BOSTON – JLL Capital Markets announced that it has closed the $11.5 million sale of a 51,230-square-foot, single-tenant Hannaford Supermarket in Franklin, New Hampshire.
A subsidiary of Ahold Delhaize USA, Inc., the third-largest supermarket operator in the U.S., Hannaford Supermarket is the dominant grocery operator in northern New England. The grocer has occupied the property for nearly 30 years and recently extended its lease, demonstrating its long-term commitment to the location. Additionally, the 11.55 acre-property has the potential for a future development up to an additional 13,000 square feet.
The retail building is located at 952 Central St. along the heavily trafficked Route 3 in Franklin, the heart of New Hampshire’s Lakes Region located approximately 20 miles from the state capital of Concord. The Franklin Hannaford draws from a regional trade area and services the populations of both Franklin and Tilton, along with a heavy stream of tourists.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Nat Heald and Senior Managing Director Chris Angelone.
“The Franklin Hannaford is another example of the tremendous liquidity we’re seeing in the single tenant supermarket space,” Heald said. “Demand continues to increase for retail product that was battle-tested through the pandemic and emerged even stronger than it went in. It was a pleasure working with both buyer and seller through this transaction.”
JLL Research’s recently released U.S. Grocery Tracker 2021 report discusses how grocery-anchored retail centers continue to be investors’ preferred retail property type. Along with grocery-anchored retail under 100,000 square feet, JLL expects single-tenant grocery assets like the Franklin Hannaford to be one of the most sought-after asset classes during the recovery.