Institutional Property Advisors Closes Grocery Anchored Shopping Center Sale in Greater Boston on Behalf of Crosspoint Associates
January 17, 2024
MERRIMACK, N.H., Jan. 17, 2024 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Merrimack Village Center, a 82,292-square-foot neighborhood shopping center anchored by a Shaw’s supermarket in Merrimack, New Hampshire. The property sold for $16.6 million. IPA exclusively represented the seller, CP Merrimack LLC and procured the buyer, Merrimack Village LLC.
“The property generates a risk-averse stream of revenue as 80% of the space is occupied by the Shaws grocery store, the State of New Hampshire liquor store and a McDonalds,” said Jim Koury, the IPA senior managing director who led the marketing process. “The center’s location adjacent to the highway provides direct access to a customer base with average annual household income of $130,000.”
Constructed in 2006 on over 10 acres, Merrimack Village Center is located directly off Everett Turnpike, 40 miles from Boston between New Hampshire’s two largest cities, Manchester and Nashua. At the time of the sale, the center was 99% occupied. The tenant roster includes Dental Designs of New England, KT Cleaners, Sweet Ginger, Pizzico, Subway, Hana, Bliss Nail Salon, Smoker’s Haven, and Supercuts.
“The property generates a risk-averse stream of revenue as 80% of the space is occupied by the Shaws grocery store, the State of New Hampshire liquor store and a McDonalds,” said Jim Koury, the IPA senior managing director who led the marketing process. “The center’s location adjacent to the highway provides direct access to a customer base with average annual household income of $130,000.”
Constructed in 2006 on over 10 acres, Merrimack Village Center is located directly off Everett Turnpike, 40 miles from Boston between New Hampshire’s two largest cities, Manchester and Nashua. At the time of the sale, the center was 99% occupied. The tenant roster includes Dental Designs of New England, KT Cleaners, Sweet Ginger, Pizzico, Subway, Hana, Bliss Nail Salon, Smoker’s Haven, and Supercuts.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.