2022 proved to be another busy year with lots of activity. The lack of inventory being “on the market” did not slow transactions down. Investors and users were both busy acquiring off-market properties. We have highlighted a sample of transactions from our portfolio of sales and leases throughout this past year below. Demand was significant for warehouse and industrial properties throughout Southern New Hampshire.
2022 Transaction Highlights for Manchester, Nashua & Salem, NH:
RJ Kelly Co. purchased a portfolio of 22 properties in the greater Nashua and Manchester area. RJ Kelly Co. was thrilled to add these to their investment portfolio, as the acquisition fits their long-term investment strategy. “This acquisition adds significant synergies to our growing NH portfolio while providing an excellent opportunity for long term stability and value creation for our investors,” said Brandon Kelly, President and CEO of R.J. Kelly Co.
Chris Healey of The Boulos Company represented Foxfield LLC in the off-market purchase of 21 Northwestern Drive for $14.9 million. The 100,450± SF industrial/flex property has 15.26± acres and is fully occupied by four tenants. “This was an excellent opportunity to buy a facility with a strong roster of tenants in a dynamic location,” said Managing Partner Jeff Theobald. “We’re excited to see the Southern New Hampshire industrial market continue to develop over the coming years.”
Roger Dieker assisted EC NH Real Estate Holdings, Inc. in the acquisition of the former Sears retail location at the Pheasant Lane Mall in Nashua NH. The 180,000± SF property on 6.84± acres traded at $14 million. As retail continues to adjust to a post-Covid landscape, many large retail facilities are finding other uses in the entertainment and hospitality sectors.
The former Walmart in Bedford continued on its conversion path from “Big Box Retail” with the sale to Wirebelt as they relocated from their 47,181± SF Londonderry facility near the ManchesterBoston Regional Airport to the 123,430± SF facility to accommodate their continued growth. Mike Tamposi represented the Seller RJ Kelly Co.
The 875 Holt Avenue facility in the Manchester Industrial Park had been converted to office 20 years ago and housed the New Hampshire call center for Consolidated Communications and it’s many predecessors. Johnstone Supply’s growth provided the opportunity to convert the 55,575± SF facility back to industrial use in the current redhot industrial market with lagging interest in large office properties. Chris Healey from the Boulos Manchester office, Caitlin Burke from the Boulos Portsmouth, NH office, and Derek Miller from the Boulos Portland office represented Johnstone Supply
Sanborn Head and Associates used their upcoming 2023 lease expirations on 22,000± SF Concord, NH office and their 15,000± SF Westford, MA location to embrace the new work from home model that have reduced 8-5 in-office attendance to take 25,000± SF in the central location of Bedford NH. Roger Dieker represented Sanborn Head and Associates.
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