Massachusetts firm adds 14 more industrial properties to New Hampshire portfolio
R.J. Kelly Co. completes $90 million acquisition of sites in six New Hampshire communities
R.J. Kelly Co. has completed the $90 million acquisition of 14 industrial properties across southern New Hampshire – the largest single acquisition in the Burlington, Mass.-based real estate firm’s 71-year history.
The properties have 34 different tenants and are located in in Hudson, Nashua, Salem, Londonderry, Manchester, and Amherst, NH. The acquisition closed in August.
The purchase is the latest industrial acquisition by the company, which last November bought the sprawling commercial property originally developed by printing press maker Goss International in 1986 off Route 155A in Durham
The latest acquisition, said Brandon Kelly, president and CEO of the firm, “adds significant synergies to our growing New Hampshire portfolio while providing an excellent opportunity for long-term stability and value creation for our investors.
Brockton, Mass.-based HarborOne Bank arranged financing for the deal with a syndicate of four other lenders, providing a total of $76.3 million for the acquisition. The five-bank syndicate also included Salem 5, Westfield Bank, Service Credit Union and Bank Newport.
“The volatile interest rate environment we are experiencing made it necessary to bring the right group of banks together in financing this important deal for R.J. Kelly Co.,” said Tristan Pierce, vice president for commercial real estate lending at HarborOne. “We believe our deep understanding of the needs and challenges in the commercial real estate sector allows us to provide the highest level of service to investors and asset owners, property managers, and developers.”