May 20, 2021 – Bob Horvath of Horvath & Tremblay has successfully completed the sale of Walmart & Lowe’s (subleased to Bass Pro Shops) in Hooksett, New Hampshire. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $14,900,000.
The two-unit retail condominium, improved by a Walmart ground lease and a Lowe’s (subleased to Bass Pro Shops) ground lease, is located at 2 & 3 Commerce Drive in Hooksett, New Hampshire. Walmart completed construction of their unit, a 153,430 square foot building on 25.22 acres of land in 2007. Lowe’s completed construction of their unit, a 139,790 square foot building on 17 acres of land in 2008. They subleased the building and grounds to Bass Pro Shops in 2013. The two-unit condominium complex contains a total of 44.04 acres of land. Both ground leases feature 20-year base terms with fourteen (14), 5-year renewal options with scheduled rent increases at the start of each renewal option. The property is well located along Route 3A (W River Road), one of the area’s primary commercial corridors that runs parallel to the Merrimack River and connects Manchester and Concord, New Hampshire. The property is just ½-mile from the junction of Interstate 93 and 293, and is surrounded by numerous businesses (Amazon, United Healthcare) and retailers (Target, Home Depot, Market Basket), attracting consumers to the area. Additionally, the property benefits from the signalized intersection of W River Road and Commerce Drive with dedicated turning lanes to access the Property.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.