40 Continental Boulevard Trades Hands
12 Oct, 2006, MERRIMACK
Cushman & Wakefield Handles Major Office Building Sale
On behalf of Amherst Properties, LLC, Cushman & Wakefield today announced the completed sale of 40 Continental Boulevard, a 114,000 square foot fully renovated two-story first class office building located on 55 acres, in Merrimack. The fully leased property sold for $12.5 million. Cushman & Wakefield executive director Thomas P. Farrelly, director Denis C.J. Dancoes and associate Sue Ann Johnson represented the Seller Amherst Properties, LLC and located the buyer in the transaction. The Buyer is Ashforth Paradigm Capitol Advisors which is based in Boston.
“The commercial real estate investment sales market for trophy assets continues to be white hot. Fidelity’s occupancy of the entire building combined with the additional development capacity the site offers generated a very high level of interest nationally and created quite a competition among buyers” said Farrelly. “The nearby Merrimack Premium Outlet Shops proposed by Chelsea Properties was viewed by investors as a major economic building block and looked at as adding market stability to the area. It was a real driver for investors interest in the area” added Farrelly.
Originally master-planned for a 400,000 square foot office campus by defense contractor Norden Systems, the facility is set back from Continental Boulevard by a tree-lined circular driveway. The expansive grounds are well maintained and feature a helipad and softball field, as well as a generous parking ratio. Other custom features include a sky-lit atrium reception area, 170-seat full-service cafeteria with a glass wall overlooking an outdoor patio and a dual telecommunications infrastructure offering 100% back-up capabilities.
The building is optimally located less than one third of a mile from Exit 11 off the F.E. Everett Turnpike, 12 miles from the Manchester Airport and less than one hour from Boston.
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
For further information, please contact: