News: Front Section
Posted: November 27, 2015
HCOP Merrimack, LLC sells 41,000 s/f building at Heron Cove Office Business Park for $3.85 million
21 Manchester Street - Merrimack, NHMerrimack, NH According to CBRE/New England, HCOP Merrimack, LLC sold 21 Manchester St. in Heron Cove Office Business Park for $3.85 million. The 41,000 s/f class A building is part of the three-building Heron Cove Office Park, which is situated on 15 acres. The 21 Manchester St. property was sold with 4.12 acres.
CBRE/NE first vice president Roger Dieker and vice president Michael Tamposi represented the seller, HCOP Merrimack, LLC, a joint venture between Novaya Real Estate Ventures and Bradstreet & Chandler. The private commercial property investors have acquired 31 buildings totaling over 2.9 million s/f of office, retail and industrial space.JLL’s Michael Ciummei and Brian Tisbert represented the buyer.
“Our business plan always contemplated the possibility of carving out this building for a potential owner/user sale,” said Erika Clarke, vice president of asset management for Novaya. “The market does not have many options for tenants seeking large blocks of space and we were confident that the local amenity offerings and ease of access to highways would make this location ideal for companies looking to secure employees from both Massachusetts and New Hampshire.” The two remaining buildings, 10 Al Paul and 25 Manchester St., are 93% occupied.
Roger Dieker, CBRE/New England
Michael Tamposi, CBRE/New England
“This was a significant sale for our client” said Dieker. “Although we were not actively marketing the building for sale, the building was ideal for a full-building owner/user and a sale dramatically enhanced the overall investment return for our client.”
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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