Photo courtesy of Newmark

A brand-new distribution center in Portsmouth has been sold by its developer. 

An affiliate of prolific local firm The Kane Company sold its leasehold at 100 New Hampshire Ave. in the Pease Tradeport to an LLC controlled by Greenland, New Hampshire-based investor James Kenny for $24.5 million according to commercial brokerage Newmark, which arranged the sale. 

Bangor Savings Bank provided an $18.37 million mortgage, filed in the Rockingham Registry of deeds on Nov. 12.  

An affiliate of The Kane Company developed a 102,059-square-foot distribution center on the site in 2025, using a $14.31 million construction loan from Vermont-based Community Bank. The development firm had originally pitched Pease Development Authority leaders on an advanced manufacturing facility before capital looking to invest in such assets dried up in 2023. 

The warehouse is fully leased to two tenants: an HCA Healthcare subsidiary and Georgia-Pacific, which both utilize the property for mission-critical supplies for their respective local operations. 

Newmark Executive Managing Director Tyler McGrail represented the seller and procured the buyer. Newmark said he was supported by the brokerage’s co-head of U.S. capital markets Robert Griffin, Boston capital markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director Allie Percoco. 

“100 New Hampshire Avenue is one of the newest industrial buildings along New Hampshire’s Seacoast, where such opportunities are increasingly rare,” McGrail said in a statement. “The first-class facility further benefits from expansion potential, creditworthy tenancy and an exceptional location in the region’s most vibrant economic hub.”