BOSTON– CBRE/New England announced HCOP Merrimack, LLC sold 21 Manchester Street in Heron Cove Office Business Park in Merrimack, New Hampshire. The ±41,000-square-foot Class A building is part of the three-building Heron Cove Office Park, which is situated on 15 acres. The 21 Manchester Street property was sold with 4.12 acres.
“Our business plan always contemplated the possibility of carving out this building for a potential owner/user sale,” said Erika Clarke, Vice President of Asset Management for Novaya. “The market does not have many options for tenants seeking large blocks of space and we were confident that the local amenity offerings and ease of access to highways would make this location ideal for companies looking to secure employees from both Massachusetts and New Hampshire.” The two remaining buildings, 10 Al Paul and 25 Manchester Street, are 93% occupied.
CBRE/NE First Vice President Roger Dieker and Vice President Michael Tamposi represented the seller, HCOP Merrimack, LLC, a joint venture between Novaya Real Estate Ventures and Bradstreet & Chandler. The private commercial property investors have acquired 31 buildings totaling over 2.9 million square feet of office, retail and industrial space.
“This was a significant sale for our client” noted Roger Dieker. “Although we were not actively marketing the building for sale, the building was ideal for a full-building owner/user and a sale dramatically enhanced the overall investment return for our client.”
JLL’s Michael Ciummei and Brian Tisbert represented the buyer.