BOSTON–McLaughlin Investments, Inc. announceD facilitating the sale of The Apple Tree Shopping Center, Londonderry, NH consisting of a 169,000 SF Retail Neighborhood Center anchored by Shaw’s Supermarkets.
George Vernet, Vernet Properties, Inc., the buyer, acquired the property as a 1031 IRC Up-leg Replacement asset which was perfectly situated for Vernet turnaround specialty and located within the Southern, NH, Route 93 Demographic growth corridor.
Furthermore, the takedown price of $6,000,000 and the going in budgeted $2,000,000 Value-Add capital improvements provide an all-in cost basis of $47 PSF which is well below replacement cost. The property features twenty (20) acres of commercially zoned land area and 700 plus vehicle parking spaces which are accessed via a controlled signalized traffic system at the intersection of Route 102 and in immediate proximity to Route 93/ Exit 4 ramps.
John McLaughlin, acting as buyer broker, and consultant sourced the asset for 1031 acquisition purposes, negotiated LOI and PSA, assisted buyer with due diligence and property metric matters.
Permanent Debt and Capital Financing was provided by Jon Paul, CRE Lender, East Boston Savings. The Seller, JPMCC 2011-C5, Torchlight Loan Services, was represented by C&W, Manchester, NH. Andy Levy, Meg Companies, Londonderry, NH is the leasing representative.
