2022 Transaction Highlights I-95: Corridor, Portsmouth, & Seacoast NH

By Caitlin Burke | Senior Associate

The Boulos Company’s Seacoast New Hampshire office, located in Portsmouth, experienced one of its best years since the branch opened over 20 years ago. Even with a severe lack of inventory and very minimal options listed on the market, our team was able to complete a number of significant transactions; a few of which were completely “off market” and a result of relationships that the team has cultivated over the years. As evident from these examples, we have not as yet seen a slowdown in demand for all sectors of commercial real estate on the Seacoast.

Below are highlights of some significant deals completed by our team in 2022:

• • • 100 Domain Drive: 100 Domain Drive in Exeter, New Hampshire, was sold to Torrington Properties, Inc. by 100 Domain Drive DD & EI, LLC for $46.9 million. The property is a 263,486± SF Class A office building and warehouse off Route 101 and offers an on-site gym and locker rooms for tenants, along with a food vendor serving breakfast and lunch. Several factors, including the building quality, tenant mix, and proximity to I-95 as well as the Boston suburbs, made 100 Domain Drive a great fit for Torrington’s portfolio. Torrington will continue to operate the property as one of the premier Class A buildings in the Seacoast area. The transaction was arranged by Kent White and Caitlin Burke.
    • 35 Industrial Way: Amarosa Industrial Park, LLC purchased a two-building campus on 27.64± acres totaling 210,000± SF from The Arthur W. Sullivan Revocable Trust for $6.8 million. The buyer used 1031 exchange proceeds from the sale of 16 Amarosa Drive to purchase 35 and 35E Industrial Drive in Rochester, NH, which is a mix of industrial and office space located in Rochester’s Technology Park. The facility currently has three office vacancies available ranging in size from 5,000-13,000± SF. The transaction was arranged by Christian Stallkamp.
    • West End Yards: The West End Yards Development in Portsmouth, NH consists of approximately 50,000± SF of commercial space and over 250 residential apartments. It is owned by Torrington Properties, Inc. The residential apartments were completed by the Fall of 2022, and the commercial spaces are anticipated to be complete by Summer 2023. The most significant transaction at West End Yards in 2022 was that ConvenientMD leased 32,602± SF of office space. They will occupy the entire second floor of Building C as well as a portion of the first floor for their corporate office headquarters. It is a huge expansion for them as they will be occupying four times the amount of space they have in their current location in Portsmouth. ConvenientMD owns and operates 35 walk-in medical clinics in New Hampshire, Maine, and Massachusetts. The transaction was arranged on behalf of the landlord by Caitlin Burke and Kent White.
    • 121 Technology Drive: Sig Sauer Real Estate Inc. leased 123,890± SF of industrial space at 121 Technology Drive in Durham, NH, from 121 Tech Owner, LLC. This location will offer more room for Sig Sauer’s expansion. The transaction was arranged on behalf of the tenant by Kent White.
    • 5 Perkins Way: The owner of Buy New England Lobster, LLC, a wholesale lobster distribution company, purchased the 8-unit property on 5 Perkins Way in Newburyport, MA for $6.18 million. Two of the eight units will eventually serve as their new headquarters. The other six units are leased to other tenants, with one unit available for lease in October 2022. Caitlin Burke collaborated with the buyer for close to a year in a very competitive market. They considered both sale and lease options from Boston to Portsmouth along I-95. The transaction was arranged on behalf of the buyer by Caitlin Burke and on behalf of the seller by Austin Spinella of Coldwell Banker Realty.

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