People and Property: Real Estate and Construction News From Around NH
Manchester rents continue to rise, Procon wins national award … and more
Manchester rents jumped 1.4 percent in March
Rents in Manchester continue to climb, with a 1.4 percent increase in March – far faster than the national average 0.5 percent increase – according to a report from Apartment List.
The report finds that year-over-year rent growth in Manchester now stands at 7.2 percent, compared to 1.2 percent at this time last year. Overall, rents in Manchester are up by a whopping 39.3 percent since the start of the pandemic in March 2020.
Median rents in Manchester currently stand at $1,329 for a one-bedroom apartment and $1,773 for a two-bedroom unit.
Nationwide, the rental market seems to be returning to pre-pandemic conditions, Apartment List reports. Price growth in March was is similar to that of March 2018 and March 2019, and apartment occupancy is also normalizing, the report says, noting signs that
prices should continue to rise for the next several months, but a healthier supply-and-demand balance could prevent the runaway rent inflation seen during the height of the pandemic in 2021 and 2022.
Procon receives national construction awards
Hooksett-based Procon’s design-build project, the Tufts University Joyce Cummings Center in Medford, Mass., has been awarded a national Excellence in Construction Eagle Award and National Design-Build Award, presented during Associated Builders and Contractors convention in Orlando, Fla. on March 16.
The awards honor general and specialty contractors for world-class, safe and innovative construction projects from across the country.
Procon designed and built the 150,000-square-foot, seven-story Cummings Center, which houses classrooms, seminar rooms, meeting space, research labs, offices and a 160-seat auditorium.
Yankee Barn Homes has announced that Kerri Post has been named chief operating officer, the first woman to hold a top post at the Grantham company.
Post’s appointment follows the retirement of Yankee Barn Homes’ CEO and owner Paul Marinelli, who led the company for 11 years along with co-owner and creative director Jeffrey Rosen. Post has been with Yankee Barn Homes since 2014.
During her time at Yankee Barn, Post led the company to break out of the its traditional post-and-beam barn home mold and move toward designing homes in a more contemporary style, the company said.
Abel certified as IREM instructor
Brad Abel, Colliers’ vice president of real estate management services in New Hampshire has been accepted as an official Institute of Real Estate Management instructor. IREM is the organization that awards the Commercial Property Manager designation, which Abel received in 2010.
Abel now teaches Finance 402 and Ethics 800 for IREM and oversees the day-to-day operations of Colliers’ management portfolio, which consists of privately held, corporate, and institutionally owned real estate assets located throughout New Hampshire, Massachusetts, Vermont, Maine, and Rhode Island.
Groundbreaking held for Trinity High School project
A groundbreaking attended by over 100 guests marked the start of
work on an expansion and renovation project that will unite Trinity High School and St. Joseph Regional Junior High School in Manchester in one location.
More than 100 guests, including Diocesan Catholic schools and administration staff, clergy members, Manchester city officials, current students and alumni participated in the ceremony.
“The 45,000-square-foot addition and enhancement to our current facility will allow us to be more economically efficient, have increased safety and security, advanced technology throughout our classrooms, a media center, a new robotics lab, science labs and so much more,” said Stanton explained. “These will add more opportunities to our curriculum tracking and extended learning opportunities, brining learning to life with our student success model to hundreds of more families per year,” said Nathan Stanton, president of Trinity High School and St. Joseph Regional Junior High School.
Kyle Barker of Barker Architects in Concord developed the project’s schematic design and Bonnette Page & Stone Corp is serving as construction manager. Construction of Phase I is expected to be completed by fall 2024. The entire project, including Phase II completion, is planned for fall 2025.
Loeb School sells E. Industrial Park Drive building
Deanna Caron, associate broker at Stebbins Commercial Properties, has announced the sale of 749 E. Industrial Park Drive in Manchester by The Nackey S. Loeb School of Communications Inc. to Applied Behavioral Connections Inc. Sale price of the 23,439-square-foot building was $1.59 million.
Caron represented the seller and assisted the buyer in this transaction. The Buyer is a clinic-based therapy company that provides services to children and adolescents on the autism spectrum.
Dick’s Sporting Goods seeking expansion of Salem store
A conceptual plan submitted by Dick’s Sporting Goods, located at the Rockingham Mall, proposes a turf field and track in the old Sears parking lot as part of a new interactive store experience being rolled out across the country.
The sporting goods company wants to renovate and redevelop its current location at 77 Rockingham Park Blvd. for the experimental concept, called “House of Sport.”
Pending approval, the project could be completed by July 2024, the Lawrence Eagle-Tribune reported.
There are currently three operational House of Sport locations. The closest is in Rochester, N.Y., with another planned in Boston. The stores have interactive spaces like turf fields, tracks, rock walls, putting greens and batting cages.
House of Sport locations were created “as a place where you can fuel your passions, try new things and connect with your community,” according to a statement on the Dick’s Sporting Goods website.
Merrimack supports Canterbury Shaker Village effort
The Merrimack donates to Canterbury Shaker Village roof project
Merrimack County Savings Bank has donated $10,000 to support Canterbury Shaker Village’s effort raise funds to replace damaged the roof of the historic Dwelling House to prevent further water damage to the 18th century structure.
The nonprofit anticipates replacing the roof in the spring of 2023, however, they are still working to secure $78,000 more in contributions to cover contractor costs.