Trampoline Anchored Merrimack NH Retail Trades for $16.9 Million Via H&TMarch 03, 2022
MERRIMACK, NH — Anchored by a state-of-the-art trampoline and adventure park, Bob Horvath and Todd Tremblay of Horvath & Tremblay partnered in the trade of the retail property known as Merrimack 360, in Merrimack, New Hampshire. The two veteran retail brokers represented the seller and procured the buyer to complete the transaction at a sale price of $16,900,000.
“The property is extremely well located and benefits from Route 3 in the center of Merrimack. With 82% of the tenants scheduled for rent increases, the was a very attractive listing,” Horvath affirmed.
Located at 360 Daniel Webster Highway in Merrimack, New Hampshire, Merrimack 360 was completed in 2018. The three-building property contains 80,795 square feet of gross leasable area on a 14.08-acre parcel. The Property is part of a four (4) unit condominium interest. The sale was for Unit 1, a 76,095 square foot inline building, Unit 3, a pad site improved by a 3,000 square foot building leased to Triangle Credit Union, and Unit 4, a pad site improved by a 1,700 square foot building leased to Hayward’s. Unit 2 (not part of the offering) is a parcel of land behind Unit 1 that is being developed for residential use.
Ten of Merrimack 360’s eleven tenants are on 10-year leases, and every tenant has established renewal options, according to Horvath. The Rent roll has a weighted average of over 7 years of lease term remaining. All of the retail tenants have scheduled increases in their renewal options providing the investor with an attractive increase in revenue and a hedge against inflation.
The property is anchored by Altitudes, a state-of-the-art trampoline and adventure park, Planet Fitness, Dollar General, Triangle Credit Union, Beer & Wine Nation, Thirsty Moose Taphouse, Tucker’s (restaurant), Hay- ward’s, Mer at Merrimack (restaurant), Myrilux, and Great Clips (barbershop/hair salon). The Property is situated on a highly visible parcel with a signalized entrance along the Daniel Webster Highway (US Route 3). US Route 3 is the area’s primary commercial and commuter corridor traversing Merrimack and connects the town with Manchester to the north and Nashua to the south.Todd Tremblay Robert Horvath