Bradstreet & Chandler and Novaya Real Estate Ventures Acquires Heron Cove Office Park in Merrimack, New Hampshire
BOSTON, December 31, 2013 – Bradstreet & Chandler, LLC, in partnership with Novaya Real Estate Ventures, LLC, recently purchased Heron Cove Office Park for $8.45 million. Heron Cove is a 152,308 square foot, three-building office park located on the Route 3 corridor in Merrimack, New Hampshire. Constructed between 1999 and 2001, the park is among the newest and most attractive office products in the Greater Manchester/Nashua submarket.
At closing, the park was 59% occupied by an impressive roster of distinguished tenants including: Intel Corporation (NASDAQ: INTC), Pennichuck Water Works Inc., and Tyler Technologies, Inc. (NYSE:TYL). The property is in excellent physical condition, has a strong existing tenant base, and with its amenity offerings and new leasing economics, is expected to be very competitive in attracting tenants in an improving Southern New Hampshire market. The acquisition was financed by East Boston Savings Bank.
Bradstreet & Chandler, LLC is the newly formed operating platform of F. R. Parker- a longtime real estate attorney, investor, and developer with operations in Greater Boston and Metropolitan Atlanta. “We are very pleased with the opportunity to acquire Heron Cove at the instant pricing, and fully expect to restore the project to its best-in-class positioning in the Nashua/Manchester suburban office market. With a return to strong local ownership, a capital group willing and able to invest heavily in the asset, and a recovery underway in suburban office markets generally, we think the future is exceptionally bright for this park.”
Founded in 2011, Novaya has acquired over 1.3 million square feet of office, retail and industrial product in the New England area across 17 buildings. “Novaya does not fit comfortably into the traditional real estate boxes of ‘core’, ‘core-plus’ or ‘high-yield’ says Novaya principal, Scott Tully. “We de-construct every deal on its own merits and evaluate risk-reward trade-offs. As much as we like the transaction, we are equally excited about continuing our long-term relationship with Rob Parker and Bradstreet.”