15 SHRI NILKANT,LLC. INVESTMENT SALE 8.75% CAP RATE 100% LEASED MULTI-TENANT CLASS A OFFICE
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INVESTMENT SALE
SHRI NILKANT,LLC.
8.75% CAP RATE
100% LEASED MULTI-TENANT CLASS A OFFICE
Sale Price - $ 6,150,000
15
TRAFALGAR SQUARE
NASHUA, NEW HAMPSHIRE
15
TRAFALGAR SQUARE
NASHUA, NEW HAMPSHIRE
TABLE OF CONTENTS
Executive Summary .................................................................... 1
Investment Highlights ................................................................. 3
Asset Overview ......................................................................... 5
Market Overview ......................................................................... 13
Tenant Overview ......................................................................... 17
Financial Analysis ....................................................................... 21
Offered By:
SHRI NILKANTH,LLC
(603) 759-8308
Sachin Patel
Owner
(603) 759-8308
shrinilkanth43@gmail.com
15
NASHUA, NEW HAMPSHIRE
TRAFALGAR
SQUARE
EXECUTIVE SUMMARY
Shri Nilkanth is pleased to for sale 15 Trafalgar Square, a Trafalgar Square has enjoyed long-standing popularity due to its
36,706 square foot, first-class office building situated on campus setting and exceptional highway and retail amenity
approximately 2.02 acres in the heart of the highly desirable access, many within walking distance. Within the park are two
Trafalgar Square Office Park. This well maintained two-story hotels and several dining options – Starbucks, Speaker’s Corner
office building is currently 100% leased to four tenants – AmTrust Bistro and Pub, Pressed Cafe are located across the street in the
North America DoubleTree by Hilton and the 110 Grill is located just on the other
(14,660 SF), Melexis (7,000 SF), The Counseling Center (6,074 side of the Residence Inn. The Somerset Swim and Fitness club,
SF) and Conformal Medical (8,972 SF). The property is offered also located in the DoubleTree by Hilton is open to the public and
at $6,150,000, an 8.75% cap on year one income and well below features a heated salt water pool, aqua aerobics, personal
replacement cost. training, massage therapy, Jacuzzi and sauna.
15 Trafalgar Square features a striking two-story atrium lobby with Just outside the park within a 1 mile radius is a wide array of
oversized floor to ceiling windows on the first floor, high ceilings, amenities including more than 50 retail and service companies,
skylights, tinted ribbon windows and updated office suites with 35 restaurants and fast food establishments, financial services
new finishes including energy efficient indirect lighting. The firms, child care and early education options, fitness facilities and
property also has a newer (2008) mechanically fastened white medical services including the 140,000-square foot Dartmouth-
TPO roof system, new underground glycol lines for the building’s Hitchcock Medical Center.
cooling tower, common area restrooms on both floors, an elevator
and a basement that houses the majority of the building’s Nashua is the second largest city in New Hampshire and home to
mechanical systems. Quality construction, exceptional highway more than 90,000 residents. Companies that have made Nashua
access, proximity to the Manchester • Boston Regional Airport, their home include BAE North America, Amphenol, Oracle
the Massachusetts border, downtown Boston, Logan International Corporation and the Federal Aviation Administration. Nashua’s
and an unsurpassed area amenities make 15 Trafalgar Square a robust economy, low unemployment, affordable housing, and
superior opportunity for any investor or owner occupant. vibrant Great American Downtown help Nashua consistently rank
high when compared to other cities across the nation. In 2017
Trafalgar Square is the premier landmark suburban office park WalletHub ranked Nashua #1 in its Safest Cities in America
located immediately off Exit 8 of the F.E. Everett Turnpike. survey which evaluated 180 cities across the country (Boston
Companies with offices in the Park include Amtrust North ranked 133). In WalletHub’s comparison of 150 of the most
America, Citizen’s Bank, Kbace, Hamblett & Kerrigan, Pfeiffer populated cities in America, Nashua ranked #9 as one of the best
Vacuum and Wells Fargo Advisors. The Trafalgar Square Office run cities in the nation; #5 in cities with the lowest infant mortality
Park consists of ten properties, six of which are part of the rate and #2 for quality of services. Security Choice evaluated
condominium development on approximately 20.391 acres. 495 cities and major metropolitan areas in the US on several
These properties include three first-class office buildings located safety and retirement-focused metrics and Nashua came in at
at 6, 15 and 20 Trafalgar Square; one office/R&D property at 24 #34 on their list of the top 100 safest cities to retire for 2018.
Trafalgar Square; the new 118-room Residence Inn by Marriott at Nashua’s strong economy, low crime rate and affordable housing
25 Trafalgar Square and the new 110 Grill restaurant at 27 has put Nashua on Money Magazine’s list of Best Places to Live
Trafalgar Square – both of which were constructed in 2014. in America three times, ranking #1 in 1987. Nashua’s central
Other properties in Trafalgar Square, but not part of the location, accessibility to multiple major labor markets, the White
condominium, include four office buildings at 4, 9, 11 and 33 Mountains, Lakes Region, the seacoast and the State Capitol
Trafalgar Square and the 230-room DoubleTree by Hilton directly make Nashua a great location to live and invest.
across the street which underwent an $11 million renovation in
2018.
1 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING
NEW DOOR AND FRAME DEMO ITEMS
FIRST
FLOOR
PLAN
CONFORMAL MEDICAL, INC
8,972 SF
7,000 SF
10 9 8 7 6 5 4 3 2 1
LEGEND
NOT IN SCOPE PROPOSED ITEMS(HEAVY LINE WEIGHT)
EXISTING ITEMS
EXISTING DOOR AND FRAME TO REMAIN
NEW DOOR AND FRAME DEMO ITEMS
FIRST FLOOR PLAN
1 1/8" = 1'-0"
SECOND
FLOOR
PLAN
10 9 8 7 6 5 4 3 2 1
10,202 SF
6,074 SF
4,458 SF
SECOND FLOOR PLAN
1 1/8" = 1'-0"
15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 2
INVESTMENT HIGHLIGHTS
• $6,150,000.00 an 8.75% Cap Rate
• 36,706 SF on approximately 2.02 acres
• 132 parking spaces, 3.6 spaces per 1,000 rentable square
feet
• Excellent highway access via Exits 7 and 8 of the F.E.
Everett Turnpike/Route 3
• Striking two-story atrium lobby
• Professionally managed by Silva Associates
• Comcast broadband high-speed internet service
• More than 30 restaurants and fast food establishments
nearby, including many within walking distance
AM
HE
• Five major hotels in the immediate area: RS
TS
- DoubleTree by Hilton TR
EE
T
- Residence Inn
- Marriott Courtyard
- Extended Stay America
- Hampton Inn
• Medical services nearby include the five-story, 140,000-
square foot “green” Dartmouth-Hitchcock Medical Center,
less than 3/10 of a mile away at Exit 8
• Fitness facilities including Gold’s Gym and the Somerset
Swim & Fitness Club at the DoubleTree by Hilton directly
across from the property
• Close proximity to Park & Ride lot with convenient bus
service from Boston Express and Nashua Transit System
3 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING
3
EXIT 8
Y
PA RKWA
SOMERSET
15
NASHUA, NEW HAMPSHIRE
TRAFALGAR
SQUARE
RE
UA
SQ
AR
G
AL
AF
TR
101A
TRAVEL TIMES
• 1 minute to Route 101A / Amherst Street
• 2 minutes to the FE Everett Turnpike / Route 3
• 10 minutes to the MA border
• 15 minutes to the Manchester•Boston Regional Airport
• 22 minutes to I-495
• 26 minutes to I-293
• 28 minutes to I-95
• 38 minutes to I-93
• 60 minutes to Logan International Airport
15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 4
ASSET OVERVIEW
15
TRAFALGAR
SQUARE
NASHUA, NEW HAMPSHIRE
KEY FEATURES
• Located in the highly desirable Trafalgar Square Office Park
• Immediate access to the F.E. Everett Turnpike/Route 3
• Good tenant mix in favorable industries
• Flexible floor plates suitable for tenants as small as 2,000 SF or larger tenants up to 20,000
+ SF
• Attractive, energy efficient, tinted ribbon windows
• 8' - 9' finished ceiling height
• Basement which houses mechanicals and storage
• Many suites have new finishes
• Somerset Swim and Fitness Club, Speakers Pub, Speakers Restaurant and Starbucks
across the street at the DoubleTree
• Surrounded by a wide variety of amenities including restaurants, child care, fitness
centers and medical services, many within walking distance
7 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERINGSPECIFICATIONS
Property Address 15 Trafalgar Square Security Card access
(condominium unit)
Utilities Electricity: Eversource
Nashua, New Hampshire 03062
Water: Pennichuck Water Works
Type Class A Office Sewer: Nashua Wastewater Services
Telecom: Fairpoint, Comcast
Building Size 36,706 SF
HVAC Closed loop water source heat
Basement Size 1,466 SF
pumps with an electric boiler and
Floors Two cooling tower with approx. 51 interior
unit heat pumps
% Leased 100%
Parking 132 spaces, ratio of 3.6/1000
Site / Land Area ±2.02 acres of the ±20.391 acres of
condominium land Construction Steel and masonry construction with
red brick exterior
Year Built 1987
Roof Mechanically fastened TPO roof
Zoning Park Industrial (PI) system (White Roof) installed in 2008
Electric Service 1,200-amp, 480/206 volt, 3-phase Windows Insulated ribbon
Location/ 15 Trafalgar Square is located Floor Coverings Carpet, vinyl, ceramic tile
directly off Exit 8 of Route 3/the F.E.
Access Ceiling Height Finished Office: 8'-9'
Everett Turnpike. Manchester is only
14 miles to the north, I-495 is 18.2
Telecommunication Fiber and high-speed broadband
miles south, I-95 is 29 miles south
cable from Comcast
and Boston is 46 miles to the south. s
One 2,500 lb. capacity passenger
Approximately 233 linear feet on
elevator
Trafalgar Square Elevators
Frontage
Fully alarmed and wet sprinklered
Life Safety
15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 815
TRAFALGAR
SQUARE
NASHUA, NEW HAMPSHIRE
TENANTS AT A GLANCE
Melexis Inc. Conformal Medical, Inc. AmTrust North America The Counseling Center
7,000 SF 8,972 SF 14,660 SF 6,074 SF
Suite 100 Exp Suite 101 Suites 200 & 201 Suite 202
12/31/2025 Exp 12/31/2024 Exp 12/31/2024 Exp 08/31/2025
TOTAL: 36,706 SF
9 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 10
15
TRAFALGAR
SQUARE
NASHUA, NEW HAMPSHIRE
SITE PLAN
11 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERINGEXISTING ITEMS EXISTING DOOR AND FRAME TO REMAIN
NEW DOOR AND FRAME DEMO ITEMS
FIRST FLOOR
PLAN
10 9 8 7 6 5 4 3 2 1
LEGEND
NOT IN SCOPE PROPOSED ITEMS(HEAVY LINE WEIGHT)
EXISTING ITEMS
EXISTING DOOR AND FRAME TO REMAIN
NEW DOOR AND FRAME DEMO ITEMS
FIRST FLOOR PLAN
1 1/8" = 1'-0"
SECOND
FLOOR PLAN
10 9 8 7 6 5 4 3 2 1
SECOND FLOOR PLAN
1
15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 12MARKET OVERVIEW
DEMOGRAPHICS
5 MILES 10 MILES 15 MILES 20 MILES
TOTAL POPULATION 110,110 255,260 635,197 1,040,885
AVG. HOUSEHOLD INCOME $100,495 $116,634 3 $103,467 $103,678
MEDIAN AGE 42 42 41 41
EXIT 7
E
IK
NP
UR
TT
ET
R
VE
.E
F.E
EXIT 8
SOMERSET PARKWAY
PARK AND RIDEMARKET OVERVIEW
TRAFFIC COUNTS
F.E. EVERETT TURNPIKE BETWEEN EXITS 7 AND 8 92,100 ADT
F.E. EVERETT TURNPIKE NORTHBOUND AT EXIT 8 11,200 ADT
RT 101A (AMHERST STREET) EAST OF THORTON ROAD 39,000 ADT
NASHUA AIRPORT
101A
Pressed Cafe
15
NASHUA, NEW HAMPSHIRE
SOMERSET
PLAZA
TRAFALGAR
SQUARE
AM E N IT IE S WIT H IN 1 MI LE O F 1 5 TRAFALG AR S Q UARE
17 20
COFFEE / FAST FOOD
30 3
FITNESS
6
BANKS
5
HOTELS
23
RETAIL / SHOPPING
11
MEDICAL/DENTAL
5
SCHOOLS/CHILDCARE
RESTAURANTS SERVICES15
EXIT 8
PARKWAY
SOMERSET
F. E
15
.EVE
TRAFALGAR
SQUARE
RET
NASHUA, NEW HAMPSHIRE TRAFALGAR
SQUARE
T TU
NASHUA, NEW HAMPSHIRE
RNP
IKE
NASHUA MARKET OVERVIEW
Nashua is a thriving suburban community with a population The Class A market consists of approximately 1.7 million square
of approximately 88,000 people. Located immediately over feet in 36 buildings, with the Class B market consisting of
the Massachusetts border on the west side of the Merrimack approximately 1.1 million square feet in 14 buildings. The Class
River, Nashua stretches from Exit 1 to Exit 8 of Route 3/the F.E. A vacancy rate for direct available space as of the second quarter
Everett Turnpike, one of New Hampshire’s two major north/south of 2019 was 22% with average asking rates of $19 PSF modified
thoroughfares. Nashua has been repeatedly ranked by gross however the vacancy rate for the Trafalgar Square office
publications such as Money Magazine as one of the best cities in buildings is only 14%. The Trafalgar Square office buildings are
America to live in based on several factors including favorable newer, their campus setting and location directly off the Exit 8 on/
tax climate, affordable housing, employment opportunities, off ramp make these buildings more desirable than many of the
healthcare and an educated workforce. buildings on Amherst Street or in the Exit 1/Spit Brook area.
Quoted rents for Class A office space in the Trafalgar Square
The largest concentrations of office space in Nashua are situated market are in the $17 to $18 PSF modified gross range.
at Exit 1 and between Exits 7 and 8 of Route 3/the F.E. Everett
Turnpike. 15 Trafalgar Square is located directly off Exit 8 of There are no multi-tenant office buildings that would compete
Route 3/the F.E. Everett Turnpike and is one of seven Class with Trafalgar Square Office Park either proposed or under
A office buildings in the Trafalgar Square development. This construction in this market. There are a few of proposed office
location provides exceptional highway and amenity access. projects in various stages of the approval process at Exits 1, 4
Manchester is a quick 14 miles to the north, I-495 only 18 miles and 11, but these would only come to fruition if the developers
to the south, I-95 is less than a half hour south and Boston less had a credit tenant with a long-term lease for a substantial portion
than an hour away. The immediate area surrounding Trafalgar of the new building. The only proposed building that could have
Square is known for its abundance of amenities including directly competed with the office space at Trafalgar Square was
more than 30 restaurants and fast food establishments, a wide developed in 2014 as an Extended Stay Marriott.
variety of retail, five hotels, financial institutions, the 140,000 SF
Dartmouth-Hitchcock Medical Center and significant residential
development. In addition, a NH Park & Ride with bus service
from Boston Express is located on the west side of Exit 8. This
area is also served by the Nashua Transit System.
15 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 16
TENANT OVERVIEW
15
TRAFALGAR
SQUARE
NASHUA, NEW HAMPSHIRE
MAJOR TENANT PROFILES
CONFORMAL MEDICAL, INC.
Euronext: MELE
www.melexis.com
8,972 Square Feet
7,000 Square Feet
Lease Term
Original Lease Term 6 years and 3 months commencing November 1, 2018
5 years commencing December 16, 2010
Current LX
Current LX December 31, 2024
December 31, 2025
Established in 2016, Conformal Medical is a medical
Melexis is a global supplier of micro- device design firm specializing in appendage closures
electronicsemiconductor solutions and stands for for stroke reduction in atrial filbration patients.
engineering that enables the best imaginable future – a
future which is safe, clean and comfortable.
NASDAQ: AFSI
www.amtrustfinancial.com www.counselingcenter.com
14,660 Square Feet 6,074 Square Feet
Lease Term Lease Term
7 years and 3 months commencing October 1, 2017 7 years commencing September 1, 2018
Current LX Current LX
December 31, 2024 August 31, 2025
The mission of AmTrust Financial is to deliver Established in 1990, The Counseling Center is a
outstanding insurance and risk solutions to clients and multidisciplinary outpatient group practice comprised
partners around the world through innovation, niche of over 75 providers including psychologists, social
expertise and unparalleled service. workers, mental health counselors, psychiatrist and
advanced practice nurse practitioners.
19 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 20
FINANCIAL OVERVIEW
ASSUMPTIONS TO CASH FLOW
Property Address 15 Trafalgar Square
GENERAL INFORMATION
Analysis Start Date January 1st, 2022
Total Rentable Area 36,706 SF
OPERATING EXPENSES
15 TRAFALGAR SQUARE
2021 BUDGET
Repairs & Maintenance $25,500 $0..69
Electricity $94,000 $2.56
Water & Sewer $15,300 $0.41
Insurance $8,461 $0.23
Outside Services $11,275 $0.30
Real Estate Taxes $81,886 $2.23
Management Fee $10,800 $0.29
Condominium Fees $1,296 $0.03
Total Operating Expenses $248,518 $6.77
CASH FLOW
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
For the Years Ending Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Dec-2030
Potential Gross Revenue
Base Rental Revenue $764,433 $781,695 $799,712 $818,165 $837,058 $858,013 $879,463 $901,449 $923,985 $947,084
Scheduled Base Rental Revenue $764,433 781,695 799,712 818,165 837,058 858,013 879,463 901,449 923,985 947,084
Total Operating Expenses 228,680 228,680 228,680 228,680 228,680 228,680 228,680 228,680 228,680 228,680
Net Operating Income 535,753 553,015 571,031 589,485 608,378 629,333 650,783 672,769 695,305 718,404
23 15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERINGRENT ROLL (AS OF JANUARY 1, 2022)
Tenant Name RSF Current Changes Changes Lease Structure & Description Market Notes
Suite Number Bldg Rate & on to of Operating Expense Leasing
Lease Dates Share Amount Assumptions
Term per Year
per Month
Melexis, Inc. $19.22 Jan-2021 $19.50 Modified Gross See Market Renewal Option: none
Suite: 100 7000 $216,898 Plus $1.5 PSF Tenant Electric Leasing Expansion Option: none
Jan-2011 to 19.07% $18,075 Pays prorata share of OPEX Assumptions Termination Option: none
Dec-2025 168 Months & Tax escalation over base Guarantor: Melexis N.V.
year & 2% rent increase in Security Deposit: $44,293.63
base rent & 2% increase in
Utility Annually
AmTrust $18.38 Jan-2020 $18.39 Modified Gross See Market Renewal Option: Two 3-year
Suite: 200 & 201 14,660 $269,538 Jan-2021 $18.85 Plus $1.50 PSF Tenant Electric Leasing renewal options
Oct-2017 to Dec-2024 39.94% $22,461,49 Jan-2022 $19.32 Pays prorata share of OPEX & Assumptions Expansion Option: ROFO on
87 Months Jan-2023 $19.80 Tax escalation over base year contiguous space
Jan-2024 $20.29 Termination Option: After
12/31/22 with 12 months
notice
Guarantor: Tenant
Security Deposit: none
Counseling Center $16.66 Sep-2019 $16.66 Modified Gross See Market Renewal Option: One 5-year
Suite: 202 & 202A 6,074 $101,193 Sep-2020 $17.07 Plus $1.50 PSF Tenant Electric Leasing renewal option
Sep-2018 to Aug-2025 16.55% $8,433 Sep-2021 $17.50 Pays prorata share of OPEX & Assumptions Expansion Option: ROFO on
84 Months Sep-2022 $17.94 Tax escalation over base year adjacent space Termination
Sep-2023 $18.39 Option: One time right to
Sep-2024 $18.85 terminate at the end of the
60th month with 12 months
notice paying unamortized
transaction costs plus 4
months of Year 6 rent
Guarantor: Tenant
Security Deposit: $8,225.21
Conformal Medical $15 + 8 Modified Gross See Market Renewal Option: One 5-year
Suite: 101 8,972 $206,356 June-2021 $23 Plus $8 PSF for Tenant Leasing renewal option
Nov-2018 to 24.44% $17,196 Nov-2021 $23.57 Electric P& all OPEX Assumptions Expansion Option: none
Dec-2024 74 Months Nov-2022 $24.16 Termination Option: none
Guarantor - $75,000 LOC wth
$15,000/yr burndown
Security Deposit: $12,498.67
Total Occupied SqFt 36,706
Total Available SqFt 0
MARKET LEASING ASSUMPTIONS (MLA)
Market Rent $18.50 PSF Modified Gross plus $1.50 PSF (lights & plugs electric); optional janitorial
Market Rent Growth Rate 3.0% per annum
Lease Term 5 years; 3% per annum increases
Tenant Improvements New Leases: $15.00 PSF
Renewals: $5.00 PSF
Leasing Commissions New Leases: 5%
Renewals: 3%
Renewal Probability 75% overall renewal probability
Downtime Between Leases 6 months
Vacancy/Credit Loss 4% / 1% offset by actual absorption and turnover vacancy (excluding Melexis & AMTrust)
Expenses Growth Rate 3.0% per annum
Capital Reserve $0.25 PSF, grown 3% per annum
Property Management 1.0% of EGR
15 TRAFALGAR SQUARE I INVESTMENT SALE OFFERING 24Shri Nilkanth, LLC Sachin Patel 275 VarnumAvenue Owner (603) 759-8308 Suite # 108, shrinilkanth43@gmail.com Lowell, MA - 01854
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