New Hampshire – Cushman & Wakefield announced today that the real estate services firm has arranged the sale of the Northeast Industrial & Flex Portfolio, a four-building portfolio totaling approximately 593,000 square feet in New Hampshire. The final sale price was $69,000,000.
Cushman & Wakefield’s Dave Pergola, Brian Doherty and Pete Rogers, with support from local leasing specialists Tom Farrelly and Denis Dancoes and Sue Ann Johnson, represented the seller, Albany Road Real Estate Partners, in the transaction. Tom Sullivan, also of Cushman & Wakefield, arranged the financing. The asset was acquired by Lincoln Property Company.
“With numerous upgrades recently completed and strong occupancy history, the portfolio provides investors with a stable cash flow and diverse rent roll,” said Pergola. “The demand for industrial property in the northeast market is incredibly high with relatively no supply of available product, making this a very exciting acquisition.”
The portfolio consists of four properties located at 5 Wentworth Drive in Hudson, 22 Cotton Road in Nashua, 1050 Perimeter Road and 645 Harvey Road in Manchester. The assets recently underwent capital improvements including façade and roof upgrades. The portfolio is 94% leased to 18 tenants.
The properties are located throughout New Hampshire surrounded by an array of retail and dining options. The assets feature highway access and are near the Manchester-Boston Regional Airport.
Photos of the portfolio can be downloaded here.