Category: Northern New England

Spring is finally here. No crocuses, but the snowbanks have receded to the shady corners of the yard. What portends for commercial real estate? There are still lots of headwinds, primarily rising interest rates. Given how low rates got (and stayed) the current rates are a shocker.

With the spring season upon us and substantial changes continuing to affect commercial real estate on a daily basis, experts in the construction and permitting sectors see marginal relief from the trends experienced since the start of the pandemic. In fact, despite efforts from central banks and governments across the world,

Manchester, NH National HVACR wholesale distributor Johnstone Supply leased 875 Holt Ave., represented by The Boulos Company. The Boulos Company team—Chris Healey from the Manchester office, Caitlin Burke from the Portsmouth office, and Derek Miller from the Portland office collaborated to represent Johnstone with an eye toward additional growth in New Hampshire.

Last month, in light of rising interest rates and unchecked inflation, a couple of lending experts were consulted and provided some great insight on broader capital markets and the lending environment changes we’re currently experiencing. Considering the more specialized nature of construction lending, I recently consulted with Michael Mulcahy of Mulcahy Capital, who primarily deals with construction loans for smaller developers.

Well, we made it through Valentine’s and Presidents’ Day! All things considered, not a bad winter–except of course for that horrible record breaking coldsnap that put Mt. Washington on the national news a few weeks ago.

Hampton, NH William Peck of Horvath & Tremblay has arranged the sale of the Elaine St. portfolio, 41 residential units. Peck exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $8.1 million and $197,561 per unit.

Portland, ME Joe Porta SIOR, Vince Ciampi, and Peter Gwilym of Porta and Co. represented all parties for a master lease at 511 Congress St. and 48 Brown St. 

Cumberland Foreside, ME DeStefano & Associates, Inc. has started the construction of a 45-unit condo project off Rte. 1. The four-story structure will contain one- and two- bedroom condos, underground parking, workout room, community area, and car charging port.

South Tamworth, NH ROI Corporation, a full-service business brokerage firm, completed the sale of the 25-acre Whiteface Hollow vineyard and event venue. The business, owned by Jennifer and John Ferreira, was sold to Jazz and Adam Cunningham.

Manchester, NH Mike Reed, president of Stebbins Commercial Properties LLC negotiated the sale of a 38-acre development site on Wellington Hill from the city, The Roman Catholic Bishop of Manchester and Pam Weilbrenner to Torrington Properties.

Bedford, NH TFMoran was voted as Best Engineering Firm in New Hampshire Business Review’s Best of Business (BOB) Awards. More than 3,000 NH Business Review readers cast their votes to select this year’s award recipients, including nearly 100 businesses across the state in a range of business-to-business categories.

Colchester, VT Steve Donahue of Donahue + Associates leased 5,640 s/f in 150 Water Tower Circle to bring the occupancy of the building to 100%.