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Amended Burton's Point Road sale executed; price set at $600,000, due diligence extended to Nov. 15
Summary
PPIC staff reported that StoneLaw Financial Group accepted amended purchase terms and that the amended sale agreement for Burton's Point Road has been executed by the commission; sale price adjusted to $600,000, due diligence extended to Nov. 15, and development target set at 182,000 sq. ft. (down to 150,000 if modified).
Staff told the Portsmouth Port Industrial Commission that the amended purchase‑and‑sale terms for the Burton's Point Road property, previously voted at the commission's August meeting, were accepted by StoneLaw Financial Group.
"The amended sale agreement has been executed by the PPIC," staff said on Sept. 23. The modifications set the sale price at $600,000, extended the buyer's due‑diligence period to Nov. 15, and specified the property be developed as a roughly 182,000‑square‑foot warehouse distribution facility while allowing flexibility not to go below 150,000 square feet should design changes be necessary.
Staff said the executed agreement has been forwarded to the development group and that the commission awaits a fully executed copy from the buyer. No commission vote was taken at the Sept. 23 meeting; this was a status update on a previously authorized transaction.
