"We're excited for all the parties involved," says Cushman & Wakefield broker Brian Doherty, part of the Middle Markets Group that negotiated the sale. "It was a great transaction and a real accomplishment by everybody to get this done in today's volatile marketplace." A mix of local and national suitors pursued the Heron Cove opportunity, says Doherty, who was joined in orchestrating the sale along with Middle Markets colleagues Chris Griffin, David Pergola and Rick Putprush. Doherty also cited the assistance of C&W's NH team, Thomas Farrelly and Denis Dancoes, who serve as leasing agents for the park.

The encouraging response among investors reflects Heron Cove's physical qualities, according to Doherty, describing them as modern, well-constructed buildings that have attracted an impressive tenant roster headlined by Fidelity Investments. Access is also strong, he notes, with Heron Cove sandwiched between Route 3 and the Everett Turnpike. The Massachusetts border is 15 minutes south and the expanding Manchester Boston Regional Airport is equidistant to the north.

NPV Direct Invest has acquired a number of buildings in New Hampshire and Massachusetts during the past year, typically doing so to structure a 1031 tax-free exchange investment that is becoming increasingly popular in New England. Efforts to contact the firm regarding Heron Cove were unsuccessful by press deadline. As part of the purchase, NPV Direct Invest is acquiring 10 Al Paul Lane and 21 and 25 Manchester St., the latter of which is occupied by Fidelity. Not included in the sale is an adjacent site designed for a four-story 110,000-sf office building.