News: Northern New England
Posted: July 5, 2024
Duffy of BHHS Verani Realty brokers 40,000 s/f Hilltop Business Center sale for $3.6 million
Londonderry, NH Berkshire Hathaway HomeServices Verani Realty’s commercial division negotiated the sale of Hilltop Business Center at 136 Harvey Rd. for $3.6 million on April 16, 2024. The property, owned and maintained by Woodhaven Limited Partnership since 1997, was sold to HBC, LLC.
The 40,000 s/f, 14-unit property consists of two buildings on 3.5 acres overlooking Manchester Boston Regional Airport.
“Tom Duffy did a terrific job marketing this and bringing us offers,” said Frank Mastrocola Jr., a principal at Woodhaven. “After 25 years of rewarding ownership, we are selling our last property in the New Hampshire portfolio. We had a great run here!”
“We provided a full blown marketing campaign because investments in the office sector have been viewed as less desirable. Some of these properties are selling for 50% of their replacement costs, even with 90% occupancy. The long-term value is there for investors. We received six offers over a 10 week marketing campaign,” said Duffy, who represented the seller. The buyer was unrepresented.
Tags:
Northern New England
MORE FROM Northern New England
Northern New England
November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash
While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
Columns and Thought Leadership
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.
Residential is here to untie the office space doom loop - by Thomas House
The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
The Greater Portland industrial mid-year market update - by Nate Roop
The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Interest rates and inflation - by Matthew Bacon
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.