The Kane Company Inc. Acquires 14 Central Park Drive in Hooksett, New Hampshire
Class A office building houses United Healthcare Services Inc. and
Merchants Automotive Group: Cushman & Wakefield brokered for purchaser
PORTSMOUTH, NH – The Kane Company Inc. (Kane) announced today it has acquired 14 Central Park Drive in Hooksett, NH – a 120,600 square foot Class A office building with direct access to I-93 and I-293.
The building houses premier tenants United Healthcare Services Inc. and Merchants Automotive Group, and sits on a 15.07-acre site that contains over 600 parking spaces. Access to key centers of commerce is ideal: Manchester, NH is a 10-minute drive; Concord, NH is 20 minutes and Nashua, NH a 30-minute drive. In neighboring states Boston, MA is a 60-minute drive and Portland, ME is less than two hours.
Brian R. Doherty, Thomas Farrelly and Tom Sullivan at Cushman and Wakefield brokered the acquisition on behalf of the purchaser.
“We continue to identify and execute on high-value acquisition opportunities in this market – despite a significant black swan event in March that continues to reverberate across economic sectors,” said John Kane, Principal with The Kane Company, Inc. “We always value premier tenants when looking at CRE deals, because they are an indicator of strength in a property’s market profile. United Healthcare and Merchants Automotive are two strong anchors that made this acquisition particularly attractive.”
The property is 100-percent leased with a strong weighted average lease term (WALT) of six years, as well as excellent amenities in close proximity such as Market Basket, Target, Kohl’s, Regal Cinemas and Walmart. The building has also undergone approximately $1.4 million in recent capital improvements.
“This an excellent property with strong financials positioned right at the crossroads of New Hampshire’s most active economic centers,” said Tom Farrelly, Executive Director at Cushman & Wakefield. “We believe it is a very strong asset for The Kane Company Inc. to hold long-term, and were pleased that our team could broker this acquisition.”
About The Kane Company Inc.
Based out of Portsmouth, New Hampshire, The Kane Company Inc. is a commercial real estate company specializing in investment, sales, leasing, asset management and development. The team is made up of three main divisions: Development, Asset & Property Management and Brokerage. The development division is one of the most experienced and respected firms north of Boston and has built and/or redeveloped millions of square feet for companies with a myriad of specialized needs. The Kane Company’s full-service asset and property management division has a diversified portfolio including commercial, industrial, retail, manufacturing, and warehouse properties. They oversee more than 3 million square feet of real space throughout the Southern New Hampshire and Northern Massachusetts. The asset management team services include property & facilities management, lease administration & analysis, financial management & analysis, construction & project management, and real estate consulting services. For more information on The Kane Company, Inc, please visit our website at www.kane-company.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation, and other services. To learn more, visit www.cushmanwakefield.com.
Media contact:
Cosmo Macero Jr.
cosmo@sevenletter.com
(617) 799-0488
Property and leasing contacts:
Jacquelyn Grinnell
(603) 430-4000
Tom Farrelly
(603) 661-4854