The Kane Company Inc. acquires The Manchester Logistics Center in Joint Venture with DRA Advisors LLC
Home to True Value northeast regional distribution; CBRE brokered for purchasers; Cushman & Wakefield will market over 180,000 square feet
PORTSMOUTH, NH – The Kane Company Inc. (Kane) and a fund managed by DRA Advisors LLC (DRA) today announced they have acquired The Manchester Logistics Center at 333 Harvey Road in Manchester, NH – one of northern New England’s premier distribution and logistics facilities.
With close to 725,000 square feet on 38.15 acres – the facility houses True Value’s northeast regional distribution operation. It was originally developed by the True Value hardware retail chain and franchiser in the 1970s. The acquisition was brokered on behalf of the purchasers by Chris Healey, a Vice President with CBRE in Manchester office. Cushman & Wakefield has been engaged to market over 180,000 square feet of high-bay warehouse space at the property.
“We are pleased with this acquisition as it represents a premier facility in a premium location, at a time when demand for quality warehouse space is strong,” said John Kane, Principal with The Kane Company Inc. “The anchor tenant is one of the most stable and recognized national brands in hardware retail, and the available space for lease provides a strong marketing opportunity and future revenue streams.”
Adjacent to Manchester-Boston Regional Airport, The Manchester Logistics Center at 333 Harvey Road is highly functional with 75 tailboard height docks, 16 covered docks, 111 tractor trailer parking spaces and clear heights approaching 38 feet. The property 1.5 miles from I-293, four miles to I-93, five miles to Route 3, 5.5 miles to Route 101, 22 miles to Concord, NH and less than 50 miles to Boston, MA. Several additions and renovations have occurred throughout the years – most recently in 1999.
“The Manchester Logistics Center is truly a premier asset and we’re thrilled to have the opportunity to offer 182,130 square feet to market,” said Tom Farrelly, Executive Director at Cushman & Wakefield. “High-bay warehouse space is in high demand right now and we’re confident this building will continue to attract credible tenants.”
The Cushman & Wakefield team of Farrelly, Denis Dancoes, Sean Duffy, Sue Ann Johnson and Kevin Hanna have been engaged to market a portion of the property for lease.
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 DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has acquired over $33 billion of real estate, including 79 million square feet of industrial, 59 million square feet of office, 82 million square feet of retail and 74,000 multifamily units. As of March 31, 2020, DRA has $11.6 billion in gross assets under management. For more information, visit: www.draadvisors.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.
About CBRE Group Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.