News:
Owners Developers & Managers
Posted: October 12, 2018
Vernco Apple, LLC purchases 194,214 s/f center for $6 million - McLaughlin Investments reps buyer; Cushman & Wakefield reps seller
Londonderry, NH George Vernet, manager of Vernco Apple, LLC, purchased 4 Orchard View Dr., which is a 194,214 s/f retail shopping center, for $6 million from JPMCC 2011-C5 Appletree Mall, LLC. The management agent will be Vernet Properties, Inc.
The property is located on Rte. 102, one mile from exit 4 on I-93. The 20 acre parcel has parking to accommodate the 32,000 cars a day that travel on Rte. 102. The building is anchored by Shaw’s Supermarket and currently has units available ranging from 1,800 s/f to 41,360 s/f.
Vernco Apple intends to invest $2-3 million in the next two years, including a new façade, asphalt, new roof, public sewer connection, unit upgrades, etc.
The selling broker was Cushman & Wakefield with Tom Farrelly and Denis Dancoes as their agents.
Buyers broker was John McLaughlin of McLaughlin Investments, Inc.
East Boston Savings Bank provided the financing.
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