People and Property: Real Estate and Construction News From Around NH
Four-building industrial portfolio sold for $69 million … and more
Lincoln Property Company, a Manchester-based real estate investment and property management company, has acquired a four-building industrial portfolio totaling approximately 593,000 square feet for $69 million. The properties –
5 Wentworth Drive in Hudson, 22 Cotton Rd. in Nashua, 1050 Perimeter Rd. in Manchester and 645 Harvey Rd. in Manchester – are 94 percent leased to 18 tenants, according to Cushman & Wakefield’s Dave Pergola, Brian Doherty, Pete Rogers, Tom Farrelly, Denis Dancoes, who represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also of Cushman & Wakefield, arranged the financing.
Pergola said that, “with numerous upgrades recently completed and strong occupancy history, the portfolio provides investors with a stable cash flow and diverse rent roll. The demand for industrial property in the Northeast market is incredibly high with relatively no supply of available product.”
Andrew Cushing of Grafton has joined the staff of the NH Preservation Allianceas community preservation services manager, providing assistance to local officials and property owners who are working to save, reuse or revitalize historic properties. Cushing previously has worked with the NH Bureau of Historic Sites, where he oversaw a portfolio of two dozen properties in the State Park system and he also worked for three years, from 2017 to 2020, at the Preservation Alliance in another role. In addition, he has worked for the Preservation Company, the Land and Community Heritage Investment Program, Maine Preservation and Preservation Timber Framing.
The law firm of Shaheen & Gordon has leased 7,000 square feet of office space at 191 Main St. in downtown Nashua, according to Mark Prolman of Prolman Realty Inc., who represented the lessor, Parsons Ventures, and assisted the firm. The 12,000-square-foot building was formerly occupied for many years by Bank of New Hampshire and subsequently TD Bank. It will undergo extensive interior buildout and exterior improvements, bringing the building and initial windows back to their original architectural design, said Rob Parsons, owner of Parsons Ventures. Renovations are being completed by Northpoint Construction.
Six Badger Peabody & Smith sales agents have obtained their Vermont licenses: Jason Cape, Jane Swett, Zach Hawkins, Steve Gorman, Doug Caulfield and Fran Matott. Cape, Swett, Hawkins and Matott all work out of the firm’s Littleton office. Gorman and Caulfield work out of the Franconia office.
Fellowship Housing Opportunities has announced that its first annual 5K Home Runwill take place on Saturday, Nov. 5, at Rollins Park in Concord. Registration will start at 9 a.m. and the race will begin at 10. Participants can run or walk the 5K course. The nonprofits mission is to provide high-quality affordable housing and client-centered behavioral health services to individuals with mental illness. It operates a licensed community residence in downtown Concord with 24 hour staffing, and six independent living apartment buildings in greater downtown Concord with subsidized and unsubsidized units serving over 60 residents.
North Branch Construction, Concord, recently completed a 22,000-square-foot interior demolition and office fit-up renovation for Community Bridges at its new location at 162 Pembroke Rd., Concord. In addition to a new site drainage system, sidewalks with a parking lot expansion, and landscaping, interior work included demolition of existing space, insulation, roofing, flooring, painting, and extensive upgrades to the existing fire protection system, mechanical and electrical systems. Upgrades to interior finishes were also completed.