Vol.41, No.52
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W E E K O F M O N D A Y, D E C E M B E R 3 0 , 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
YEAR IN REVIEW
Industrial Real Estate, Once Forgotten, Comes Roaring Back
Keene RAILROAD ST L:E . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,440,000 B: MFC Land Co Inc S: Cypress St Dev LLC
Hampton TIMBER SWAMP RD. . . . . . . . . . . . . . . . . . . . . . . . . . $2,650,000 B: Chinburg Development LLC S: Asset Title Holdings Co Mtg: Bank of New Hampshire $4,484,000
Observers Expect Strong Performance in 2020 BY JAY FITZGERALD
Rye
SPECIAL TO THE REGISTRY REVIEW
M
ultifamily housing and office properties performed well in 2019, as the economy continued to grow and employment increased across the Granite State. But the commercial real estate market had an unlikely hero, an old friend who many had written off decades ago as a sector almost not worth following anymore: industrial properties. And looking ahead, most industry observers see roughly the same thing unfolding in 2020, with industrial properties once again leading the CRE pack. “As long as employment and the stock market remain strong, I don’t see things slowing down [in 2020],” said Chris Norwood, president of NAI Norwood Group, referring to the CRE market in general. “There’s some talk out there of a recession, but, right now, I’m not seeing any sign of it.” “We see long-term, steady growth for 2020,” agreed Paul Falvey, CEO of Bank of New Hampshire, which last year saw a 10 percent increase in its commercial loan activity, much of it tied to commercial real estate transactions.
2300 OCEAN BLVD . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,195,000 B: Kerri M Ahn Tr, Tr for Kerri M Ahn T S: Danielle A Ades Tr, Tr for Hill Of Grace RT
Campton 1513 US ROUTE 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,800,000 B: Jala Hospitality LLC S: Tien H Lee & Li Y Yang-Lee Use: Commercial Building, Lot: 165528sf
Portsmouth 134 SOUTH ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,725,000 B: GBK Portsmouth LLC S: 134 South Street LLC Use: Apartment Bldg - 9 + Units, Lot: 7208sf
Franklin 785 CENTRAL ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,718,000 B: MDC Coast 19 LLC S: ARCP FD Portfolio 15 LLC Use: Commercial Building, Lot: 62291sf
Stratham ROLLINS FARM DR L:19. . . . . . . . . . . . . . . . . . . . . . . $1,650,000 B: Kirkwall Drive LLC S: Rollins Hill Dev LLC
Moultonboro 10 SOBEL RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,600,000 B: Campgroup Holdings LLC S: Bart Sobel Tr, Tr for Bart Sobel NH PT Mtg: Westchester Bank $1,120,000 Use: Residential-multiple Bldgs, Lot: 131116sf
Industrial As if to make an emphatic, end-of-the-year point, the industrial sector finished 2019 with the announcement that Brady Sullivan Properties had sold a four-building industrial portfolio for $58.5 million, or $2.5 million above the
Laconia 23 SUMMIT AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000 B: Todd Kobelski & Christine Kobelski S: Gerald E Kobelski & Carol M Kobleski Mtg: Bank of America NA $1,200,000 Use: 1-Family, Lot: 51836sf
PG COUNTY
4,800 4800
8000
5000 4000 2000
TRANSACTIONS THRU 1000
3 Belknap ���������������������������� 12/17/19 4 Carroll ���������������������������� 12/17/19 4 Cheshire ������������������������ 12/17/19 5 Coos �������������������������������� 12/17/19 5 Grafton ���������������������������� 12/17/19 6 Hillsborough ������������������ 12/17/19 9 Merrimack ���������������������� 12/17/19 10 Rockingham ������������������ 12/17/19 12 Strafford ������������������������ 12/17/19 13 Sullivan �������������������������� 12/17/19 13 Bankruptcies 13 Lien & Attachments 14 Foreclosure, Mortgagee & Other Lien Auctions 14 Requests for Bids & Proposals
T
Refinance Purchase
3,200 3200
3000
2,400 2400
Dec. Jan. Feb. MarchApril May June July Aug. Sept. Oct. Nov. Dec.
1,600 1600 800 800
00
Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Apr. Apr. May May June June July Jul. Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Nov. ’18
’19
4000 4,000 6000
BothMonth
Both
5000
3200 3,200
Purchase
3000 2000
Refinance
Both
Jan. 15
Jan. 16
Jan. 17
Jan. 18
Jan. 19
1600 1,600 800 800
00
Refinance
Nov. 2015
866
1,801
3,667
Nov. 2016
1,069
2,546
3,615
Nov. 2017
1,211
1,977
3,188
Nov. 2018
1,122
1,553
2,675
Nov. 2019
1,183
2,649
3,832
Purchase
1000
2400 2,400 0
Purchase
Refinance
4000
Nov. 15 Nov.
Nov. Nov.16
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’16
Nov. Nov.17
’17
Nov. Nov.18
Nov. Nov.19
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’19
Continued on Page 16
TO OUR READERS
Both
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REAL ESTATE RECORDS
in Manchester sold for a hefty $40 million in 2019, according to a Colliers International report, while the 337,000-square-foot 10-12 Celina Ave. property in Nashua sold for an impressive $25 million, among others. So, what’s driving the trend? First and foremost, the so-called “Amazon effect,” with online e-retailers demanding ever more warehouse space for distribution and logistics purposes.
Number of Mortgages for Single-Family Homes 7000
INDEX
asking price, after a brief bidding war for the facilities in Manchester, Hudson and Nashua. “We had interest from all over the country,” said Tom Farrelly, an executive director at Cushman & Wakefield, which represented Brady Sullivan in the sale of its nearly 600,000-square-foot industrial portfolio to Boston’s Albany Road Real Estate. But the Brady Sullivan-Albany transaction wasn’t the only big industrial property deal in 2019. The 366,000-square-foot 30 Jack’s Road
New Hampshire Market Statistics
Hanover MAIN ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,480,533 B: Jaymark Properties LP S: Kathleen C Lord Tr, Tr for Dorothy M Campion-Corcoran T
With Amazon and other e-retailers gobbling up industrial space while the light manufacturing sector experiences a bump, demand is high for industrial property.
❑ Statistics based on single-family home sales ❑ Source: The Warren Group
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