WEST LEBANON — A Boston commercial real estate company that acquired three shopping plazas four years ago has sold them off to different buyers, underscoring the ongoing demand for commercial real estate in the Upper Valley.
The Davis Cos. purchased TJ Maxx (formerly Kmart) Plaza and North Country Plaza in West Lebanon and the western half of Miracle Mile Plaza from Dead River Co. for $27.15 million in 2017. The three plazas were sold in separate transactions for a total of $38 million, according to city of Lebanon assessor records.
But while Davis Cos. sold the TJ Maxx Plaza for nearly double what it paid four years ago, North Country Plaza and Miracle Mile Plaza fetched less than their 2017 sales prices. Davis Cos. invested heavily to upgrade the former Kmart Plaza to welcome Target and Sierra, while the other two plazas have struggled with vacancies and smaller commercial tenants.
“Our primary focus was on the Kmart Plaza. We saw an opportunity there to transform the property into a more contemporary mix of tenants,” said Jonathan Davis, founder and chief executive of The Davis Cos.
The firm spent millions renovating the former Kmart space, mitigating its location in the flood plain and recruiting Target and outdoor apparel retailer Sierra, both of which opened last fall. Davis paid $16.5 million for the shopping plaza, which includes retailers such as TJ Maxx and Joann Fabrics and Crafts, and sold it for $30.6 million, according to city real estate records.
Davis…
