The Jewett Family has purchased 180 Lafayette Road in North Hampton, N.H., which includes Route 1 Self Storage as well as three retail buildings and other structures. The property is part of the North Hampton Industrial Park.
The 336-unit storage facility comprises 50,000 square feet, 14,400 of which are heated. The business park totals more than 27,000 square feet and houses 15 tenants, four of which are retail, according to a press release. No significant changes are planned for the operation of the various properties, which will be managed by J Management Inc. under the direction of Kellie Jewett.
“The purchase culminates several months of work between the Jewetts and the sellers, Maggie Fucci and her brother-in-law, Chris Fucci,” said a Jewett Family spokesperson.
The Jewetts were attracted to the property because of its quality and management history under Fucci, the release stated. “This property reflects our confidence in the economic strength of this region as well as our belief in the long-term benefit of good properties that are well-managed,” the spokesperson added.
The purchase was made through a combination of funds from a recent 1031 sale of a Windham, Maine, retail mall, surplus buyer cash and financing from Enterprise Bank & Trust.
Headquartered in Raymond, N.H., the Jewett Family owns commercial and multi-family real estate investments in Maine and New Hampshire. Its portfolio includes two age-qualified mobile-home parks, two self storage facilities, several apartment complexes, an industrial park, office buildings and miscellaneous commercial and industrial buildings.