Gray Property Group is pleased to announce the acquisition of 270 Amory Street in Manchester, New Hampshire, a 34,600 SF mixed-use commercial property situated on approximately 2.7 acres on Manchester’s West Side.
The property was sourced entirely off-market and acquired for $1.73 million, or ~$50/SF. At the time of acquisition, the property was 97% occupied, providing strong in-place cash flow from the outset. As part of the transaction, Gray Property Group also negotiated a $100,000 seller credit toward deferred maintenance.
The acquisition required additional patience after an unexpected title defect delayed the transaction beyond its originally anticipated August closing date. Gray Property Group worked alongside the seller, attorneys, and other parties involved to resolve the outstanding title issue and ultimately bring the transaction to a successful close.
Throughout the extended closing process, Gray Property Group’s investment partners remained committed and prepared to fund the acquisition. We sincerely appreciate their patience, flexibility, and continued confidence as we worked through circumstances outside of the anticipated transaction timeline.
Acquisition Highlights
- 34,600 SF of retail and industrial space
- 2.7-acre mixed-use site on Manchester’s West Side
- 97% occupied at acquisition
- $1.73 million acquisition price, or ~$50/SF
- $100,000 seller credit toward deferred maintenance
- Opportunity to increase rents over time
- Long-term multifamily or mixed-use redevelopment potential
While the property’s existing operations and strong occupancy were important components of the acquisition, one of the most compelling aspects of 270 Amory Street is the opportunity to control 2.7 acres of mixed-use land in Manchester.
Gray Property Group’s immediate focus will be on operating and improving the existing property while continuing to evaluate opportunities to strengthen its long-term performance. At the same time, we will continue exploring conceptual plans for a potential future multifamily or mixed-use redevelopment of the site.
After a longer closing process than originally anticipated, we are thrilled to officially welcome 270 Amory Street to the Gray Property Group portfolio.
We extend another sincere thank you to our investment partners and everyone involved in helping bring this transaction across the finish line. We look forward to the next chapter for the property and the opportunities ahead.
