First Time on the Market

Office for Sale
Catylist Listing ID: 30640918
Property Subtypes: Business Park, Governmental, High-Tech, Institutional, Medical, Mixed Use, Flex Space, Office Building, Other
Building Size (RSF): 210,353 SF
Gross Land Area: 181.60 Acres
Sale Price: See Agent
Property Use Type: Vacant/Owner-User
Building Name: One Granite Place
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/7/2021

Overview / Comments

This offering consists of two mid-rise office buildings connected by a common atrium, on a beautifully landscaped and wooded 181.6+ acre campus.

The South Tower is a 114,000 SF fully air-conditioned and wet sprinklered, four-story office building constructed in 1985 and situated on 34.33 acres of beautiful, well landscaped land. The land is zoned Institutional District which provides for a wide variety of uses. The building is serviced by municipal water and sewer. This building is offered for sale vacant, partially furnished.

The North Tower is a 96,353 SF four-story office building constructed in 1975 and situated on 41.27 acres. This building and 23.23 acres (a portion of the 41.27 acre site) is controlled by a third party pursuant to a ground lease. This ground lease expires in November 2040 at which time control of the the North Tower and the 23.23 acres reverts to the owner of the South Tower. The ground lease income is $50,000 per year beginning in 2025 and continues for 15 years until the ground lease expires.

There are approximately 822 paved parking spaces on site, with plenty of land for expansion. The care and maintenance of the atrium, grounds and parking areas are shared between the North and South Towers and are outlined in an agreement between the parties.

The 106-acre parcel of land is zoned RO - Open Space Residential, and currently has 3 access points from Pennacook Street.

Additional Details

Nearest MSA: Concord
County: Merrimack
Taxing Authority: City of Concord
Tax ID/APN: 583/Z 63 & 583/Z 64
Zoning: INSTITUTIONAL DISTRICT
Property Located Between: Granite Place is located off Rumford Street
Property Visibility: Excellent
Highway Access: Less than one mile from the I-93/I-393/Routes 4 & 202 interchange, accessible via Exit 15 W of I-93.
Airports: 2.8 miles to Concord Municipal; 25 miles to Manchester Boston Regional Airport
Site Description: 75.60 acre campus featuring manicured grounds, gentle sloping hills and woods. The 34.33 and 41.27-acres are zoned Institutional District, 106-acre parcel is zoned RO - Open Space Residential
Total Number of Buildings: 2
Number of Stories: 4
Typical SF / Floor: 28,500 SF
Year Built: 1985
Roof Type: Flat
Construction/Siding: Brick, Steel Frame
Exterior Description: Structural steel frame construction with cast-in-place concrete floors on metal decking. Exterior is a combination of brick, concrete panels, with stucco architectural highlights. Punch aluminum trimmed windows. Mechanically fastened EPDM membrane roof. Skylights provide natural light in stairwells. Stunning atrium lobby features glazed storefront system which accentuates the pedestrian canopied main entrances.
Parking Ratio: 3.5 (per 1000 SF)
Parking Type: Surface
Parking Description: 75.60 acre site has approx. 822 paved parking spaces, shared between the North (423 spaces) and South (399 spaces) Towers. Parking is expandable.
Total Parking Spaces: 822
Passenger Elevators: 3
Freight Elevators: 1
Sprinklers: Wet
Heat Type: Oil
Heat Source: Baseboard, Other
Air Conditioning: Other
Zoning Description: The land is zoned Institutional District which provides for a wide variety of uses including. but no limited to, residential, assisted living, elementary and secondary schools, colleges with dormitories, child day care or nursery school, adult day care, social service center, churches, synagogues & places of worship, hospital, nursing home, medical and dental labs, banking, and general business, financial, professional, and governmental offices.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,642 31,025 46,421
Median Age: 36.85 39.91 39.79
Households: 2,297 12,754 19,033

Contact

Photograph of Listing Agent

Thomas Farrelly

Cushman & Wakefield of NH Inc
NECPE Member
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