Jean Kane, Jody Skaff and Lisa Kane, brokers with The Kane Company, Inc. have completed the sale of 3612 Lafayette Rd.
The 18,000 s/f, 6.7 acre site was formerly a Toyota dealership owned by Jay Edwards.
Jean Kane, principal, and Jody Skaff, broker, represented the seller.
The property sold for $1.1 million to Regeneration Realty Trust, relocating from Islington St. The buyer plans to redevelop the property into retail and office space favoring firms committed to energy efficiency and environmentally sound concepts. "It's going to be quite cutting-edge," said Lisa Kane, broker, who represented the buyer.
There are already two tenants lined up for the renovated space; biomaterials firm MatMarket and software company Mesh 01. The property's 250 feet of frontage on Rte. 1 offers visibility for these and any other prospective tenants.
Regeneration R.T.'s efforts at redevelopment are being embraced by the city of Portsmouth. The city has a vision for improving the Rte. 1 corridor with an ambitious "Gateway District" campaign, created to provide redevelopment opportunities while enhancing visual character and environmental quality.
Founded in 1981, The Kane Co. is the leading commercial and industrial real estate services company in New Hampshire, southern Maine and northern Massachusetts. The Kane Co. offers brokerage, real estate development, property management and consulting services.