Eastern Real Estate Sells Grocery-Anchored Shopping Center to The Jaffe Corporation

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Boston— NKF Capital Markets has completed the sale of Powerhouse Plaza in West Lebanon, New Hampshire to The Jaffe Corporation, which is headquartered in Ormond Beach, Florida. On behalf of Eastern Real Estate, NKF Capital Markets Managing Director Justin Smith of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the grocery-anchored shopping center.

Totaling 81,317 square feet, Powerhouse Plaza is anchored by a longstanding Shaw’s supermarket. Its diverse tenant roster also includes Rite Aid, New Hampshire Liquor & Wine Outlet and 99 Restaurant & Pub.

“Powerhouse Plaza boasts strong leasing momentum with a number of recent renewals from original tenants,” said Smith. “This activity is a clear testament to the asset’s exceptional positioning within a significant concentration of shopping centers that benefits from severely limited competition within a 15-mile radius.”

Situated on the New Hampshire/Vermont border, Powerhouse Plaza is strategically positioned at the intersection of Interstates 89 and 91, and less than 15 minutes from Dartmouth College. The property benefits from five- and 10-mile population counts of 23,700 and 48,300 people, respectively, with corresponding average household incomes of $74,200 and $88,800.