Marcus & Millichap has brokered the sale of 470 Pine St., a multi-tenant property in downtown Manchester, NH, for $3.9 million. The building is located in the city’s core and drew interest from investors beyond the local New Hampshire market.
The brokerage team exposed the listing to investors across the country and ultimately secured an out-of-state buyer who outperformed local market participants. The firm highlighted the Manchester area as benefiting from some of the strongest rent growth and absorption trends within New England, positioning the asset as a way to access that performance.
Marcus & Millichap’s Boston office led the marketing effort, with director of investments Luigi Lessa and colleague Mattias Edenkrans working in association with Thomas Shihadeh, the brokerage’s New Hampshire broker of record. The team represented the seller, TAD, LLC, and also procured the buyer, Mike Mita, in the transaction.
Originally constructed in 1924, the three-story, 56,000-square-foot brick building was first used as a mill before being converted for educational use. The property is now fully occupied and functions as a multi-tenant educational facility.
The asset’s tenant roster consists of three educational institutions that occupy the entire building. Full occupancy and the long-standing adaptive reuse of the former mill into a school use were key components of the property’s investment profile at the time of sale.
The transaction underscores how national marketing campaigns and cross-border capital flows are influencing pricing and ownership in smaller New England markets such as Manchester. It also illustrates how historic industrial buildings can be repositioned and held as stabilized education-oriented assets for private investors.
