News: Front Section
Posted: April 6, 2018
Stallkamp and Burke of CBRE | Portsmouth handle $3.4 million in sales
Portsmouth, NH CBRE | Portsmouth completed the $3.4 million sale of two commercial buildings as part of a portfolio sale. Christian Stallkamp and Caitlin Burke of CBRE | Portsmouth were the listing brokers for both 19-23 Pleasant St. Unit 1 in Newburyport, Mass., 54 Daniel St. and 88 Penhallow St. in Portsmouth.
19-23 Pleasant St. Unit 1 consists of a 6,137 s/f retail condominium and sold for $1.475 million. The buyer was represented by Alissa Christie of Bentley’s Newburyport. The marketing process involved targeting a wide range of potential buyers from restauranteurs to real estate investors. The new buyers have not yet announced their plans for the property.
54 Daniel St. and 88 Penhallow St. consist of a total of 5,717 s/f of mixed use with TJ’s Restaurant on the first floor and residential apartments upstairs. The building sold for $1.925 million. Andy Fleisher of NAI | The Norwood Group represented the buyer. TJ’s Restaurant will remain a tenant at the property. The property generated an immense amount of interest that warranted implementing a call for offers. CBRE | Portsmouth worked with the seller to identify the highest and best offer.
“Our seller had specific goals in mind about price, sale timeline and purchase and sale contingencies. By implementing a call for offers, we were able to collect and analyze all offers and help our client make the best decision in a timely manner,” said Stallkamp.
“In addition to a call for offers, we also scheduled a day strictly for touring the property. Doing so helped manage the high level of interest we had and limited the disruption for the current tenants,” said Burke.
CBRE | Portsmouth is an affiliate office of CBRE Group, Inc. This strategic partnership combined national resources with regional control and ownership to offer our clients a balanced service platform. CBRE | Portsmouth services the Seacoast and I-95 corridor and works closely with nearby CBRE | New England offices in Manchester, New Hampshire, Portland, Maine, Boston, Massachusetts, New Haven, Connecticut, Hartford, Connecticut and Providence, Rhode Island.
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