Manchester Portfolio of properties for Sale - Hillsborough
Marcus & Millichap is pleased to present the opportunity to acquire the Price Rite Marketplace, a nearly 14-acre parcel in the heart of Manchester, New Hampshire, the most populous city in the state. The property is currently master leased by Stop & Shop, who subleases the center to a diverse mix of local, regional, and national tenants spread across four buildings, with a fifth building, formerly home to a regional bank, available for re-tenanting or redevelopment.
Stop & Shop is expected to decline their options to renew the lease when the current term expires in 2027, when virtually all the current leases also expire, leaving a new owner with a variety of options to either negotiate lease extensions with some or all of the existing tenants, scrap the site and develop something entirely new, or a hybrid approach that would retain some of the current tenancy while redeveloping a portion of the site. With roughly $100,000 in monthly rent from Stop & Shop through the summer of 2027, a buyer has ample opportunity to develop a plan for the parcel while collecting a meaningful income from a credit-rated tenant.
Thanks to a new state law that significantly widens the options for redeveloping existing commercially zoned land by right for residential use and the continued influx of residents from Massachusetts to more tax-friendly New Hampshire, this property represents a phenomenal opportunity for a developer to realize significant upside through a reimagining of the site.
