Marcus & Millichap arranges $3.9 million sale of 56,000 s/f 470 Pine St.

Manchester, NH Marcus & Millichap brokered the sale of 470 Pine St., a multi-tenant building in downtown. The asset sold for $3.9 million.

“By exposing this opportunity to investors across the country, we were able to identify an out-of-state group that outperformed the local New Hampshire market,” said Luigi Lessa, director investments in Marcus & Millichap’s Boston office. “70 Pine St. is a prime example of the out-of-state capital targeting New Hampshire to capitalize on one of the strongest rent growth and absorption markets in New England.”

Lessa and Mattias Edenkrans of Marcus & Millichap, in association with Thomas Shihadeh, the firm’s broker of record in New Hampshire, exclusively marketed the property on behalf of the seller, TAD, LLC, and procured the buyer, Mike Mita.  

The 56,000 s/f, three-story building is on a .76-acre lot. Built in 1924, the brick building served as a mill before being converted into a school. It is fully occupied by three educational institutions. Tenants include Kreiva Academy Public Charter School, Southern N.H. University and the International Institute of New England, a nonprofit organization providing education and support to immigrant and refugee communities.

The property is adjacent to Pulaski Park, within walking distance of restaurants, retailers and housing in downtown Manchester, and offers direct access to I-293, U.S. Rte. 3 and nearby bus stops.