PORTSMOUTH, NH – The Kane Company Inc. (Kane) announced today it has acquired 14 Central Park Drive in Hooksett, NH – a 120,600 square foot Class A office building with direct access to I-93 and I-293.
The building houses premier tenants United Healthcare Services Inc. and Merchants Automotive Group, and sits on a 15.07-acre site that contains over 600 parking spaces. Access to key centers of commerce is ideal: Manchester, NH is a 10-minute drive; Concord, NH is 20 minutes and Nashua, NH a 30-minute drive. In neighboring states Boston, MA is a 60-minute drive and Portland, ME is less than two hours.
Brian R. Doherty, Thomas Farrelly and Tom Sullivan at Cushman and Wakefield brokered the acquisition on behalf of the purchaser.
“We continue to identify and execute on high-value acquisition opportunities in this market – despite a significant black swan event in March that continues to reverberate across economic sectors,” said John Kane, Principal with The Kane Company, Inc. “We always value premier tenants when looking at CRE deals, because they are an indicator of strength in a property’s market profile. United Healthcare and Merchants Automotive are two strong anchors that made this acquisition particularly attractive.”
The property is 100-perent leased with a strong weighted average lease term (WALT) of six years, as well as excellent amenities in close proximity such as Market Basket, Target, Kohl’s, Regal Cinemas and Walmart. The building has also undergone approximately $1.4 million in recent capital improvements.
“This an excellent property with strong financials positioned right at the crossroads of New Hampshire’s most active economic centers,” said Tom Farrelly, Executive Director at Cushman & Wakefield. “We believe it is a very strong asset for The Kane Company Inc. to hold long-term, and were pleased that our team could broker this acquisition.”