A newly constructed industrial building at 13 Page Road in Londonderry has changed hands for $16.6 million, with Vigilant Holdings picking up the fully leased, 75,480-square-foot property from a seller tied to Rhino Capital Advisors. The Class A facility, completed in 2025, sits on 13.8 acres and is occupied entirely by a building-products distribution tenant under a long-term lease.
The sale closed amid a wave of investor appetite for Southern New Hampshire industrial real estate, according to Boston Real Estate Times, which reported that the property's lease includes built-in contractual rent growth. The building features 30-foot clear heights, four loading docks, four drive-in doors, 11 trailer parking spaces and 63 vehicle parking spaces, and it also includes infrastructure for additional loading docks down the road, the outlet reported.
Location was a major selling point. The site sits less than 10 minutes from both Interstate 93 and Interstate 293 and about 3.6 miles from Manchester-Boston Regional Airport, according to ConnectCRE, putting it within reach of Manchester, Nashua, Portsmouth and Boston.
JLL Lines Up Both Sides of the Deal
JLL Capital Markets arranged the sale on behalf of the seller, the Rhino Capital Advisors affiliate, and separately secured the buyer's financing — an $11.45 million loan from Bar Harbor Bank & Trust structured as a five-year, fixed-rate arrangement. The investment sales and advisory team representing the seller was led by Managing Director Michael Restivo, Senior Director David Coffman, Director Tommy Hovey and Associate Ali Howard, alongside Vice Chairman Christopher Lawrence, per the same account from ConnectCRE.
Restivo said the sale process reflected strong investor conviction in the asset's credit quality and the market's strategic location advantages, according to Boston Real Estate Times. He added that the pricing gap between Southern New Hampshire and traditional gateway markets is compressing as institutional capital recognizes the submarket's value proposition, in his words: “We're seeing the pricing gap between Southern New Hampshire and traditional gateway markets compress as institutional capital recognizes the submarket's value proposition.”
On the financing side, JLL's debt advisory team was led by Managing Director Amy Lousararian and Associate Michael Schwarze, representing Vigilant Holdings. Lousararian said the acquisition aligns with the firm's strategy of pursuing industrial properties with established tenancy and credit-backed leases, and she described 13 Page Road as a new build-to-suit with a long-term lease to a national building-products distributor, building on the company's earlier waste management-leased acquisitions in Woburn and Avon.
A Tight, Fast-Rising Industrial Market
The deal lands in a market where space is tightening and rents keep climbing. Southern New Hampshire's industrial vacancy rate fell 60 basis points quarter over quarter to 6.1% in the third quarter of 2026, its lowest level in two years, according to a Cushman & Wakefield MarketBeat report. Average asking rents in that submarket hit a record $12.97 per square foot in the same quarter, up 9.1% year over year, even as new demand cooled to 167,000 square feet for the quarter, bringing year-to-date leasing volume to 1.2 million square feet.
Statewide figures tell a related but separate story. New Hampshire's overall industrial vacancy rate stood at 6.1% in the second quarter of 2026, up 0.7 percentage points year over year, while the average asking rate reached $11.92 NNN, a 6.3% annual increase, per Colliers. Looking back further, Colliers also found that New Hampshire's industrial vacancy ticked up 0.5 percentage points to 5.9% in 2025, as tenant demand concentrated on smaller units while larger blocks of space sat vacant — even as industrial investment activity picked up in the second half of that year, with warehouse buildings dominating deal volume and traded properties averaging $198 per square foot.
Bigger Deals Dot the Same Corridor
The Londonderry sale is far from the largest industrial trade in the region this year. The biggest transaction of the third quarter was Anheuser-Busch's sale of its 683,170-square-foot property to United Therapeutics Corporation for $47.5 million, part of a quarter that saw four industrial buildings totaling 784,500 square feet trade hands, all in the Nashua market, according to Cushman & Wakefield.
Leasing activity in Londonderry has also been brisk. Newmark arranged an 86,954-square-foot lease at 12 Innovation Way for circuit-board assembly company Intelligent Manufacturing Solutions, according to a Newmark press release. That 233,839-square-foot building was constructed in 2018, and the new lease allowed the manufacturer to double the size of its operations as it relocated from 645 Harvey Road.
Zooming out further, the national industrial market JLL serves across investment sales, debt advisory, mergers and acquisitions, loan sales and equity placement is also running hot. U.S. industrial leasing climbed to 202.6 million square feet in the third quarter of 2026, up 38.5% year over year and 15.3% quarter over quarter, while industrial investment volume reached a preliminary $95.3 billion through the same period, up 38% annually, with institutional buyers increasing their share to 31.4%, according to JLL's own market dynamics tracking. For Vigilant Holdings, the Londonderry purchase adds another credit-backed, fully leased asset to its New England portfolio.
