on its original 10-year lease term plus three five-year renewal options. Bob Horvath, Aaron Huntley and RJ Tuller of Horvath & Tremblay negotiated the transaction.
LONDONBERRY, N.H. — NorthMarq Capital has arranged a $36.2 million construction loan for a multifamily property located in Londonberry. Mark Whelan of NorthMarq Capital secured the financing for the undisclosed borrower. The borrower plans to develop a 228-unit multifamily property, with a portion of the units designated as workforce housing. The financing terms include a permanent option at stabilization.
NASHUA, N.H. — A&G Partners has closed the sale of Daniel Webster College’s 53-acre campus, formerly owned by ITT Educational Services, to Hong Kong-based user for $11.6 million. The campus housed 13 buildings totaling 281,000 square feet. The transaction — approved October 25, 2017, by the U.S. Bankruptcy Court in Indianapolis — followed the closing in November of A&G’s sale of the college’s aviation-specific facilities to Southern New Hampshire University. Assets at the former aviation school included a hangar, flight center, library, gym, townhouse and six additional buildings.
Retail inventory in Southern New Hampshire totaled 29.8 million square feet in 2017, a modest decline of 59,400 square feet, or 0.2 percent, largely due to retail demolitions and conversions to non-retail space, including auto dealerships, office, and residential. Some former retailer spaces that have been demolished include the 17,800-square-foot Grenon Trading Co. in Bedford, the 10,700-square-foot New Hampshire Liquor & Wine Outlet in Salem, and the 8,400-square-foot Weathervane Restaurant in Salem. The big story in the market is the notable decline in vacancy. Several retailers absorbed large vacancies, reducing unoccupied space by more than 400,000 square feet, and cutting the vacancy rate from 10.5 percent in 2016 to the current level of 9.1 percent. Larger retailers who filled vacant space include Chunky’s Cinema in Manchester, which opened in a portion of the former Lowe’s store; Hobby Lobby in Nashua, filling a vacant Market Basket at Somerset Plaza; and Ocean State Job Lot in Seabrook, which opened in the former Walmart at Southgate Shopping Center. As a result of relatively stable inventory and considerable decline in vacancy, the region finished the year with positive net absorption of 352,400 square feet. There’s been no change in the top 10 largest regional …
With a statewide unemployment rate of 2.7 percent, New Hampshire has one of the lowest unemployment rates in the nation, and is well below the national unemployment rate of 4.4 percent. The New Hampshire labor market has continued to tighten, with unemployment having dropped 0.2 percentage points since third quarter of last year. Employment gains have not been seen in two traditionally industrial sectors: trade, transportation & utilities or manufacturing. Employment in these sectors has remained relatively flat year-over-year, at -0.4 percent and 0.6 percent growth respectively. Year-to-date industrial absorption was pushed up to 623,485 square feet by continued positive absorption in the third quarter. The three largest submarkets — Nashua, Manchester, and Portsmouth —made up the majority of that absorption, while two of the smaller submarkets — Concord and Bedford — are the only ones experiencing negative year-to-date absorption. The largest new lease of the fourth quarter of 2017 was Bensonwood Woodworking’s lease of more than 100,000 square feet of space at 25 Production Avenue in Keene. The space will be used mainly for manufacturing purposes. On the capital markets front, the largest transaction of the quarter was the purchase of 55 and 85 Mechanic Street, a 119,000-square-foot multi-tenant …
MANCHESTER, N.H. — NorthMarq Capital has arranged $1.7 million in refinancing for a multifamily property located on Pine Street in Manchester. Edward Riekstins and Michael Chase of NorthMarq’s Boston regional office secured the long-term, fixed-rate financing for the undisclosed borrower. Provided by a regional bank, the financing features a flexible prepayment structure.
WEST LEBANON, N.H. — NKF Capital Markets has arranged the sale of The Windalier Portfolio, a retail portfolio located in West Lebanon. The Davis Companies acquired the portfolio from Dead River Properties for $27.1 million. Totaling 230,035 square feet, the portfolio comprises Kmart Plaza, Miracle Mile Shopping Center and North Country Plaza, all of which are located along or near Route 12A. At the time of sale, the portfolio was 96 percent occupied. Kmart, TJMaxx and Jo-Ann Fabric and Craft Stores are tenants at the portfolio. Justin Smith, Robert Griffin and Geoffrey Millerd of NKF represented the seller in the deal.
NEW HAMPSHIRE, VERMONT AND RHODE ISLAND — KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Vermont and Rhode Island. The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties are Ridgewood Center – Bedford in Bedford, N.H.; Mountain Ridge Center in Franklin, N.H.; Keene Center in Keene, N.H.; Harris Hill Center in Concord, Vt.; Mountain View Center in Rutland, Vt; and Kent Regency Center in Warwick, R.I. John Randolph, Laura Conway and Brandon Taseff of KeyBank arranged the financing through the FHA 232/223(f) mortgage insurance program. The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Best Years and Welltower Inc.
NASHUA, N.H. — Cushman & Wakefield has arranged the sale of a flex building located at 472 Amherst St. in Nashua. BSP Cotton Road LLC, an entity related to Brady Sullivan Properties, sold the property to Pinnacle Properties for $6.6 million. Situated on 7.7 acres, the two-building property totals 98,595 square feet and is leased to multiple tenants. Tom Farrelly, Sue Ann Johnson and Denis Dances of Cushman & Wakefield, in collaboration with Charles Panasis, Ben Kelley and James Tobin of Brady Sullivan Properties, represented the seller in the deal.
LEBANON, N.H. — Dartmouth-Hitchcock and E4H Environments for Health Architecture have opened the new Jack Byrne Center for Palliative & Hospice Care, a 30,000-square-foot skilled nursing and hospice facility. The property is located within the Dartmouth-Hitchcock Medical Center campus in Lebanon, located near the Vermont border. The new facility features 12 single-occupancy patient rooms that offer a home-like setting. The Jack Byrne Center will also serve as an educational and training center for end-of-life caregivers throughout New England. The resource program was developed and will be administered by Dartmouth-Hitchcock’s Palliative Care Program in collaboration with hospice and community partners. Construction of the facility by PC Construction began in June 2016. Led by a $10 million commitment from the Jack and Dorothy Byrne Foundation in 2014, philanthropic support covered 75 percent of the center’s construction cost.
