A three-building warehouse complex in Manchester has been sold to a Boston commercial real estate investor.
An LLC controlled by Manchester real estate developers and investors Brady Sullivan Properties sold the 4.25-acre site at 75-95 Faltin Drive for $7.8 million according to a Hillsborough County deed.
Built in 1988, according to public records, the three buildings totaling 53,200 square feet were originally part of the Osram Sylvania lightbulb factory, which closed in 2014.
Brady Sullivan purchased the larger site in a joint venture with the Anagnost Companies, redeveloping part of it into a 300,000-square-foot retail center. The factory’s warehouses, with 16-foot clear ceiling heights and multiple loading docks, were retained as a separate asset.
Boston-based Atlantic Capital Partners said it represented Brady Sullivan and the buyer, Boston-based investor Chestnut Realty Management.
“With the buyers’ long-term horizon, the asset fits perfectly into their investment thesis of acquiring durable cash flow with the ability to upgrade the tenancy over time,” Atlantic’s head of capital markets Justin Smith said in a statement.
The property is set up to accommodate multiple tenants.
