Fully leased, 56,000-square-foot property occupied by three educational institutions attracts out-of-state buyer.
MANCHESTER, N.H. — Marcus & Millichap has arranged the $3.9 million sale of a multi-tenant commercial building in downtown Manchester, bringing new ownership to a fully occupied property leased by three educational institutions.
The property, located at 470 Pine St., encompasses approximately 56,000 square feet across three stories and sits on a 0.76-acre site. Originally constructed in 1924 as a mill, the brick building was later converted into an educational facility and is currently fully leased.
“By exposing this opportunity to investors across the country, we were able to identify an out-of-state group that outperformed the local New Hampshire market,” said Luigi Lessa, director of investments in Marcus & Millichap’s Boston office. “470 Pine St. is a prime example of the out-of-state capital targeting New Hampshire to capitalize on one of the strongest rent growth and absorption markets in New England.”
Lessa and Mattias Edenkrans of Marcus & Millichap, in association with Thomas Shihadeh, the firm’s broker of record in New Hampshire, exclusively marketed the property on behalf of the seller, TAD, LLC, and procured the buyer, Mike Mita.
The building is occupied by Kreiva Academy Public Charter School, Southern New Hampshire University, and the International Institute of New England, a nonprofit organization that provides education and support services to immigrant and refugee communities.
Located adjacent to Pulaski Park in downtown Manchester, the property is within walking distance of restaurants, retail businesses, and residential developments. It also offers convenient access to Interstate 293, U.S. Route 3, and public transportation.
Marcus & Millichap, a commercial real estate brokerage specializing in investment sales, financing, research, and advisory services, said the transaction reflects continued investor interest in New Hampshire commercial properties amid strong market fundamentals.
