Nine Buildings, One Move at a Time
Where It Started
In November 2021, six of the park's eleven rent-roll spaces were leased and the property brought in about $21,100 a month. The campus itself was in decent shape — nine buildings on roughly 15.2 acres with overhead and dock doors and easy access to Interstate 91 and the Keene market.
Nothing here needed to be torn down and rebuilt. What it needed was steady attention: keep the good tenants, fill the empty space, charge what the space is worth, and take care of the property while doing it.
What Patriot Did
Kept the tenants it already had. Three big tenants were at the property in November 2021, and all three are still there in September 2026. Everything else only works if the base holds.
Grew a tenant instead of hunting for a new one. An existing tenant already leased Building 51. Patriot leased them Building 71 as well — faster and cheaper than filling a space cold.
Brought in a new tenant across two spaces. Filled two of the remaining vacancies in one deal.
Raised rent at renewal. Repaved and resealed. Routine, unglamorous work — the kind that keeps a campus presentable and keeps tenants renewing.
Secured approval for ~20,000 SF of future expansion. Nothing has been built; what the property holds is the right to build it, a decision for later. Additional electrical capacity is in progress.
What It Produced
| Measure | Starting Point | Latest | Change |
|---|---|---|---|
| Space occupancy | 54.55% · 6 of 11Nov 2021 | 81.82% · 9 of 11Sept 2026 | +27.3 pts |
| Monthly rent, occupied spaces | $21,100Nov 2021 | $33,000Sept 2026 | +$11,900 · +56.7% |
| Annual income | $364,000FY2022 | $465,000FY2025 | +27.9% |
| Annual NOI | $201,000FY2022 | $302,000FY2025 | +50.5% |
| NOI margin | 55.2%FY2022 | 65.0%FY2025 | +9.8 pts |
| Comparable-period NOI | $196,000Jan–Aug 2025 | $215,000Jan–Aug 2026 | +9.7% |
NOI grew almost twice as fast as income because expenses did not climb with the new rent — more of each dollar collected stayed in the property. The last row is the most recent evidence: same eight months, each year — NOI is still rising.
Why It Worked
A campus like this has several ways to make money, and none of them depend on the others. Renew a tenant. Expand a tenant. Lease a vacancy. Raise a rent. Repave a lot. Line up a future building. Each one runs on its own schedule.
That is the point. The deal never rides on one make-or-break moment, the way a single-tenant building or a ground-up development does. Every move stands alone, and they stack.
DISCLOSURE. This case study is provided for informational and investor-education purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security or fund interest. It presents historical, property-level information drawn from dated rent rolls, property financial statements, and third-party appraisal or offering materials. Dollar figures are rounded and should be read as of the stated dates; percentage changes are calculated from unrounded source amounts. Historical results and property-specific outcomes are not guarantees of future performance. Nothing herein constitutes investment, legal, or tax advice.
Property-specific source note: The rent rolls report 11 spaces rather than nine physical buildings. The ~20,000 SF expansion represents municipal approval and optionality, not completed construction; the electrical-capacity initiative is in progress and is not presented as realized value.
