Property Type: Retail
Status: Executed LOI
Address: 695 Tenney Mountain Highway
Plymouth, NH 03264
|CAP Rate: 8%|
Square Feet: 10,000
Tenancy Type: National
Lease Type: NNN
The Cooper Commercial Investment Group has been exclusively retained by ownership to sell the 100% fee simple interest in the single-tenant Dollar Tree location (NASDAQ: DLTR/Moody’s “Ba1”/S&P “BB+”), shadow anchored by Walmart Supercenter in Plymouth, New Hampshire. The 10,000 S.F. property is being offered for $1,345,000, representing an 8.00% CAP Rate. Dollar Tree is on a NNN lease structure and recently completed its initial 10-year term and exercised its first five year option period, showing dedication to the location and market. The tenant handles all on-site maintenance and taxes directly leaving the owner with no daily management responsibilities.
The center also benefits from major shadow retailers, Walmart Supercenter (corporately owned), Tractor Supply, O’Reilly Auto Parts and many other complimentary retailers. The retail corridor is surrounded by a strong residential community with average household incomes over $73,000 within a 5-mile radius and draws from a 20-25 mile radius being that the next closest Walmart store is located approximately 30 miles away.
Walmart Plaza is positioned along Tenney Mountain Highway, an east-west roadway that runs between the major north-south I-93 and Rumney Route 25. I-93 is an Interstate Highway in the New England region and begins in Canton, Massachusetts, in the Boston metropolitan area, at I-95; and ends near St. Johnsbury, Vermont, at I-91. It is one of three mainline Interstate highways located entirely in New England. The largest cities along its route are Manchester, New Hampshire and Boston, Massachusetts. It also passes through the New Hampshire state capital of Concord. The featured center is located along the main retail roadway, while being less than 4 miles to the area’s major employers, including Plymouth State University, Speare Memorial Hospital, and Plymouth Regional High School. Speare Medical Hospital is a 100,000 square foot Critical Access Hospital with nearly 150 employees and recently underwent a $15 million renovation and expansion project to support the region. Plymouth State University enrolls approximately 4,100 undergrad students and approximately 3,000 graduate students on its 170-acre campus with nearly 195 employees on the academic staff. The Plymouth Regional High School is ranked 14th within the state of New Hampshire with 678 students and over 60 teachers. With the building’s desirable location, inviting appearance, and the area’s need for Dollar Tree; the asset is positioned to be a solid investment well into the future.
Full Offering Memorandum