Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dollar Tree Anchored Strip Center, a 14,435-square foot retail property located in Salem, NH, according to Tim B. Thompson, regional manager of the firm’s Boston office. The asset sold for $3,725,000.
Tim Elftman, Kevin O'Hanlon and Bob Johnson, investment specialists in Marcus & Millichap’s Boston and Atlanta offices, had the exclusive listing to market the property on behalf of the seller, a developer.
Dollar Tree Anchored Strip Center is located at 294 N Broadway in Salem, NH. “This particular center includes one of the highest producing Dollar Tree locations in the state”, said O’Hanlon. He also added that, “before coming to the market we were able to successfully extend the lease term of the anchor tenant. This allowed us to maximize the value of the center for our client”. Elftman expressed, “This was the first time this asset has traded hands.” He continued to note, “The Seller had developed the property approximately 10 years ago and has meticulously maintained and managed the building. A mixed-use development south of the property, known as the Tuscan Village, made the retail center more attractive to potential buyers as well”. The asset sold for 95% of the asking price at a 7.3% capitalization rate.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
