Colliers Sells Downtown Manchester Office Building for Planned Multifamily Conversion

July 19, 2024 - Colliers, a global leader in commercial real estate services, is pleased to announce the successful sale of 1138 Elm Street in Manchester, NH. This 16,555± SF downtown office building, situated on 0.117± acres, was sold for $1,200,000, as recorded by the Hillsborough County Registry of Deeds.

Doug Martin and Laura Nesmith from Colliers’ Manchester office represented the Seller, 1138 Elm Street, Inc. Stephen Pinard of Choice Realty represented the Buyer, North Elm Rentals, LLC and Hallwin Properties, LLC.

1138 Elm Street was the longtime home of Lamont, Hanley & Associates, Inc., an award-winning national agency that has been assisting corporate clients with accounts receivable management since 1991. The company relocated to 186 Granite Street in Manchester in the summer of 2023.
 
“Doug and Laura did a tremendous job helping us sell our building. Their expertise and dedication made the entire process seamless and stress-free. We couldn't be happier with the results and are incredibly grateful for their hard work and professionalism. We highly recommend their services to anyone in need of real estate assistance," said Michelle Hanley, member of 1138 Elm Street, Inc.

This unique downtown property is now slated for a multifamily redevelopment. The Buyer is currently navigating the planning board process to transform the building into residential units.
 
The sale of 1138 Elm Street marks a significant step in the continued growth and revitalization of downtown Manchester. According to Manchester’s Economic Development Committee, the vacancy rate for apartments remains below 1%, attracting the attention of developers both locally and from outside the state. There are currently over 1,000 apartments either going through the approval process or under construction in downtown Manchester.
 
"We are thrilled to see the transformation of this iconic building and look forward to the positive impact it will have on the community," said Doug Martin of Colliers. "This project represents a great opportunity to meet the growing demand for residential units in downtown Manchester."