The Tight Massachusetts Market Denotes Spill-Over Benefits for New Hampshire's Properties

NASHUA, NH-Mimicking a similar trend of the 1980s, the strength of the Massachusetts office market is beginning to spill over into New Hampshire, with both investors and tenants increasingly eyeing the Granite State as an alternative to rising prices in Boston’s Downtown and suburban markets.

In the latest deal, a New York investment group has acquired Indian Head Plaza in Nashua. The first class office building, also known as 30 Temple Place, sold for $9.75 million to Everest Partners. According to Senior Director James Belli of Cushman & Wakefield, the buyers felt the upside at 30 Temple Place was promising over the near term.

“They are looking for good returns, and this property is well-positioned in the market,” says Belli, whose firm brokered the sale on behalf of both parties. Senior directors Peter Joseph and Tom Farrelly also worked on the assignment, as did associate directors Chris Phaneuf and Denis Dancoes.