At a glance
- Built in 1973, the single-story, high-bay structure divides into two units, a layout that suits either a single owner-user or multiple tenants.
- At about $106 a square foot, the trade sits far from the institutional industrial deals that crossed the wire this week.
- Luigi Lessa, director of investments in Marcus & Millichap's Boston office, said the narrowing was the point.
V12 Investments paid $3.9 million for an industrial warehouse in Hudson, N.H. The building at 32 Executive Drive spans 36,800 square feet. It sits on 4.58 acres near the Massachusetts border. Built in 1973, the single-story, high-bay structure divides into two units, a layout that suits either a single owner-user or multiple tenants. Marcus & Millichap's Lessa Edenkrans Group ran a targeted process for seller Dan Lang.
At about $106 a square foot, the trade sits far from the institutional industrial deals that crossed the wire this week. CBRE Investment Management paid $135 million for a Charlotte park. LaSalle bought a 1.1 million-square-foot Subaru hub. INDUS Realty Trust picked up a five-building Houston portfolio. Those are big-fund transactions. This one is a private-owner sale carried by a deliberately short list.
Luigi Lessa, director of investments in Marcus & Millichap's Boston office, said the narrowing was the point. “We ran a targeted process to a short list of buyers who could actually perform, and that’s what got this to the finish line,” Lessa said. Southern New Hampshire industrial is still trading, he added, because demand is real and supply is not. Lessa worked the deal with Thomas Shihadeh, the firm's broker of record in New Hampshire.
A two-unit warehouse in a thin-supply market
The building is more than five decades old, and the two-unit layout is what gives the price its logic. Divisible high-bay space can be pitched to a single owner-user or divided among tenants, and that flexibility widens the pool of potential buyers. The buyer moved quickly and stayed through a complicated closing, Lessa said.
A $3.9 million trade will not move an index. It shows where small private capital still finds industrial comfort: secondary buildings, tight supply, and a border location. Southern New Hampshire offers that combination. For a 1973 warehouse to clear at that price, the list had to be short and the buyer had to be ready.
Reported by the Deals desk from Connect CRE. Published . Corrections