MANCHESTER, N.H. — Brady Sullivan Properties has arranged the sale of Deerhaven Preserve and Jefferson Place, multifamily communities in Manchester, for $7.9 million. The two properties total 75 units. Charles Panasis, Ben Kelley and James Tobin facilitated the transaction.
Driven by strong leasing activity, the New Hampshire Seacoast industrial market now has a limited supply of available options. The overall Seacoast vacancy rate is currently 5.6 percent. Compare that to the end of 2010, when vacancy in the market hit 12.9 percent. Narrowing the focus to the Portsmouth industrial market (excluding the Pease Tradeport), the vacancy hit 8 percent in 2010 but it had dropped to 3 percent at the end of 2015 — and at the end of June 2016, the vacancy rate hovered at 2 percent. This significant drop in vacancy leaves users with less viable product to choose from and is pushing them away from the Interstate 95 corridor of Portsmouth and Seabrook. Industrial Users Turn to Ground-Up Development Users in Portsmouth and surrounding communities, unable to find existing buildings to meet their needs, have turned to ground-up development in areas outside of Portsmouth and further away from the Interstate 95 corridor. Two large industrial users, Rand Whitney and Stonewall Kitchen, broke ground on projects in 2015 and have recently moved into their new facilities. Rand Whitney, part of the Kraft Group, originally opened a corrugated cardboard sheet plant in Dover back in 1972. Over the …
NASHUA, N.H. — NorthMarq Capital has secured $1.8 million in refinancing for an office building in Nashua. Michael Chase of NorthMarq’s Boston office arranged the long-term financing through a regional bank for the undisclosed borrower. The two-story building features 33,000 square feet of office space.
LACONIA, N.H. — The Laconia Area Community Land Trust has opened River’s Edge Apartments, a 32-unit affordable housing complex overlooking the Winnipesaukee River in Laconia. Located on Union Avenue, the three-story building features 12 one-bedroom and 20 two-bedroom fully accessible units, on-site parking, laundry facilities, an infant daycare facility and 700 feet of frontage along Winnipesaukee River. Eckman Construction Co., serving as general contractor, had to remove more than 300 tons of contaminated soil from the former industrial site prior to construction. The project was financed by New Hampshire Housing Finance Authority, Raymond James, NeighborWorks America, Community Development Finance Authority, the City of Laconia, Belknap County, Rural Local Initiatives Support Corp. and the Laconia Area Community Land Trust. The project was designed by George Hickey Architect and Warrenstreet Architects.
CONCORD, N.H. — The Vazza Real Estate Group has acquired an inline retail center located at 89 Fort Eddy Road in Concord for an undisclosed sum. The 35,000-square-foot multi-tenant property includes a corporate-owned Planet Fitness as a tenant. The buyer plans to invest in the property through a capital improvement and property management plan. The name of the seller was not released.
MANCHESTER, N.H. — Berkadia has arranged $37.5 million in financing for Countryside Village, a multifamily property located at 60 Village Circle Way in Manchester. Jeff Heath of Berkadia originated the loan through Fannie Mae for the borrower, Merion Realty Partners. The permanent acquisition loan features an 80 percent loan-to-value ratio and a 4 percent interest rate. Situated on 40 acres, the 448-unit property features resort-style amenities.
HAMPTON BEACH, N.H. — Linchris Hotel Corp. has acquired Ashworth by the Sea, a 107-room oceanfront hotel located in Hampton Beach. XSS Hotels sold the property for an undisclosed price. The hotel features three food and beverage outlets, an indoor heated pool, fitness center, sundry shop, business center and more than 6,000 square feet of event space. Denny Meikleham and Alan Suzuki of HFF represented the seller. Greg LaBine of HFF arranged a seven-year, fixed-rate acquisition loan, provided by Middlesex Savings Bank, for the buyer.
DERRY, N.H. — NG Hood Commons LLC has completed the disposition of Hood Commons, a grocery-anchored shopping center located in Derry. An affiliate of New York-based Northeast Capital Group acquired the 208,805-square-foot property for an undisclosed price. Located at 55 Crystal Ave., the 23-acre property is 86 percent leased to tenants, including Shaw’s Supermarket, Big Lots, Tractor Supply Co., Planet Fitness and Sally Beauty. Jim Koury of HFF represented the seller in the transaction. Additionally, HFF assisted the buyer in securing a 70 percent loan-to-value, 10-year acquisition loan with a 3.79 percent fixed rate.
MANCHESTER, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Countryside Village, a multifamily apartment community in Manchester. Merion Realty Partners acquired the asset from Fairfield Residential for $46 million. Located at 60 Village Circle Way, the 448-unit apartment property consists of 17 three-story buildings and a clubhouse. The unit mix features one- and two-bedroom apartments, with an average unit size of 894 square feet. Community amenities include lighted tennis and basketball courts, a swimming pool, a playground, a dog park, and a two-story sundeck and patio. Richard Robinson and Jennifer Athas of IPA represented the seller and procured the buyer in the deal.
AMESBURY, MASS., AND LEBANON, N.H. — Fantini & Gorga has arranged $5.3 million in separate first mortgage financings for a freestanding Family Dollar in Amesbury and a newly constructed Tractor Supply Co. in Lebanon. Originally constructed in 1994 as a CVS/pharmacy, the Family Dollar location contains 8,536 square feet of gross leasable area. The property was renovated in 2014 and is now fully occupied by Family Dollar. Constructed in 2015, the build-to-suit Tractor Supply Co. store features 19,097 square feet of gross leasable area. John Gorga and Chris Miller of Fantini & Gorga represented the borrower, a long-term client, and arranged both financings with a regional financial institution.