Salem, NH Marcus & Millichap completed the sale of a Dollar Tree-anchored strip center, a 14,435 s/f retail property, according to Tim Thompson, regional manager of the firm’s Boston office. The asset sold for $3.725 million.
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.
The strip center is located at 294 N. Broadway. “This particular center includes one of the highest producing Dollar Tree locations in the state,” said O’Hanlon. “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 said, “This was the first time this asset has traded hands. 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.
Marcus & Millichap, a leading specialist in commercial real estate investment sales, financing, research and advisory services, have a system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, technology, and relationships with the largest pool of qualified investors.