Vol.41, No.25
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W E E K O F M O N D A Y, J U N E 2 4 , 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
M A N U FA C T U R I N G G R O W T H
Portsmouth
HERITAGE AVE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,925,000 B: ICI Headquarters Group S: Old Tex Mex LLC
Hanover
6 BUCK RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,900,000 B: HSD LLC S: Hanover Equity Group Mtg: Mascoma Bank $1,520,000 Use: 3 Bdrm Conventional, Lot: 419047sf 2 BUCK RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,900,000 B: HSD LLC S: Hanover Equity Group Mtg: Mascoma Bank $1,520,000 Use: Office Bldg-general, Lot: 228690sf
Wolfeboro
110 RIVER ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,500,000 B: Bradford C Sippy Tr, Tr for Bradford C Sippy T S: Margaret A Maclellan Tr, Tr for Margaret A Maclellan RET Mtg: Quicken Loan Inc $750,000 Use: 1-Family, Lot: 90169sf
Windham
42 WOODVUE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,300,000 B: Kenneth Rosenfield Tr, Tr for Kenneth Rosenfield RET S: Peter V Lawlor & Loyce A Lawlor Mtg: Northmark Bank $1,040,000 Use: 4 Bdrm Cape Cod, Lot: 42253sf
Bedford
11 ROLLING WOODS DR. . . . . . . . . . . . . . . . . . . . . . . $1,199,000 B: Bryan K Houseman Tr, Tr for House Reserve 2019 RET S: Kathleen P Goldberg Tr, Tr for Kathleen P Goldberg RET Mtg: Citizens Bank of RI $1,067,110 Use: 5 Bdrm Colonial, Lot: 129373sf
Windham
7 THORNDIKE RD . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,004,000 B: Brian Currie & Lisa Currie S: Stonebrook Land Dev LLC
Plymouth
107 MAIN ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000 B: Harvaest Dev Co LLC S: Paradox RE Co LLC Use: Commercial Building, Lot: 18382sf
Laconia
ELM ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $996,000 B: Antaeus Holdings Ltd S: Lakeport Rentals LLC
Hollis
1 PARKHURST RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $899,933 B: Matthew J Petrella & Lindsay M Petrella S: Albert Tom Tr, Tr for Pat 1 Parkhurst FT Mtg: Bank of America NA $719,920 Use: 4 Bdrm Colonial, Lot: 62726sf
‘Very Tight’ Market for Industrial Space Pushes Rents Up Local Lenders Profit from Sector’s Surge BY JAY FITZGERALD SPECIAL TO THE REGISTRY REVIEW
A
fter years of decline, the state’s industrial sector is undergoing an impressive resurgence, driving down vacancy rates in old manufacturing facilities and warehouses and pushing rents upwards slightly in the south of the state. The vacancy rate hit 5.4 percent in the first quarter of this year in the six main submarkets in southern New Hampshire, the lowest within recent memory, industry officials say. The vacancy rate in Portsmouth, the second largest submarket with 12.8 million square feet of industrial space, is now at just 2 percent, or about as close to full capacity as it can get, according to data from Colliers International. “I’ve never seen it like this before,” said Andrew Ward, an associate at Colliers International whose commercial real estate firm tracks nearly 55 million square feet of industrial space in the submarkets of Concord, Manchester, Nashua, Salem, Portsmouth and Dover. “The market is very tight.” It’s so tight that leases rates, which have been stagnant for years, are now showing signs of inching up, hitting $7 a square foot in some submarkets, according to industry experts.
Industrial Loans Perform Well Local bankers are seeing the industrial resurgence as well. Joseph Carelli, president of Citizens Bank-
REAL ESTATE RECORDS
450
3 Belknap ���������������������������� 06/11/19 4 Carroll ���������������������������� 06/11/19 4 Cheshire ������������������������ 06/11/19 5 Coos �������������������������������� 06/11/19 5 Grafton ���������������������������� 06/11/19 7 Hillsborough ������������������ 06/11/19 9 Merrimack ���������������������� 06/11/19 10 Rockingham ������������������ 06/11/19 12 Strafford ������������������������ 06/11/19 12 Sullivan �������������������������� 06/11/19 13 Bankruptcies 13 Lien & Attachments 14 Foreclosure, Mortgagee & Other Lien Auctions 14 Requests for Bids & Proposals
300 150 150 00
May June June July July Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jan. Jan. Feb. Feb. Mar. Mar. Apr. Apr. May May May ’18
’19
Number 750 of Sales 750 600 600 450 450 300 300
150 150 00
May May ’14
May May ’15
May May ‘16
May May ’17
May May ’18
May May ’19
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equipment, and the surge in the e-commerce industry’s often voracious need for warehouse and distribution center space. While the industrial market isn’t anywhere near where it stood in its glory days, the expansion is an improvement from years past. At 70,100 employees in 2018, the state headcount in manufacturing is down from 100,000 in 1990 and down from the hundreds of thousands employed when the state’s numerous mills and factories were running at full capacity in the 19th and early 20th centuries, according to U.S. Bureau of Labor Statistics data.
Number of Condo Sales
INDEX PG COUNTY
New Hampshire & Vermont, said industrial loan activity in northern New England increased by about 7 to 10 percent last year at Citizens – and loan activity is expected to be even stronger this year, assuming the economy holds up. “We’re having one of our best years ever,” said Carelli, whose bank also does some business in Maine. The driver of the industrial sector’s expansion is tied to the generally strong national and state economies, the arrival of so-called “advanced manufacturing,” which relies on more sophisticated automated and robotic
New Hampshire Market Statistics
Rye
9 HUNTERS RUN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $890,000 B: Shannon Farrelly & James Farrelly S: Chris F Fehmstrom Tr, Tr for Gowen Fchmstrom FT 2004 Mtg: Leaderone Financial $873,879 Use: 2-Family Antique, Lot: 61855sf
A renaissance in New Hampshire’s manufacturing sector is driving up rents close to the point that development of new industrial real estate makes financial sense.
Year
Number of Sales
Change Prior Year
May 2014 May 2015 May 2016 May 2017 May 2018 May 2019
440 312 440 528 580 604
2.80% -29.09% 41.03% 20% 9.85% 4.14%
q Statistics based on single-family home sales of $1,000 q Source: The Warren Group
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