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Wed, Jun 26
A Compendium of Property & Capital News
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Jun 26
A Compendium of Property & Capital News

For $39M Carlisle Capital Sells Iconic Citizens Bank Building To Red Oak

March 27, 2019 - By The Real Reporter
875 Elm Street, Manchester NH

MANCHESTER Carlisle Capital Corporation has sold the historic Citizens Bank building located at 875 Elm Street to Red Oak Apartment Homes for a price of $39 million dollars.

First reported for sale back in October by Real Reporter, and marketed through Colliers International, the iconic building is located in the heart of downtown Manchester. The property features 91 residential apartments and is also home to Citizens Bank and the recently opened “110 Grill” restaurant. Carlisle acquired the 140,000 sq. ft building in 2015 for a price of $8.2 million dollars, and immediately began a full-scale renovation to convert the 10-story tower into residential apartments.

First constructed by Amoskeag Bank in 1913 as New Hampshire’s first skyscraper, the property has long been a fixture of Manchester’s downtown central district.

“We are incredibly proud of this project,” said Carlisle Capital’s President, Bill Binnie. “875 Elm Street was an almost completely empty building taking up a whole city block in the heart of Manchester when we acquired it. We made a huge effort in terms of work and invested millions of dollars to completely renovate and transform the building and the surrounding area. It has been a big success and we were honored to be awarded the Historic Preservation Award from the Manchester Historic Association and also recognized as the “Best Apartment Building” in the City of Manchester. Most importantly, this project will now be a great revitalized asset for the city. It has brought quality housing, new restaurants and a much bigger tax base to the City. We will now take our team and our capital over to another Manchester building in the Mill Yard and start rebuilding another historic building, added Binnie.”

The new buyer, Red Oak Apartment Homes, is a local Manchester real estate company, with over 1500 residential units across the state. “Red Oak is a terrific local company and it was important for us to sell the building to another local New Hampshire company.” Said Binnie.

Carlisle Capital is a major investor in Manchester, through its ownership of multiple Mill Yard buildings on Dow Street, consisting of more than 600,000 sq. ft of commercial space and hosting tenants, including tech giant Oracle. “We are bullish on Manchester. This City is great and has a wonderful future, and we are proud to be a part of the local business community,” expressed Binnie.

Bill Binnie