News: Front Section
Posted: October 26, 2021
NH Liquor Commission seeks buyer/developer for Hampton 1-95 NH surplus property
Concord, NH The New Hampshire Liquor Commission (NHLC) has issued a request for qualifications (RFQ) as it seeks a highly and uniquely qualified, financially secure buyer/developer(s) specializing in highway-orientated commercial real estate to purchase and redevelop approximately 88 acres of prime land prominently situated along Interstate 95 in Hampton, NH. Interested parties can learn more about the project timeline and download the RFQ at https://www.nh.gov/liquor/public_notices.shtml.
The New York Times called the existing northbound NH Liquor & Wine Outlet a “must stop vacation destination” due to the wide selection of brand-name, tax-free wines and spirits offered to the more than 32.8 million annual motorists who travel the corridor to and from vacation destinations. NHLC operates one of the nation’s most profitable and progressive alcohol beverage control states through sales at its 68 NH Liquor & Wine Outlet locations.
“Our Hampton NH Liquor & Wine Outlets are two of the most-visited, high-profile and profitable retail locations in New England,” said NHLC chairman Joseph Mollica. “With NH Liquor & Wine Outlets as an anchor tenant, we are optimistic this public-private partnership will draw motivated applicants with innovative New Hampshire-centric concepts to deliver a first-class, responsible development to the seacoast and I-95 corridor.”
NHLC selected the Coastal Land & Commercial Group (KWCLCG) in Portsmouth, NH to market and broker the sale. KWCLCG will work with NHLC to identify a potential buyer to redevelop the highly coveted sites, which will include two state-owned 22,000 s/f NH Liquor & Wine Outlets as well as retail, fuel, food and hospitality offerings.
Each site’s unique location adjacent to the Taylor River also provides opportunities to promote environmental education and outdoor experiences. KWCLCG is now marketing the project to a local, regional and national database of developers.
Sale proceeds will provide a substantial benefit for NHLC and thus, citizens of New Hampshire. In addition to said proceeds, NHLC anticipates two new Outlets will result in incremental increased sales that far surpass the current $54.3 million generated annually between the existing locations.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
