Marcus & Millichap Arranges The Sale of Speedway In Salem, NHMay 17, 2021
SALEM NH — Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has completed the sale of Speedway, a 2,703-square foot net-leased property located in Salem, NH, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $8,900,000.
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 developer. The buyer was secured by Adam Cohen and Brett Kilar, investment specialists in Marcus & Millichap’s Boston office. James Koury, New Hampshire Broker of Record, assisted in closing this transaction.
Adam Cohen comments, “This station has been one of the strongest in the entire state of New Hampshire since it opened. It has continued to perform well during the pandemic, and the buyer was thrilled to be able to obtain such a well performing asset with an exceptionally strong corporate tenant.”
Located at a 5-way signalized intersection seeing more than 49,000 vehicles per day, the property boasts 16 fueling stations, a full convenience store, and a reader board on the main pylon. The Salem area has seen significant growth in the last year, including the addition of the New Tuscan Village (~2 miles of the property), a mixed-use development project that will offer 350 apartments, retail shops, restaurants, hotels, entertainment venues, and office space.