Former Liquor Store Site in Salem Sells for $3.9M

A prime parcel of real estate that was home to one of New Hampshire’s busiest NH Liquor & Wine Outlet locations for 50 years was recently sold for $3.9 million, $700,000 more than the appraised value of the property, according to a press statement.

The site of the former Salem NH Liquor & Wine Outlet at 417 South Broadway had an appraised value of $3.2 million and was sold in a sealed bid sale coordinated by Nautilus Realty Group, selected by the state in May to be its broker for the sale. The winning bidder was Emmett Horgan, owner of Rockingham Toyota of Salem.

“Thanks to a successful collaboration with the New Hampshire Department of Administrative Services and Nautilus Realty Group, the New Hampshire Liquor Commission will be delivering millions of dollars back to New Hampshire taxpayers from the sale of the South Broadway property,” said NHLC Chairman Joseph Mollica.

The Governor & Executive Council approved the sale at its Sept. 16, 2015, meeting.

Originally built in 1965, the 10,748 square foot retail store sits on 4.898 +/- acres of land acquired by the state in 1964.

Over the last five full fiscal years the South Broadway location has perennially ranked fourth in NHLC’s 78 store network of retail operations with a total in excess of $112,478,766 in sales or an annual average of $22,495,753.

On June 18, the New Hampshire Liquor Commission relocated the Salem store and opened the largest NH Liquor & Wine Outlet to date at 92 Cluff Crossing Road in Salem. The new 24,000-plus-square-foot location is anticipated to generate more than $25.7 million in annual sales – a $2 million increase over Fiscal Year 2014 figures.