HAMPTON, NH– Marcus & Millichap announced the sale of Speedway, a 4,068 SF net-leased property located in Hampton, NH, for $6.95 million, according to Tom Shihadeh, regional manager of the firm’s Boston office.
Adam Cohen, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer. Jennifer Athas, NH Broker of Record, assisted in closing this transaction.
Cohen says, “The property is in a great location and is consistently busy. The seller had developed the station 15 years ago and was looking to free up some capital to take on some new projects. The offering generated interest from several investors, including REITs, professional investors and private clients. A strong gas station / C-store operator with operations throughout the Northeast ultimately won the deal, and we’re confident that this property will continue to perform for them for many, many years to come.”
Speedway is located on 1 acre of land at 639 Lafayette Road in Hampton, NH. Built in 2004, the property includes a 4,000 SF Speedway convenience store and 16 fueling stations. The location is unique in that it contains a full basement with a lift, walk-in cooler/freezer, and second floor offices overlooking the store. Speedway is also located within a major retail corridor with high barrier to entry for gas station developments due to zoning regulations.