People and Property: Real Estate and Construction News From Around NH

99 Hanover Street, Manchester

Stebbins Commercial Properties announces recent sales

Michael F. Reed, president of Stebbins Commercial Properties LLC, announced the lease of 4,000 square feet at 99 Hanover Street, Manchester, NH, from 99 Hanover Street LLC, Manchester, NH, to William E. Brennan PA of Manchester, NH.

Mike Reed from Stebbins Commercial Properties LLC represented the landlord and assisted the tenant in the transaction.

In addition, Mike Reed also announced the sale of  a 7,500-square-foot office building at 287 Lawrence Road, Salem, from DOT CUBE LLC, Windham, NH, to World Mission Society Mission of God of New Windsor, NY.

Mike Reed of Stebbins Commercial Properties LLC represented the buyer, and Bob James of Keller Williams Gateway Realty represented the seller in this transaction. According to the Registry of Deeds, the sale price was $1.2 million.

For more information on this transaction or other properties for sale or lease, please contact Michael F. Reed at Stebbins Commercial Properties LLC at (603) 669-6323 x104.

40 Pleasant Street, Portsmouth

Historic downtown Portsmouth office building sells

Chinburg Development, LLC purchased 40 Pleasant Street from Allison Street Holdings, LLC. The 24,237-square-foot building sold for $5,450,000 in a transaction arranged by Kent White and Caitlin Burke of The Boulos Company.

The seller hired Boulos in 2023 to lease the second and third floors of the building. Within six months, Boulos leased 100% of the building and after the seller made modern updates where needed while carefully preserving original details, 40 Pleasant Street was listed for sale.

Built in 1860, the building attracted a lot of interest for its unique features, such as high ceilings, curved brick and large windows. However, hitting the market at a time of peak interest rates made it hard for even the most qualified buyers to get financing. The Boulos team ultimately found the right buyer that could make it work and achieve a sale price that will likely be the highest this year in downtown Portsmouth.

The city of Manchester has updated its plans to build 0.68 miles of newly paved rail trail called Central Manchester Rail Trail running northerly along the abandoned rail bed from where the South Manchester Rail Trail terminates at Queen City Avenue. The new design will offer easier access for pedestrians and bicyclists from Elm Street and Willow Street, with a raised bed and a more gradual slope from the streets. Pictured here is a rendering of new rail trail facing south to Queen City Avenue.

RAISE Manchester improves pedestrian experience with updated rail trail plans, discontinues Gas Street extension

The city of Manchester has updated its plans to build 0.68 miles of newly paved rail trail running northerly along the abandoned rail bed from where the South Manchester Rail Trail terminates at Queen City Avenue. The new design will offer easier access for pedestrians and bicyclists from Elm Street and Willow Street, with a raised bed and a more gradual slope from the streets. Additionally, the city has decided not to move forward with plans to build a previously proposed roadway connecting Elm Street to Willow Street, called Gas Street Extension. Both were originally-proposed components of the federally-funded RAISE Manchester: Connecting Communities transportation infrastructure improvement project.

The city is also unveiling a new name for the trail: Central Manchester Rail Trail. The name reflects not only its relatively central location in the city, the trail will also serve as a central intersection to some of New Hampshire’s longest rail trails, such as the southern half of the Granite State Rail Trail, the east-west Rockingham Recreational Trail and Piscataquog Rail Trail. Construction projects to extend some of these trails are already underway.

“The Central Manchester Rail Trail along with other components of the RAISE Manchester project align with the city’s commitment to foster multi-modal transportation options and pedestrian-friendly connectivity, particularly for the neighborhoods where residents have the fewest vehicles and transportation options,” said RAISE Manchester Project Manager Kristen Clarke, PE, PTOE, traffic engineer for the Manchester Department of Public Works. “This project not only creates a vital link between disconnected areas of the city, it also contributes to the broader network of rail trails across New Hampshire, offering residents and visitors alike an opportunity to explore our beautiful state while promoting active lifestyles.”

The city had originally included in its RAISE grant application – and initial designs – plans to build the Gas Street Extension roadway to be located immediately south of the Factory on Willow building, which also featured a roughly 70-foot bridge for motor vehicle and pedestrian traffic over the rail trail. These plans were presented to the public in December 2022 and subsequent outreach efforts with city residents. The city ultimately decided to remove this element from the grant project due to financial considerations, the discovery of poor soil conditions and property impacts. However, this does not preclude a future vehicular connection somewhere between Elm Street and Willow Street if there is available funding and community support.

The Central Manchester Rail Trail provides the following benefits:

• Constructs an additional 0.68 miles of the Granite State Rail Trail that, when complete, will connect Lebanon to Salem across approximately 120 miles
• Creates first ever pedestrian and bicycle connection between north and south sections of the Central Business District
• Paves path for pedestrians and bicyclists with access to adjacent parcels and connectivity to existing and future rail trails
• Builds closest pedestrian trail to the Manchester neighborhoods with the lowest vehicles per capita
• Cleans up and completes a refuse-ridden and overgrown section of abandoned rail, which has become a hidden zone of undesirable behavior
• Improves traffic flow with adaptive traffic signal control and enhanced detection at five traffic signals on Elm Street

Additional updates will be shared as the project makes its way through the city, state and federal approval process.

For more information about the RAISE Manchester: Connecting Communities project, visit www.raisemanchester.org.