The Registry Review: Oct. 21, 2019

Page 1

Vol.41, No.42

www.thewarrengroup.com

W E E K O F M O N D A Y, O C T O B E R 2 1 , 2 0 1 9

THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group

WEEKLY SALES OF NOTE

TENANCY TROUBLES

Portsmouth 250 MARKET ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . $27,650,000 B: Port Owner Harbor LLC S: Harborside Assoc

Merrimack 7 CONTINENTAL BLVD. . . . . . . . . . . . . . . . . . . . . . . . $15,250,000 B: CP Merrimack LLC S: KRG Merrimack Village LLC Mtg: HarborOne Mortgage $12,331,000 Use: Commercial Building, Lot: 344211sf

Portsmouth

Oracle-Dyne Space Forms Big Test for Manchester Office Market How Long to Fill Largest Vacancy Since Great Recession? BY JAY FITZGERALD SPECIAL TO THE REGISTRY REVIEW

DEER ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,000,000 B: Port Harbor Land LLC S: North End Master Dev LP

Wolfeboro 72 PARKER ISLAND RD. . . . . . . . . . . . . . . . . . . . . . . . $3,200,000 B: Stephen J Fish Tr, Tr for Stephen J Fish RET S: GHA Realty Holdings Inc Use: 4 Bdrm Contemporary, Lot: 143748sf

Seabrook OCEAN BLVD L:6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,250,266 B: Mark Saab & Elisia Saab S: Patrick O Collins Tr, Tr for Diana W Riley RET

Durham 21 WINECELLAR RD. . . . . . . . . . . . . . . . . . . . . . . . . . $1,975,000 B: Thomas J Daly Tr, Tr for Thomas J Daly RET S: Chris Digiammarino & Dawn Digiammarino Use: Accessory Land Improved, Lot: 8170985sf

Wolfeboro 124 BROADSIDE RD . . . . . . . . . . . . . . . . . . . . . . . . . . $1,750,000 B: Jeanne Owens S: Christopher Peterson & Judith Peterson Mtg: American Ngbd Mtg Acc $1,400,000 Use: 3 Bdrm Contemporary, Lot: 21344sf

Weare 17 OIL MILL RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,420,000 B: Granite State Plumbing S: Northlake Holdings Inc Use: Industrial Use, Lot: 428630sf

Bedford 10 ARROW HEAD DR. . . . . . . . . . . . . . . . . . . . . . . . . . $1,300,000 B: John F Crowley & Jennifer Crowley S: Nadine M Ginsberg Tr, Tr for Nadine M Ginsberg T Mtg: Bangor Savings Bank $1,170,000 Use: 4 Bdrm Colonial, Lot: 90169sf

Pittsfield

T

he vibrancy of Manchester’s commercial real estate market – as well as its hightech sector – is facing its biggest test in more than 10 years. Oracle Corp., which three years ago bought Dyn Inc., one of the state’s most successful tech companies, plans to soon vacate about 100,000 square feet of office space in Manchester’s Millyard, as it lays off workers and effectively puts on the market one of the largest chunks of available space in the city since the 2008 recession. Most industry observers are cautiously optimistic that the Oracle-Dyn space at 150 Dow St., within the Millyard, should eventually be filled by other firms. The question is: How fast and by whom? The betting is that no single tenant is big enough to lay claim to the entire space, now being marketed by Colliers International, according to industry officials. More than likely, it will take a number of tenants to fill the 100,000 square feet. “They might have to carve it up a bit,” said Kyle York, the former general manager at Oracle-Dyn who left the company this past summer to form York IE, a strategic tech investment and consulting company in Manchester. York’s family owns commercial space throughout the city – and York said he knows of numerous firms in need of space.

28 CRESCENT ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1,210,333 B: Cutter Pittsfield 2 LLC S: F8 Tri Partners Realty Mtg: Crowd Lending Fund $800,000 Use: Apartment Building, Lot: 18295sf 30 MAIN ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,210,333 B: Cutter Pittsfield 2 LLC S: F8 Tri Partners Realty Mtg: Crowd Lending Fund $800,000 Use: Commercial Building, Lot: 3485sf

“The ecosystem is strong in Manchester, so I’m confident they’ll fill it,” York said of 150 Dow St.

Office Market Softest in State Others agree, but the commercial numbers in Manchester indicate that it may not be as quick a turnaround for the property’s owner, businessman Bill Binnie, as many hope. The office occupancy rate in Manchester

stood at about 84 percent entering this past summer, according to a second quarter report by Colliers International. That’s below the occupancy rates Colliers found in Concord, Nashua, Portsmouth and Dover, indicating that Manchester’s market is softer, though not ominously so. The total available class A and class B space in Manchester was nearly 600,000 square feet

New Hampshire Market Statistics 4,500 4500 8000

T

Both

7000

INDEX REAL ESTATE RECORDS

3,000 3000 3000

Refinance Purchase

4000 2000

TRANSACTIONS THRU

3 Belknap ���������������������������� 10/08/19 4 Carroll ���������������������������� 10/08/19 5 Cheshire ������������������������ 10/08/19 5 Coos �������������������������������� 10/08/19 6 Grafton ���������������������������� 10/08/19 7 Hillsborough ������������������ 10/08/19 9 Merrimack ���������������������� 10/08/19 10 Rockingham ������������������ 10/08/19 11 Strafford ������������������������ 10/08/19 13 Sullivan �������������������������� 10/08/19 13 Bankruptcies 13 Lien & Attachments 14 Foreclosure, Mortgagee & Other Lien Auctions 14 Requests for Bids & Proposals

1000

2,250 2250

Dec. Jan. Feb. MarchApril May June July Aug. Sept. Oct. Nov. Dec.

1,500 1500 750 750

00

Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Apr. Apr. May May June June July Jul. Aug. Aug. Aug. ’18

4000 4,000

6000

’19

BothMonth

Both

5000

Purchase

3200 3,200

3000 2000

Jan. 15

Refinance

Both

Aug. 2015

1,358

1,791

3,149

Aug. 2016

1,323

2,238

3,561

Aug. 2017

1,711

1,965

3,676

Aug. 2018

1,606

1,990

3,596

Aug. 2019

1,574

2,375

3,949

Refinance

1000

0

Purchase

Refinance

4000

Jan. 16

2400 2,400 Jan. 17

Jan. 18

Purchase

Jan. 19

1600 1,600 800 800

00

July 15 Aug.

Julu Aug.16

’15

’16

July Aug.17

’17

July Aug.18

July 19 Aug.

’18

’19

Continued on Page 16

TO OUR READERS

Number of Mortgages for Single-Family Homes 6000 3,750 3750 5000

PG COUNTY

With an 84 percent occupancy rate, the Manchester office market could find it challenging to quickly fill 100,000 square feet of space opening up as Oracle Corp. appears poised to vacate its Millyard offices.

❑ Statistics based on single-family home sales ❑ Source: The Warren Group

©2019 The Warren Group Inc. All rights reserved. No part of this publication may be reproduced without the written consent of the publisher.

he Registry Review is online! After more than 40 years as a printed newspaper, all of the real estate information you rely on is now available at Both www.theregistryreview.com. (There are no plans to cease publication of the Refinance newspaper.) All current subscribers Purchase have complimentary access to the website. When you first visit the site, please click the “forgot password” button to set up your account. If you have any problems please call or email customer service at 617-896-5388 or customerservice@thewarrengroup.com. If you have any feedback or would like to contribute content, please email editorial@ thewarrengroup.com. Sincerely, Cassidy Norton Associate Publisher The Warren Group


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