News: Northern New England
Posted: July 5, 2024
Rohrer and Martin of Colliers sell 51,216 s/f warehouse/manufacturing building
Manchester, NH Colliers brokered the sale of 299 Pepsi Rd., a 51,216 s/f warehouse/manufacturing building. Bob Rohrer and Doug Martin from Colliers’ Manchester office represented the seller, CV RE LLC, an entity associated with Café Valley and Swander Pace Capital. Ellen Garthoff of Stubblebine Company represented the buyer, JARE LLC, an entity associated with Lilly’s Fresh Pasta.
Café Valley Inc., a Swander Pace Capital portfolio company that manufactures and distributes baked goods for the in-store bakery and foodservice channels, acquired the assets of the local food processing company, Freed’s Bakery, located at 299 Pepsi Rd. in January 2023.
Swander Pace Capital has a relationship with Colliers, having worked with the company in both the US and Canada. The firm enlisted Colliers to assist in the disposition of the Manchester facility. Rohrer and Martin marketed the property and secured a full-price offer.
“We were pleased with Colliers’ ability to navigate the market and secure a full-price offer for the Manchester facility,” said Amy Li, vice president of Swander Pace Capital. “Their expertise and dedication greatly enhanced our ability to complete this transaction. We are confident that Lilly’s Fresh Pasta will make excellent use of the property.”
Lilly’s Fresh Pasta, a family-owned and operated business since 1986, is known for its pasta products. Currently headquartered in Everett, Mass., the company is expanding its operations with the purchase of this NH facility, with further plans for growth. Lilly’s is a preferred vendor to many of Boston’s North End finest restaurants.
The property at 299 Pepsi Rd. is a 51,216 s/f warehouse/manufacturing building situated on 18.91 acres in one of Manchester’s largest industrial parks. Located about a mile from I-93, Exit 6, and only 10 minutes from Manchester-Boston Regional Airport, the property also offers access to the Massachusetts border, being just 20 minutes away. This location attracted interest from both owner-users and investors.
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
Quick Hits
Columns and Thought Leadership
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.
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
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.