Seacoast Commercial Real Estate Transactions: 2023 Update

Katherine Gemmecke  /   February 22, 2024

2023 Seacoast Commercial Real Estate Transactions



By Katherine Gemmecke | Senior Associate




Much like everyone in the commercial real estate industry, the Seacoast New Hampshire team faced various challenges in 2023, primarily stemming from limited inventory and fluctuating interest rates. Nevertheless, our team showcased both creativity and persistence resulting in a strong finish to the year, marked by the successful closure of several noteworthy deals. Here’s a look at a few of the standout deals we secured during the year:

1 Hampton Road, Exeter, NH:

Sendero Capital and Angelo Gordon purchased an 80,384± SF medical office building at 1 Hampton Road in Exeter, New Hampshire from Banks Rock, LLC for $13,500,000. Kent White and Caitlin Burke, had been handling the leasing of the property for years and played a critical role in preparing the property for a sale. Presently, medical tenants occupy 90% of the building. The buyers intend to fill the entire property with medical tenants, achieving 100% occupancy. Additionally, they plan to invest in upgrading the building’s exterior and mechanical systems, elevating it to Class A standards. The transaction was arranged on behalf of the seller by Kent White and Caitlin Burke.

Fresh River Road, Lots 5 & 6, Epping, NH:

Fresh River Road, Lots 5 and 6 in Epping, New Hampshire, have been sold to IBEW Local Union 104 OSHE Trust Fund and IBEW Local Union 104 OSHE Building Corporation. These two lots together comprise a total of 22.4± acres and sold for a total of $5,000,000. Christian Stallkamp and Katherine Gemmecke arranged these transactions on behalf of the seller, Route 125 & Route 101 Investments.

829-833 Central Avenue, Dover, NH:

GVL Development, LLC purchased 829-833 Central Avenue in Dover, New Hampshire from Hannaford Bros Co. for $3,700,000. The group purchased the property for potential redevelopment. The transaction was arranged by Kent White, Drew Sigfridson, SIOR, and Caitlin Burke.

165 Deer Street, Lot 3, Portsmouth, NH:

Baywood Hotels, a leading hotel management and development company, purchased 165 Deer Street, Lot 3 from Foundry Place Hotel, LLC for $4,250,000. The property location is ideally situated in the heart of downtown Portsmouth off Maplewood Avenue adjacent to the Foundry Place Garage. Baywood plans to construct a new five-story Hyatt Place hotel on the property, boasting 117± modern rooms, a 51-space parking garage, and a ground-level café. Hotel guests will have a plethora of amenities nearby within walking distance. The proposed hotel is just one of several upcoming developments in downtown Portsmouth, reflecting the city’s growing and vibrant tourism community. The transaction was arranged on behalf of the seller by Christian Stallkamp

44 Industrial Park Drive, Dover, NH:

A confidential warehouse user leased 32,000± SF of warehouse space at 44 Industrial Park Drive in Dover, New Hampshire from 44 Industrial Drive Owner, LLC. The tenant is utilizing the space for warehouse distribution of its product for the Seacoast region. The transaction was arranged on behalf of the tenant by Katherine Gemmecke and Christian Stallkamp and Robin Dodson of Cushman & Wakefield.

West End Yards, 400 US Route 1 Bypass, Portsmouth, NH:

Pet Medic Urgent Care leased 4,000± SF of retail space at the new West End Yards development in Portsmouth, New Hampshire from the landlord, Cate Street Development, LLC. This transaction was arranged on behalf of the landlord by Kent White and Caitlin Burke. West End Yards includes 252 apartments, and retail tenants with over 100 employees. The property is situated just off the Route 1 Bypass, near the Portsmouth Traffic Circle. The team completed their leasing efforts at West End Yards in 2023 with notable businesses Laney and Lu, Buffalo Wild Wings, F45 Fitness, and Banya.



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