CLOSED: 420 Winchester Street, Keene NH

CLOSED: Prescott Finalizes Major Quadruple IOS Transaction at 420 Winchester Street, Keene, NH

Prescott is pleased to announce the closing of a rare and strategic IOS quadruple deal involving the sale and lease of key properties across Keene and Swanzey, New Hampshire. The centerpiece of this quadruple deal was the sale and lease of a 16,320-square-foot facility on 1.88 acres of Industrial Outdoor Storage (IOS) land at 420 Winchester Street, Keene NH. The property was leased to CED Yankee, a 67-year-old electrical distribution company, and sold to Patriot Holdings, a dominant investor/operator of IOS and self-storage property.

This highly coordinated transaction also included the acquisition of over 15 acres of industrial land by F.W. Webb Company, the largest plumbing and HVAC distributors in the Northeast, to build their new facility, a direct response to the company outgrowing its previous space at 420 Winchester Street.

Property Overview:

Deal 1:
Seller: Keith A Bell and Kevin A. Bell
Buyer:  F.W. Webb Company
Lot Size: 10.28 acre parcel of land
Price: $225,000
Address: 701 Old Homestead Highway, Swanzey, NH

Deal 2:
Seller: Runway Fun Park LLC
Buyer: F.W. Webb Company
Lot Size: 5.1 acres of Industrial Land
Price: $550,000
Address: 471 Old Homestead Highway, Swanzey, NH

Deal 3:
Landlord: Patriot Holdings
Tenant: CED Yankee
Lot Size: 16,320 Building on 1.88 Acres of Industrial IOS Land
Address: 420 Winchester Street, Keene NH

Deal 4:
Seller: FW Webb Company
Buyer: Patriot Holdings
Lot Size: 16,320 Building on 1.88 Acres of Industrial IOS Land
Price: $1,650,000
Address: 420 Winchester Street, Keene NH

How This Quadruple Transaction Came Together

This deal was more than a simple sale or lease, it was a culmination of a four-year journey that began when FW Webb outgrew their Keene location. Prescott helped Webb secure two off-market parcels to build their new facility.

Though the property was initially intended for sale, Prescott listed it as both for sale and lease to widen the prospect pool. A local electrical supply house, CED Yankee, operating for decades in Keene, reached out with interest, not to buy, but to lease. Prescott negotiated a lease that aligned with the seller’s goals, understanding that a lease could increase the value of the asset for potential investors.

While that lease was being finalized, Patriot Holdings, an active owner of over 50% of Keene’s self-storage market recognized the upside in leasing to a tenant like CED and the additional self-storage potential on site. They closed on the purchase at a price point that reflected both current cash flow and future development opportunities.

Challenges & Solutions

• Road Construction: The team structured lease terms to account for temporary disruptions, ensuring a smooth transition for the tenant.
• Finding the Right Tenant: The mixed-use nature of the property meant that not every industrial tenant was a fit. Through market research and networking, Prescott secured a business that aligned with the property’s layout.

Community & Economic Benefits

• Job Retention & Growth: CED Yankee’s presence supports local employment and potential business expansion.
• Strengthening Industrial Networks: The location enhances access to electrical supplies for contractors in the area, improving efficiency for surrounding businesses.
• Sustaining Industrial Real Estate: The successful lease highlights the ongoing demand for well-located industrial properties in Keene, NH.

Challenges Overcome

• Market Timing & Roadwork: Ongoing road construction in the area created hesitation among prospects. Prescott emphasized long-term value and strategic location.
• Title Issues: Late-stage title concerns were resolved through collaboration and legal diligence.
• Double Contingency: The lease and sale were interdependent, requiring tight coordination and trust across all parties.

Key Takeaways for Future Industrial Leasing

• Dual-Track Listings Work: Keeping a property available for both sale and lease maximizes opportunities for sellers.
• Early Industry Engagement Matters: Connecting with local businesses early in the process increases the likelihood of finding the right tenant.
• Adaptability is Key: Resolving title issues, navigating construction challenges, and shifting strategies ensured this deal’s success.
• Value-Add Leasing is a Strong Strategy: Instead of selling outright, structuring a lease-first approach creates long-term value while maintaining asset ownership.

Interested in Industrial Properties or IOS Investments?

Prescott is an award-winning commercial real estate brokerage specializing in selling and leasing industrial properties with a focus on industrial outdoor storage (IOS) in Greater Boston and throughout New England. If you own this type of property and you are interested in a sale or lease evaluation or you are looking for property that is very difficult to find, please reach out at help@prescottadvisory.com or call our office at (617) 340-3332. 

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