85k sq ft neighbourhood retail centre
In 2019, Warren Private acquired a 85k sq ft grocery-anchored neighbourhood retail centre in Merrimack, New Hampshire, USA in conjunction with our US operating partner Crosspoint Associates.
Built in 2006, the property is situated on an 11 acre site which also includes 379 surface car parking spaces. The property consists of 15 retail units, 10 of which are arranged in a single-storey linear fashion at the rear of the site with the remaining five units being standalone units at the front of the site. It is an established supermarket location anchored by a c.54k sq ft Shaw’s supermarket. Other tenants include McDonald’s, Subway, Franklin Savings Bank, a wine outlet and number of restaurant offerings.
Merrimack is a young and growing town in New Hampshire which is 13 miles south of Manchester and six miles north of Nashua, the two largest cities in the state. It has easy access to downtown Boston, which is 40 miles away, the New Hampshire mountains and the county’s coastal line. Merrimack is also a recreational shopping destination of choice as the town is also the home of Merrimack Premium Outlets, a 403k sq ft outlet mall built in 2012.
Since acquisition, Crosspoint Associates have grown net operating income through re-lettings and effective cost management.
The investment period is five to seven years, and projected returns are strong at a pre-tax IRR of c.11% and a pre-tax profit of c.80% of investors’ original investment amount.
|Location:||New Hampshire, USA|
|Investment Period:||5-7 years|
|Projected Annual Distributions:||c.10%|
|Projected Profit on Investment:||c.80%|