MERRIMACK, N.H. — NAI Norwood Group has arranged the acquisition of an office building located at 237 Daniel Webster Highway in Merrimack. Shellback Harbor LLC purchased the property from C&I Investment Associates for $3.5 million. Situated on 9.5 acres, the 68,870-square-foot property was formerly home to Fairpoint Communications. Shellback Harbor, dba BES&T Global Commissioning, will use the property as its world headquarters. Aron Brown of NAI Norwood Group represented the buyer, while Norton Asset Management represented the seller in the transaction.
MERRIMACK, N.H. — CBRE/New England has arranged the sale of an office building located at 21 Manchester St. in Merrimack. HCOP Merrimack, a joint venture between Novaya Real Estate Ventures and Bradstreet & Chandler, sold the property, which included 4.1 acres of land, to an undisclosed buyer for $3.8 million. The 41,000-square-foot building is part of the three-building Heron Cove Office Business Park, which is situated on 15 acres. Roger Dieker and Michael Tamposi of CBRE/NE represented the seller, while Michael Ciummei and Brian Tisbert of JLL represented the buyer in the transaction.
MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Manchester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approximately $1.5 million in tax revenue to the city after its completion in late 2016.
MANCHESTER, N.H. — CBRE/New England has arranged the sale of 345 Cilley Road, a 6,096-square-foot two-story medical office building in Manchester. CBRE/NE’s Christopher Healey represented the seller, Hassell’s End Properties, and procured the buyer, Peerless Properties LLC, a privately owned company.
DOVER AND MANCHESTER, N.H. — Fantini & Gorga has arranged three loans totaling $9.7 million in permanent financing on three multifamily properties in Dover and Manchester. The loans were placed with a regional financial institution on behalf of a long-term client of the firm. The properties total 127 units and were acquired by the client in the early 1990s. Additionally, many of the units have received recent upgrades, including kitchen cabinets, appliances and ceramic tiling, as well as new carpet throughout the living areas. Mark Whelan of Fantini & Gorga arranged the financing for the undisclosed borrower.
NASHUA, N.H. — CBRE/New England has brokered the sale of a former mill building located at 34 Franklin St. in Nashua. Lofts 34 LLC, a Brady Sullivan company, purchased the 310,000-square-foot property for an undisclosed price. The former paper mill is located within Nashua’s Riverfront West development project, which is being redeveloped into a pedestrian-oriented, mixed-use neighborhood. Mike Tamposi of CBR/NE represented the undisclosed seller in the transaction. The buyer has not announced what it plans to do with the property yet.
EXETER, N.H. — Fantini & Gorga has arranged $28.2 million in permanent financing for Exeter Mill Apartments in Exeter. The company placed the 35-year, fixed-rate loan with its correspondent MAP Lender, Eastern Mortgage Capital. FHA insured the loan under the 223(f) program, which provides long-term, fixed-rate, non-recourse financing. Redeveloped in 1987, the 161-unit apartment community consists of a mix of flats, lofts, duplexes and townhomes. On-site amenities include an indoor heated pool, sauna, fitness center, resident lounge and garage parking. Mark Whelan of Fantini & Gorga secured the financing for the undisclosed borrower.
CHESTER, N.H. — NAI Norwood Group has arranged the sale of the former Chester College of New England in Chester. Busch International acquired the asset for $1.5 million. The property consists of four buildings, totaling 50,000 square feet, of dining, classroom, library and dorm room space. The buyer plans to seek accreditation from the State of New Hampshire and reopen the school, which closed in May 2012, as a private school. Slated to open in May 2016, the new house will house and serve approximately 200 students in grades 7-12. Karl Norwood, Chris Norwood and John Hoben of NAI Norwood represented the undisclosed seller in the transaction.
BEDFORD, N.H. — Encore Retail LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has acquired land in Bedford to develop a high-density mixed-use development on more than 16 acres. At greater than 200,000 square feet, the Class A property will feature fashion, recreation, fitness, dining and office space on South River Road. A Whole Foods is currently under construction contiguous to this site and is scheduled to open in spring 2016. Construction on the mixed-use project is slated to begin in the fourth quarter of 2016. Prellwitz Chilinski Associates is providing architectural services for the project. Theodore Chryssicas of Newmark Grubb Knight Frank brokered the land transaction. Terms of the transaction were not released.
PORTSMOUTH, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Beechstone Luxury Apartments in Portsmouth. TGM Associates sold the 428-unit apartment community to Forest Properties for an undisclosed price. The buyer plans to launch a value-add strategy of interior unit renovations at the property. Built in three phases between 1973 and 1986, the property consists of 71 two-and-a-half story buildings situated on 54 acres. The property offers six two- and three-bedroom floor plans, ranging from 800 to 1,600 square feet, and totaling 430,142 square feet of rentable area. Richard Robinson, Jennifer Athas and Philip Lamere of IPA Boston represented the seller in the transaction.