Portsmouth, NH – Colliers International, a global leader in commercial real estate services, recently sold the 14,400 SF Exeter Decorating Center building at 164 Epping Road in Exeter, New Hampshire. David Choate and Laura Farago of Colliers’ Portsmouth office represented the Seller, 164 Epping Road, LLC, and assisted the Buyer, Scioto Riverpark, LLC of Portsmouth, NH, in this sale-leaseback transaction.
Scioto Riverpark, LLC purchased this signature property on Exeter’s burgeoning Epping Road corridor as part of a 1031 tax deferred exchange. The current tenant, Exeter Decorating, entered in to a multi-year lease.
Ralph Dutton of 164 Epping Road, LLC (and owner of Exeter Decorating) said, “The reason this deal was attractive is two fold. First, it will allow us to use the proceeds to construct our new space and second, it will provide us the opportunity to lease back the space to continue operations during that time.”
According to the Rockingham County Registry of Deeds the purchase price was $1,500,000.