North Hampton, NH Horvath & Tremblay has completed the sale of a Midas and Jiffy Lube retail center located in North Hampton, and TGI Fridays in Homestead, Penn. for combined sales of $7.3 million.
Horvath & Tremblay exclusively represented the seller and procured the buyer of the Midas and Jiffy Lube retail center to close the property at a sale price of $2.65 million.
The 10,606 s/f retail center, located at 27 Lafayette Rd. (U.S. Rte.1) was constructed in 2004 and is anchored by Midas and Jiffy Lube that collectively make up 61% of the gross leasable area. Each tenant has approximately 8 years remaining on their original twenty year lease terms.
The remaining tenants include Sea Breeze Sleep and Medical Services, a medical supply and uniform retailer and Salon 7.
Kyle Danielson and Bob Horvath represented the buyer of TGI Fridays which closed at a sale price of $4.65 million. TGI Fridays occupies a free-standing, single tenant, 8,242 s/f building located along Waterfront Dr. The property experiences traffic counts in excess of 45,000 vehicles per day and is located in a dense commercial and residential area of Homestead. TGI Fridays recently underwent extensive renovations totaling $500,000 and renewed the lease for an additional 15 years which includes scheduled rental escalations in the primary term and option periods.