VMD acquired 2468 Lafayette Rd, Portsmouth, NH from an estate sale at well below replacement cost. The asset was a landmark in the Seacoast market, having been an operational carwash for over 75 years. However, the business was entrenched with poor management, theft and deferred maintenance.
VMD repositioned the asset by aggressively peeling back the business’ operational overhead, restructuring management, and making well-thought-out capital investments. After operating the business itself for a year, VMD sourced the largest carwash operator in the state to execute a long-term NNN lease.
The asset currently sits on over 1.4 acres of developable land and is shadow anchored by a Walmart Supercenter.