Three-Building Asset Trades for $20M

MERRIMACK, NH-A three-building office park has been sold to a Boston-based firm that specializes in 1031 exchange investments. NPV Direct Invest paid Hecop LLC just under $20 million for the Heron Cove Office Park, a first-class complex constructed between 1999 and 2001.

“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.