One of New Hampshire’s biggest commercial landlords has sold an industrial portfolio of almost 600,000 square feet spread across Manchester, Nashua and Hudson for almost $60 million.
Boston-based Albany Road Real Estate Partners, which also owns property in Tennessee, Georgia, North and South Carolina as well as Texas, bought the 593,026-square-foot multi-tenant industrial flex portfolio from Manchester-based Brady Sullivan Properties for $58.5 million.
The Cushman & Wakefield New Hampshire team of Executive Director Tom Farrelly, Senior Director Denis Dancoes and Directro Sue Ann Johnson partnered with the Cushman & Wakefield Boston Capital Markets team of broker Dave Pergola and Executive Managing Directro Brian Doherty to represent Brady Sullivan in the sale.. Because of its size and value, the portfolio was marketed to investors nation-wide.
The four-building, 96.8 percent-leased portfolio received significant interest nationally and produced more than a dozen offers from institutional firms, regional funds and high net worth investors, Cushman & Wakefield said in a statement. The deal represents one of the largest portfolios ever sold in New Hampshire. Industrial vacancy rates have been tightening across Rockingham and Hillsborough counties, according to a third-quarter report from Colliers International, driving up value and pushing rents in some submarkets high enough to support new construction in some submarkets, as The Registry Review reported earlier this year. In particular, the area around the Manchester-Boston Regional Airport has attracted over 2 million square feet of industrial development in recent years.
“We felt like it was a great time to sell,” Arthur Sullivan, principal at Brady Sullivan, said in a statement. “We had owned them for a while and maximized the value of these particular properties. It made sense for us to put them on the market now.”
The portfolio consists of two Manchester properties: Manchester Air Center a 145,675-square-foot, single-story building and Brady Sullivan Airport Center, a 2-story 151,484-square-foot manufacturing property, as well as 5 Wentworth Drive in Hudson and Birch Pond Business Center at 22 Cotton Road in Nashua.
“Investors really liked the painstakingly thorough job Brady Sullivan did of redeveloping and repositioning these trophy buildings,” Farrelly said in a statement. “They also liked the idea of investing in a robust commercial real estate market in a state that has no sales, income or inventory tax.”
Cushman & Wakefield has been retained by Albany Road for the leasing and will continue to represent these properties for the buyer