News: Retail
Posted: August 25, 2023
Marcus & Millichap arranges two retail sales with one 4.9% cap rate
Bedford, NH Marcus & Millichap have completed the sale of two triple net-leased retail properties. The transactions included the sale of a Trader Joe’s and Friendly Toast.
“The Trader Joe’s was placed under agreement at a market-leading cap rate of 4.9%, and the buyer never re-traded pricing when the market shifted,” said James Koury, senior managing director investments.
Koury and Alex Quinn of Marcus & Millichap’s Koury Group, executed both sales on behalf of the seller, ER BEDFORD, LLC, and procured the offers from the buyers. Thomas Shihadeh, Marcus & Millichap’s broker of record in New Hampshire, assisted in closing this transaction.
The Trader Joe’s located at 2 Market St., and Friendly Toast at 4 Main St., are part of a mixed-use development located off Market and Main St. with accessibility from I-293 and State Rd. 101. Surrounding national retailers include Whole Foods, Carrabba’s Italian Grill, and TD Bank.
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