New England Logistics Center Sells for $32M

CBRE Vice President Chris Healey negotiated the deal on behalf of the buyer, a joint venture of The Kane Co. and DRA Advisors.

A joint venture of The Kane Co. Inc. and DRA Advisors has acquired The Manchester Logistics Center, a 725,000-square-foot facility in Manchester, N.H. CBRE Vice President Chris Healey represented the buyer in the transaction, which closed a few months after DRA Advisors cashed in $202 million for a retail portfolio sold to Sterling Organization. According to Yardi Matrix data, The Manchester Logistics Center was sold for $32 million; the transaction was subject to a $26.4 million loan held by Bank of New England.

The property is home to True Value’s northeast regional distribution operations, which left 180,000 square feet available for lease. A Cushman & Wakefield team of Tom Farrelly, Denis Dancoes, Sean Duffy, Sue Ann Johnson and Kevin Hanna has been tapped to market that portion in the building.

The logistics center spans more than 38 acres at 333 Harvey Road, close to Manchester-Boston Regional Airport. The property was completed in the 1970s for True Value hardware retail chain and franchiser, with several upgrades added throughout the years. The most recent improvements were completed in 1999.

The Manchester Logistics Center features 75 tailboard height docks, 16 covered docks, 111 tractor/trailer parking spaces and clear heights of nearly 38 feet. The property can be reached via Interstates 293 and 93 as well as Routes 3 and 101. Concord, N.H., is approximately 22 miles away, while Boston is less than 50 miles.  

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