In the Lakes Region, we have seen an uptick in commercial sales activity over the past four years. This is a regular occurrence that generally follows an expansion in residential construction and activity, as we have seen in recent years.
In our own office at Roche Realty Group, I counted over 32 major commercial sales our company has been involved in over this period.
When you drive around the region, it’s obvious. The number of storage facilities built is an example of this commercial expansion. The huge barn-style storage facility along Lake Shore Road in Gilford, the 223,000 sf. massive Vault Motor Storage facility in Belmont, Belmont Self-Storage right on Route 106 in Belmont, which recently added a multitude of new storage units, the oversized new storage climate-controlled storage building at Tilton’s U-Haul location on Route 3, The new Winni Toy Box storage facility in Moultonborough, new storage facility in Tilton, another along Route 11 in Gilford, a new complex at Runway Storage in Laconia, and one in New Hampton with others planned. I can’t remember seeing one storage facility before the 1980s, and now they are popping up like dandelions in the spring. The same thing goes for marina boat storage facilities; massive new buildings have been constructed throughout the region to satisfy the demand for boat storage. There is a strong market for boats, kayaks, RV’s, jet skis, motorcycles, antique cars, and other toys and trinkets, as well as storage for many condominium developments throughout the region.
Have you noticed the number of new gas stations/convenience stores that have opened and new restaurants and brewpub facilities? New retail complexes, hospitality sales including bed & breakfasts, motels, and the new resort complex on Lake Winnisquam are all new additions. The Belknap Marketplace has added new businesses and Club Piklbal! with 8 cushion x pickleball courts. The Tanger Outlets have added many new factory outlet stores, and many new businesses have been added to or sold throughout the region. New car dealerships have blossomed & major additions and acquisitions have been added to existing dealerships. Marinas likewise have expanded immensely, and new owners have acquired and expanded existing marinas. Local banks have expanded and merged. Have you seen the Bank of New Hampshire’s new modern facility in Laconia? Medical walk-in clinics have been popping up in all of our communities. New expansions to the Bank of New Hampshire Pavilion, theaters & entertainment venues are happening all around us. The list keeps going on.
Just recently, Tom Drouin and Nancy Clark of Roche Realty Group listed and sold the Lake Shore Landing Complex at the corner of Lake Shore Road & Route 11B, the former B-Mae Denny’s restaurant, including 16,065 sf. on 1.99 acres for $1,490,000.
Here is a breakdown of some of the recent commercial sales that Roche Realty Group has been involved in the sale of:
- Dave’s Motorboat Shop on Intervale Road Gilford, with 6.25 acres and 14,700 sf. of buildings, sold for $2,400,000
- The sale of the Anchorage Resort in Lake Winnisquam, with 3,312 feet of shorefront and 34 acres, “The Lake Estate,” is under construction with 114 luxury rooms and suites. This 5-star hotel will include multiple dining areas, a 5,000 sf. spa, sandy beaches, boat slips, a swimming pool, and other amenities. PK Zyla and Nancy Williams of Roche Realty Group listed and sold this property for $4,000,000
- Sale of a new self-storage facility at 30 Waterford Place, Laconia, for $1,500,000
- Sale of the Laconia Clinic and adjacent medical building totaling 39,231 sf. on 2.26 acres for $6,150,000
- Sale of the Temperance Tavern and Gilmanton Pub with 6,494 sf. on 1.10 acres for $600,000
- Sale of the Alpen Rose Village Retail Center at Weirs Beach, including 30,000 sf. on 4.6 acres, for $1,900,000
- Sale of a 3-story bank commercial building in Tilton with 5,963 sf. for $565,000
- Sale of the former Laconia Trustworthy Hardware building on Union Ave with 20,000 sf. on 1.8 acres with 758 ft of waterfront & boat slips for $2,400,000
- Sale of a resort/commercial complex on Route 3 with multiple buildings on 67 acres for $850,000
- Sale of real estate operated as a machine shop and residence on Route 3 in Tilton for $500,000
- Sale of a commercial building on Water Street, in Meredith, with 6,670 sf. for $649,900
- Sale of a historic fifteen office suite building in Portsmouth, including 6,240 sf. and a duplex for $2,195,000
- Sale of the Lake View Golf Course in Belmont with 172 acres and 7,032 sf. of buildings for $760,000
- Sale of the Nutmeg Inn in Meredith with 9,196 sf. of hospitality space on 7.3 acres plus a heated pool for $940,000
- Sale of the Gilford Village Store with 2 apartments and a café bakery & coffee bar with 4,000 sf. in the village for $725,000
- Sale of the Regal Theater in downtown Franklin with 9,187 sf. for $350,000
- Sale of a commercial building in Ashland along the Squam River with 3,896 sf. on 2.9 acres for $425,000
- Sale of a commercial/residential building on Route 25 in Moultonborough on 2.8 acres for $432,000
- Sale of a pizza/sub shop restaurant in Moultonborough with 1,700 sf. plus a 4-bedroom farmhouse for $372,500
- Sale of a 5,400 sf. professional office building on Route 104, New Hampton, for $375,000
- Sale of a barn complex and old farmhouse on 7.22 acres in Laconia for $500,000
- Sale of an 8,447 sf. brick commercial building in Laconia on the Winnipesaukee River for $395,000
- Sale of Granny Jody’s Kitchen in Franklin, a popular breakfast and lunch restaurant, for $199,000
Plus, 7 additional commercial sales are not listed due to space. You can see from the above that commercial activity is very robust in New Hampshire’s Lakes Region. New condominium developments, residential developments, and apartment complex construction add to the construction buzz in our region. The Lakes Region is no longer that sleepy hidden secret I experienced back in 1976 when I started my career in Real Estate.
This article was written by Frank Roche. Frank is president of Roche Realty Group with offices in Meredith, NH, and can be reached at (603) 279-7046. Please feel free to visit www.rocherealty.com to learn more about the Lakes Region and its real estate market.
