News: Northern New England

Peck of Horvath & Tremblay arranges sale of 18-unit multi-family portfolio for $2.65 million

Manchester, NH Will Peck of Horvath & Tremblay has arranged the sale of an 18-unit multi-family portfolio. The transaction was completed at a sale price of $2.65 million. The sale represents a per unit price of $147,222.

Amory & Beech is located at 227 and 237 Amory St. and 509 Beech St. The portfolio consists of three, three-story multi-family buildings and contains 18 residential units comprised of six, one-bedroom/one-bathroom units, and 12 two-bedroom/one-bathroom units with 14,536 s/f of living area in 21,621 s/f of total gross area on a combined 0.29 acres. The portfolio has below market rents and offers the opportunity to drive rental rates in an urban-infill, high demand/supply-constrained residential market through programmatic upgrades to the remaining unrenovated unit interiors. The properties are well located within the city’s downtown and provide many walkable amenities (shopping, dining, and entertainment) and access to SNHU Arena, several downtown parks (Veteran’s Memorial Park, Bronstein Park, and Victory Park), the banks of the Merrimack River, and area highways.

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Northern New England

PROCON and Hitchiner break ground on 57,000 s/f shared services operations facility

Milford, NH Hitchiner, in partnership with PROCON’s integrated design and construction team, has officially broken ground on a new 57,000 s/f shared services operations facility at its Elm St. campus. This building will house value-added services used across Hitchiner’s various business units,
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Columns and Thought Leadership
The Greater Portland industrial mid-year market update - by Nate Roop

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
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

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. 

Interest rates and inflation - by Matthew Bacon

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.

Residential is here to untie the office space doom loop - by Thomas House

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