Grubb & Ellis|Coldstream Real Estate Advisors, Inc. sold the former Wentworth Lumber Co. property at 120 Portsmouth Ave. to Exeter Lumber Properties, LLC of Hampton.
David Choate, a principal located in G&E|Coldstream's Portsmouth office, represented the seller in the transaction which also included an abutting residential property at 4 Leary Court.
The buyers of the property, Jim, Sean and Josh Murphy, were represented by Jeff Marple of Marple & James of Portsmouth. The Murphys intend to re-open the building supply company under the name of "Exeter Lumber". The property is currently undergoing substantial renovations, including expansion of the showroom and construction of an attached 8,200 s/f warehouse to provide customers the ease of drive-through access to lumber and building supplies, a service not provided by the large national chain stores.
According to the Rockingham County Registry of Deeds, the selling price was $1.15 million for the two properties.
Josh and Sean Murphy, partners of Exeter Lumber, commented: "We look forward to continuing the tradition of a local, family-owned and operated lumber yard. We are excited about becoming active members of the Exeter community and providing high quality lumber, hardware, and building supplies to the seacoast region." The boys went on to say that, "they have targeted May 1st for the reopening."
Grubb & Ellis is one of the world's leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe.