Marcus & Millichap arranged the sale of 470 Pine St., a multi-tenant building in downtown Manchester, NH. 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, marketed the property on behalf of the seller, TAD, LLC, and procured the buyer, Mike Mita.
Built in 1924, the56,000-square-foot, three-story building served as a mill before being converted into a school. It is fully occupied by three educational institutions.
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