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.
After a lackluster first quarter, the Southern New Hampshire office sector is showing strong potential as we head into the heart of 2015 and as the recovery that is firmly entrenched in major hubs like Boston begins to make its way to secondary markets. Notably, the trend toward reurbanization and the growing popularity of live/stay/play opportunities are driving activity in Portsmouth and promise to bolster activity in lagging submarkets like Manchester and Nashua. As companies increasingly gravitate to downtown locations, Portsmouth is seeing steady demand. In fact, its 3 million-square-foot office inventory boasts the lowest vacancy rate (11 percent) and highest average asking rents ($20.31 per square foot) of the six New Hampshire office submarkets tracked by Cushman & Wakefield. This vibrant seacoast city is the first New Hampshire market supporting speculative construction. Farley White built the 67,000-square-foot North Wing addition to 100 Arboretum Drive, bringing the building’s total to approximately 127,000 square feet. Our team serves as leasing agent for the property, where multiple deals are in the pipeline. At 249 Corporate Drive, the Katz Co. is building a 37,000-square-foot building and recently leased a significant portion of the space to Loftware Inc. Renovation, redevelopment and repurposing of older …
NASHUA, N.H. — Cushman & Wakefield of New Hampshire has arranged the $2 million sale of a former manufacturing facility located on 8.5 acres at 575 Amherst Street in Nashua. The property will be redeveloped as Bridges by EPOCH at Nashua, a 54-bed assisted living memory care community slated to open in fall 2016. National Development and Epoch Senior Living have partnered to acquire and redevelop the property. Thomas Farrelly, Denis Dancoes II and Sue Ann Johnson of Cushman & Wakefield represented the seller, Nashua RE Holdings LLC, in the transaction.
SALEM, N.H. — CBRE/New England has arranged an office lease for 36creative at 23 S. Broadway in Salem. The boutique brand development and creative agency will lease 4,620 square feet from MetScott21 LLC. Formerly a Coca Cola Bottling Corp. facility, the property has been repositioned as a multi-tenant office/retail building. Chris Healey of CBRE/NE represented the tenant, while Art Bonin of ARBonin Cos. represented the landlord in the transaction.
