WHO IS BRADY SULLIVANBrady Sullivan Properties is a thriving real estate development corporation that was established in Manchester, New Hampshire in 1992 with real estate Brokers licensed in New Hampshire, Massachusetts, Maine, Florida, Rhode Island and Vermont. Brady Sullivan holds a sizable share of both the commercial and residential real estate markets in New England, as well as owning and managing a diverse portfolio of over four million square feet of mill, office and industrial space.
Brady Sullivan offers the following in house services:• Turn key construction• Custom design and architectural department• In-house brokerage• In-house management with technicians concentrating in electrical, HVAC and general maintenance• In-house legal department
IN HOUSE SERVICES
We own, manage, service, lease and design our buildings - so you don’t have to!
3000 Goffs Falls RoadManchester, NH
Property Overview Acres 34.2Buildings 2Square Feet 210,879Floors 4Floor plates 30,000 s.f. approx.Parking 857 surface spaces (4.1/1,000 s.f.)
Executive SummaryBrady Sullivan Properties is pleased to offer for lease 3000 Goffs Falls Road in Manchester, NH (the “Property”), a 210,000 s.f. office building previously occu-pied by Anthem Blue Cross Blue Shield (“BCBS”).
The Property is comprised of two, four story, inter-connected office buildings with 30,000 s.f. floor plates, a fitness center, and cafeteria. The buildings overlook Pine Island Pond providing a true natural campus setting, ideal for a corporate headquarters location.
Manchester-Boston Regional Airport is less than one mile from the Property and highway access to points north, south, east and west is easily available via I-293 (exit 2) and the F.E. Everett Turnpike (exit 13). The Property is a unique opportunity for either an investor or user allowing both parties to create a new vision and identity for the asset.
4 | EXECUTIVE SUMMARY
Everett Turnpike
93
293
293
3A
3A
MALL OF NEW HAMPSHIRE
MANCHESTER
MANCHESTER BOSTON
REGIONAL AIRPORT
3000 Goffs Falls
28
28
N
EXECUTIVE SUMMARY | 5
3000 Goffs Falls RoadManchester, NH
3000 Goffs Falls Road – only existing building offering +150k s.f. in Hillsborough County
Highlights• Unmatched Transportation Access• Natural Campus Setting• Limited Large Blocks Available• Surrounding Amenities• Attractive Basis• Improving Market
SebbinsPond
LongPond
CrystalLake
Pine IslandPond
MassabesicLake
DerryfieldPark
St AnthonyPark
BasquilSheehamPark
Crystal LakePark
Wolf Park
SamuelBlodget
Park
Roy Park
PrecourtPark
YoungsvillePark
StevensPondPark
Pine IslandPark
St AnselmCollege
ManchesterAirport
DerryfieldCountry Club
ManchesterCountry Club
ElliotHospital
St JosephsCemetery
ValleyCemetery
New St JosephsCemetery
New St AugustinsCemetery
Pine GroveCemetery
BedfordMall
Mall OfNew Hampshire
Piscataquog River
Varney St
Queen City Ave
Rockingham Rd
Bridge St
Londonderry Tpke
Elm St
S Willow St
Mast Rd
Dani
el W
ebst
er H
wy
Mai
n St
Salmon St
2nd
St
Edd y Rd
Holbrook Rd
Milford St 2nd
St
Granite St
Rockland Ave
Weston Rd
Donald St
Massabesic St
Grenier Field Rd
Kelley St
W Bridge St
S M
ain S
t
E In
dust
rial P
ark
Dr
Old Bedford Rd
Cale
f Rd
Canal St
Goffs Falls R
d
Cilley Rd
Hayward St
Boynton
St
Goffstown Rd
Lake Ave
Wellington Rd
Harvey RdHuse Rd
New Boston Rd
Back River Rd
Brow
n Av
eBe
ech
St
Map
le S
t
Cand
ia Rd
S M
amm
oth
Rd
Hanover St
Wallace Rd
South River Rd
Daniel Webster Hwy
Mam
moth Rd
Everett TpkeEverett Tp ke
Alan B Shepard Jr Hwy
28
3
114
114
101
3A
28A
101
101
28
28
3
3
293
293
93
93
Massabesic
North Londonderry
Pinardville
Bedford
Manchester
Rock Rimmon
Park
TRANSPORTATION ACCESSThe Property provides unmatched proximity to Manchester-Boston Regional Airport and is minutes from the major regional highways, I-293, I-93, and the F.E. Everett Turnpike, serving areas to the north, south, east, and west.
NATURAL CAMPUS SETTINGThe Property’s unmatched natural features will capture the attention of any user look-ing for a campus in Southern New Hampshire. The building’s grounds are surrounded by mature growth forests, walking trails, and water views overlooking Pine Island Pond providing a truly stunning backdrop.
LIMITED LARGE BLOCKS AVAILABLEHillsborough County tenants looking for over 150k s.f. only have one option, 3000 Goffs Falls Road. 3000 Goffs Falls
6 | EXECUTIVE SUMMARY
N
SURROUNDING AMENITIESManchester-Boston Regional Airport and the confluence of I-93, I-293, and the Everett Turnpike supports a rich amenity base in the area including dining, lodging and retail. Only a mile from the Property entrance is Rt-28, which is a heavily traveled thoroughfare with major retailers and restaurants including LL Bean, Walmart, Longhorn Steakhouse, Barnes & Noble, TGI Fridays, Sports Authority, Starbucks, Dunkin Donuts, Sam’s Club, Five Guys Burgers, Chipotle and The Mall of New Hampshire, which hosts additional major retailers including JC Penny, Best Buy, Sears, and many others.
ATTRACTIVE BASISThe investment provides an opportunity to purchase a suburban campus at a price significantly below replacement cost. With estimated replacement cost at approximately $250 p.s.f., the Property will provide substantial value and upside potential for investors.
IMPROVING MARKETVacancy in Hillsborough County is 9.8% and has been steadily decreasing since 2011. Manchester has been a large beneficiary of the tightening market with average rent growth exceeding 4.7% over the past year, surpassing the average for Hillsborough County.
REPOSITIONING OPPORTUNITYThe Property provides excellent infrastructure and physical characteristics for an investor or user to reposition or repurpose the Property. BCBS’s long-term occupancy has kept the Property off the market for over +20 years, making 3000 Goffs Falls Road a prime candidate to once again be a market leading asset under new stewardship.
STRONG CHARACTERISTICSLarge side loaded floor plates
4.1 per 1,000 s.f. parkingAmple power supply
Easily demisableIn-place cafeteria and fitness center
EXECUTIVE SUMMARY | 7
3000 Goffs Falls RoadManchester, NH
Year Built: East building: 1977West building: 1979
Acres: 34.2
Zoning: I (Industrial)
Utilities:ElectricWater & SewerGasTelephone
Public Service of New HampshireCity of ManchesterEnergyNorth, Inc. AT&T/Bell Atlantic
Square Feet: 210,879Number of Floors: four (4)Typical Floor Plate: 30,000 s.f. approx. Foundation/Structure: Concrete slab with steel column/girder system on reinforced concrete
footings. Column Spacing: 24' x 24' Roof: Sloped slate roofs with interior flat roofs built up with a rock-ballasted
Carlisle SynTec 0.045 inch thick EPDM elastomeric surface.Façade: Brick veneer with thermal pane glass windows and doors.Ceiling Heights: Finished: 9’-0”
Slab to slab: 12’-0”Elevators: West building: two (2) Westinghouse hydraulic elevators that serve all
levels of the building and one Dover hydraulic unit that serves the ground and 1st floor levels. The Westinghouse elevators are rated at 3,500 and 6,000 lbs and the Dover unit is rated at 3,000 lbs. East building: three (3) 3,500 lb rated Westinghouse elevators serving all levels.
Loading Docks: East building: one dock door.West building: large overhead door (basement level).
Parking: 857 spaces (4.1 per 1,000 s.f.)
Property DescriptionSITE SPECIFICATIONS
PROPERTY SPECIFICATIONS
10 | EXECUTIVE SUMMARY
Electrical System: East building: 2,500 amp , 3-phase, 480V/270V service.West building: two (2) 3,000 amp, 3-phase, 480V/277V services.
Back Up Systems: East building: 60kw generator for life safety.West building: 45kw generator for life safety and a 1,000 hp, 700kw emergency generator and a 225kVa UPS system.
HVAC System: Each building is heated by nine (9) modular Hydrotherm gas-fired boilers which serve forced hot water systems. Heat in the west building is distributed by hot water coils in two (2) large rooftop-mounted Buffalo Forge air handling units, reheat coils in fan-coil units and perimeter fintube. Heat in the east building is distributed through coils in four (4) Trane air handlers in the main mechanical room, one Trane air handler in a 2nd floor mechanical room, several fan-coil units and perimeter fintube.
Cooling for the buildings is provided by two (2) 175-ton R-113 and one 250-ton R-11 Trane Centravac chillers and a 1,656,000 BTU plate and frame heat exchanger. A roof mounted Balitmore Air Coil two-cell, crossflow-induced draft cooling tower is located on the west building. Five (5) Liebert direct-expansion cooling units serve the computer suite with rooftop-mounted condensing units.
HVAC is monitored by a Landis & Gyr Insight system.
Fire/Life Safety: The buildings are fully sprinklered and alarmed. A 25-hp Patterson fire pump serves the west building and a 30-hp Allis Chalmers fire pump serves the east. The building has fire pull boxes throughout and there are also fire department hose connections on all floors in the stairwells.
The east is served by a Symplex 4208 alarm monitoring and fire suppresion control system. The west is served by a Pyrotronics System 3 Universal alarm control system.
BUILDING SYSTEMS
EXECUTIVE SUMMARY | 11
3000 Goffs Falls RoadManchester, NH
$12.00/fs
$13.00/fs
$14.00/fs
$15.00/fs
$16.00/fs
$17.00/fs
$18.00/fs
$19.00/fs
$20.00/fs
2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q
Manchster Vs. Hillsborough Direct Average Rent
Manchester
Hillsborough
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q
Hillsborough Vs. NH Direct Vacancy
Hillsborough
New Hampshire
Location
Market Overview
3000 Goffs Falls Road is located just off Route 3A in Manchester, NH. The Property is less than a mile to I-293 and less than three miles to the F.E. Everett Turnpike, critical highways connecting the Property to all points. The Property’s close proximity to the Manchester-Boston Regional Airport and Route 28, a heavily retailed thoroughfare, provide a rich amenity base for tenants in addition to the natural setting on Pine Island Pond and the adjacent Pine Island Park.
Manchester, NH is located in Hillsborough County and is the most populous city in the state of New Hampshire. Home to firms like Citizens Bank, Velcro USA, TIG Specialty Insurance, and Freudenberg North America, Manchester, NH benefits from being one of the most business friendly cities in the United States. In 2009 the city was ranked the second most tax friendly city in the United States by Forbes and was also ranked the seventh best city for upward income mobility by the Equal Opportunity Project. Low business costs, no sales tax, income tax or capital gains taxes make New Hampshire attractive to employees and employers alike. High tech entrepreneurs are particularly drawn to the area and high tech manufacturing is at the heart of the local economic fabric.
The Smart Manufacturing/High Technology (SMHT) sector is the largest part of the New Hampshire economy. The state’s 2,100 manufacturing companies and 1,600 high technology companies drive the regional economy as a result of New Hampshire’s low personal tax burden and top quality labor force. Overall, SMHT employs one in six of New Hampshire’s private sector workers and accounts for 23% of the state’s total business tax revenue. SMHT also has enormous indirect economic benefits for the Granite State. Economic impact models suggest that every 100 new manufacturing jobs in New Hamp-shire will create as many as 138 additional jobs in the state and generate $1.2 million in state and local tax revenue.
INCREASING MARKET MOMENTUM FUELED BY IMPROVED ACCESSIBILITY
Since the completion of several infrastructure projects in 2006 (including the Route 3 widening project from Burlington, MA to Nashua, NH), access and traffic congestion has significantly improved. These infrastructure projects, in addition to New Hampshire’s growing technology sector, have led to a decrease in vacancy and increase in rents over the past 8 years. In terms of vacancy, at 9.8% Hillsborough County has kept an even pace with the state, while the city of Manchester has been a large beneficiary, with average rent growth exceeding 4.7% over the past year, surpassing the average for Hillsborough County.
Manchester vs. Hillsborough Direct Average Rent
Hillsborough vs. NH Direct Vacancy
$12.00/fs
$13.00/fs
$14.00/fs
$15.00/fs
$16.00/fs
$17.00/fs
$18.00/fs
$19.00/fs
$20.00/fs
2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q
Manchster Vs. Hillsborough Direct Average Rent
Manchester
Hillsborough
6.00%
7.00%
8.00%
9.00%
10.00%
11.00%
12.00%
13.00%
14.00%
2005 1Q 2006 1Q 2007 1Q 2008 1Q 2009 1Q 2010 1Q 2011 1Q 2012 1Q 2013 1Q
Hillsborough Vs. NH Direct Vacancy
Hillsborough
New Hampshire
18 | EXECUTIVE SUMMARY
EXECUTIVE SUMMARY | 19
3
3
Toll
Toll
Toll
495
93
293
89
9395
95
93
Merrimack R.
H I L L S B O R O U G H
M E R R I M A C K
R O C K I N G H A M
S T R A F F O R D
E S S E XM I D D L E S E X
W O R C E S T E R
Antrim
Contoocook
Epping
Greenville
Henniker
HillsboroughHooksett
Pittsfield
Raymond
Wilton
Baldwinville
Rowley
Shirley
Jaffrey
Newmarket
Peterborough
SuncookDurham
Exeter
Hampton
Milford
Ayer
IpswichPepperell
Salisbury
Topsfield
Winchendon
Andover
Pinehurst
Derry
Dover
Rochester
Somersworth
Beverly
ChelmsfordFitchburg
Haverhill
Leominster Salem
Amesbury
Burlington
DanversGardner
Newburyport
Wilmington
Manchester
Nashua
Lawrence
Lowell
Concord
3000 Goffs Falls
N
3000 Goffs Falls RoadManchester, NH
COMPETITIVE SET
Rock Rimmon
Park
DorrisPond
SebbinsPond
LongPond
CrystalLake
Pine IslandPond
MassabesicLake
StarkPark Livingston
Park
DerryfieldPark
St AnthonyPark
BasquilSheehamPark
Crystal LakePark
SamuelBlodgetPark
Roy Park
Black BrookPark
PrecourtPark
YoungsvillePark
StevensPond Park
Pine IslandPark
St AnselmCollege
M a n c h e s t e rA i r p o r t
DerryfieldCountry Club
ManchesterCountry Club
IntervaleCountry Club
ElliotHospital
St JosephsCemetery
ValleyCemetery
New St JosephsCemetery
New St AugustinsCemetery
Pine GroveCemetery
BedfordMall
Mall OfNew Hampshire
Piscataquog River
2nd
St
Varney St
Queen City Ave
Rockingham Rd
Bridge St
Londonderry Tpke
Elm St
S Willow St
Mast Rd
Londonderry Tpke
Hook
sett R
d
Dani
el W
ebst
er H
wy
Dani
el W
ebst
er H
wy
Smyth
Rd
Mai
n St
North St
Salmon St
Edd y Rd
Holbrook Rd
Milford St 2nd
St
Granite St
River Rd
Elm St
Webster St
Rockland Ave
Weston Rd
Donald St
Massabesic St
Grenier Field Rd
Kelley St
W Bridge St
S M
ain S
t
E In
dust
rial P
ark
Dr
Old Bedford Rd
Manchester Rd
Cale
f Rd
Canal St
Goffs Falls R
d
Cilley Rd
Hayward St
Boynton
St
Goffstown RdSm
yth Rd
Lake Ave
Wellington Rd
Harvey RdHuse Rd
Unio
n St
New Boston Rd
Hooksett Rd
Back River Rd
Dunbarton Rd
Brow
n Av
e
Goffstown Back Rd
Beec
h St
Map
le S
t
Front St
Cand
ia Rd
S M
amm
oth
Rd
Hanover St
Wallace Rd
South River Rd
Daniel Webster Hwy
Mam
moth Rd
Everett Tpke
Everett Tp ke
Ever
ett T
pke
Alan B Shepard Jr Hwy
121
28
3
114
28
114
101
3
28
28
101
101
28
28
3
3
293
293
93
93
South Hooksett
Severance
GoffsFalls
Massabesic
North Londonderry
Pinardville
Bedford
14
2
10
3
98
765
3000 Goffs Falls
KEY1 Bedford Farms2 8 Commerce Drive3 Bedford Executive Park4 15 Constitution Drive5 650 Elm Street6 900 Elm Street7 1000 Elm Street8 1155 Elm Street9 1228 - 1230 Elm Street10 1750 Elm Street
N
20 | EXECUTIVE SUMMARY
Brady Sullivan Properties670 N. Commercial Street
Suite 303Manchester, NH 03101
Primary ContactsCharles Panasis603-799-6926
Benjamin Kelley603-231-1240
James Tobin603-315-4668
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