Turnpike Plaza on Amherst Street Sells for $27M

Turnpike Plaza, on 253 Amherst St. in Nashua, was sold last week to a Massachusetts real estate firm, Chop Acquisition, LLC, according to a press release from the property firm handling the sale posted on Citybizlist.com.

Allen Nashua LLC, the previous owner of the location, sold the nearly 132,000 square foot shopping center for $27 million.

The property hosts a Bob’s Store, Staples, A.C. Moore, and New Hampshire’s first Whole Foods Market location, right off the Everett Turnpike.

“Given the center’s superior positioning in the market coupled with a new 20-year lease from the top premier specialty grocer in the country, the property had a tremendous demand from the Whole Foods frenzy,” stated CBRE/New England’s Chris Angelone.

“The addition of Whole Foods attracts best-of-class retailers, which in turn allows an owner to realize much better rental appreciation given the additional foot traffic generated for the remaining tenancy,” said Brad Nathanson, the executive vice president of CBRE. “In the end, we traded the asset to a local 1031 private trust that paid all cash.”