Firm buys Monadnock plaza, plans renovation
Nashua-based Lannan Company buys commercial property from New York-based owner for $2.35 million
PETERBOROUGH — The Monadnock Community Plaza on Route 202 South will be getting a facelift, courtesy of the Nashua-based company that bought the property last week.
The Lannan Company, Inc., purchased the 41,000-square-foot plaza last week, paying $2.35 million for the land and buildings, according to Lannan Senior Vice President Harry Dumont.
“We’d been looking at this property for quite a while,” Dumont said in a phone interview on Wednesday. “Now we’re in the process of reaching out to everyone we need to. We like the town and the location. The perception is that the building hasn’t been as well-maintained. We feel we can breathe some life back into it.”
Dumont said the company’s initial focus will be mostly on the exterior of the plaza.
“The bones of the building are pretty good,” he said. “We have plans to replace the shingle roof, improve the landscaping along Route 202, and fix up the parking lot.”
Dumont said the company plans to discuss with town officials improvements that could be made to the plaza’s signs.
“We’re excited to get started,” Dumont said. “We need to do a lot of basic maintenance. Most of the improvements will have to wait until spring.”
The plaza currently has 10 tenants, with four vacancies.
The largest available space is the 5,200-square-foot unit formerly occupied by the Magic Flute store. At the south end of the plaza, 4,800 square feet that once housed a N.H. Liquor Store is also empty. And smaller units of 1,600 square feet where the Beer Store used to be and 1,200 square feet next to the GFA Credit Union are also available.
“We’ll be putting up “For Lease” signs in the windows very shortly,” Dumont said. “There are good restaurants already in there. Ideally, we’d love to get some retail space in there.”
Restaurants in the plaza include Pearl Restaurant and Oyster Bar, Bantam Grill, La Mia Casa and Yen Yen.
Harris Welden, owner of Pearl and Bantam Grill, told the Ledger-Transcript on Wednesday that he is excited about the sale and looking forward to working with Lannan. Paul Hui, owner of Yen Yen, said he had not yet heard from the new owners.
Lannan has been in business since 1978, Dumont said. The company owns apartment buildings, manufactured housing communities and a mixed-use building in Nashua, managing about 600 tenant units.
“This will actually be our first retail shopping plaza,” Dumont said. “We’ve been actively looking for properties like this for a couple of years. It’s well-positioned in a great town.”
Peterborough real estate agent Andy Peterson sold the property to Lannan on behalf of the previous owner, Ashford Peterborough Inc., a company based in New York state.
“They had bought the plaza years ago,” Peterson said. “Some of the improvements they made weren’t obvious to passersby. There’s a lot that can be done to enhance that center. It’s one of the most trafficked areas in town and one of the easiest to get in and out of. Having a local owner will be real plus for Peterborough, I believe.”
The sale comes in the wake of the purchase earlier this year of the nearby Peterborough Plaza on Route 101, which was purchased by Rhode Island-based Ocean State Job Lots, whose store is the largest one in the plaza. Peterborough Plaza is also home to the N.H. Liquor Store outlet that moved from the now vacant space in the Monadnock Community Plaza.
The Ledger-Transcript has been unable to contact Ocean State officials for comment on their plans for the plaza, which also has some vacant space.