Portsmouth Redevelopment Opportunity

Office for Sale
Catylist Listing ID: 30871961
Property Subtypes: Governmental, Medical, Office Building
Building Size (RSF): 47,745 SF
Gross Land Area: 12.77 SF
Sale Price: $9,500,000
Unit Price: $198.97 PSF
Property Use Type: Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/30/2024

Overview / Comments

Cushman & Wakefield is pleased to present the unique opportunity to acquire 100 Borthwick Avenue in Portsmouth. Constructed by Northeast Credit Union, this is the first time this local landmark property has been offered for sale. Northeast Credit Union outgrew this building and is expanding and relocating to Education Way in Dover. This is a rare opportunity to acquire property along Borthwick Avenue and join tenants such as Portsmouth Hospital, Liberty Mutual, Highliner Foods and numerous medical users.

Built in phases from 1978 to 2005, this 47,745 SF two-story office building with a lower level was renovated in 2020. The building is situated on a triangular shaped, level, 12.77-acre site with 534 parking spaces. The original portion of the building currently serves as a bank branch with a four-lane drive-thru teller. The balance of the building consists of a mix of private offices, open space, board room, several conference rooms, kitchenette/break rooms, fitness center and seven sets of restrooms, one set with lockers and showers. The office space features two electrical feeds, two elevators, is fully air-conditioned and wet sprinklered throughout. The property is served by all municipal utilities including natural gas and has the potential for rail access as CSX rail bisects the site.

The property enjoys superior highway access and visibility. I-95, the seacoast’s major highway connecting Maine, New Hampshire and Massachusetts, is a two minute drive. The convergence of I-95, Route 1 Bypass and Route 4 is less than 1 ½ miles, and Downtown Portsmouth with its retail shops and restaurants is only 2 miles to the northeast. Manchester Boston Regional and Logan International Airports are less than an hour away and Portsmouth Airport at Pease is less than a 10 minute drive.

100 Borthwick Avenue is located on the eastern side of Borthwick Avenue, north of Greenland Road and Route 33. To the south, the property is bounded by the Portsmouth Forest Trail, and to the north, by Borthwick Avenue. Liberty Mutual's 10.74-acre parking lot abuts the property to the northeast. Northwest across I-95 is Pease International Tradeport and Portsmouth Airport. Pease is a 3,000-acre business and aviation community and home to more than 250 companies employing more than 9,525 people.

New Hampshire’s favorable business climate, with no capital gains, sales or income tax, affordable housing and quality of life, have resulted in personal and corporate migration from Boston and other municipalities with higher tax structures.

100 Borthwick’s exceptional highway access, proximity to the airport, hospital and three labor markets (NH, MA and ME), make this property a rare opportunity for a company seeking to locate their business in Portsmouth, one of the most desirable locations to live and work nationally.

Additional Details

Nearest MSA: Boston-Cambridge-Newton
County: Rockingham
Taxing Authority: City of Portsmouth
Tax ID/APN: 08178-0259-0015-0000
Zoning: OR OFFICE RESEARCH
Property Visibility: Excellent
Highway Access: EXCELLENT highway access. Only .6 of a mile to I-95; 1.1 miles to Route 1 Bypass; 1.5 miles to I-95/Route 4/Route 1 Bypass
Airports: 3 miles to Portsmouth International Airport at Pease
Site Description: 12+ acre site potentially provides for expansion of parking and building.
Area Description: Located in growing medical cluster. The Borthwick neighborhood is dominated by Portsmouth Regional Hospital, a 209-bed acute hospital which offers most medical related services, as well as an ER department. The general area has experienced significant office and commercial demand over the past 10+ years with occupancy rates at near historical levels.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1974
Year Renovated: 2005
Roof Type: Flat
Construction/Siding: Brick, Steel Frame, Stone
Parking Ratio: 11.4 (per 1000 SF)
Parking Type: Surface
Parking Description: Multiple paved parking lots
Total Parking Spaces: 543
Passenger Elevators: 2
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Other
Air Conditioning: Package Unit
Internet Access: T1/T3, Fiber Optic
Interior Description: Currently used as a bank headquarters
Zoning Description: OR Office Research
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,445 25,849 42,925
Median Age: 41.48 41.72 42.49
Households: 1,021 12,226 19,263

Contact

Photograph of Listing Agent

Thomas Farrelly

Cushman & Wakefield of NH Inc
NECPE Member
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