According to a press statement released by the interested buyers, the plaza had previously been owned by National Life Real Estate Holding, LLC. However, the plaza went into foreclosure and caught the attention of Keelan, Dublois and Varela.
"Although we plan on investing a substantial amount of improvement capital into the plaza," Keelan said in the press statement, "our ability to purchase this property through the foreclosure process provides us with the ability to offer and maintain a very competitive market rate for current and future tenants.
When asked how much it would cost them to get the plaza out of foreclosure, Dublois declined to comment until the contract is completed.
The Town of Manchester's latest appraisal of the property lists the plaza at $3,217,000.
The plaza, which contains 18,000 square feet of retail spaces across three buildings, currently houses Coldwater Creek, Carters, and the Take Five daycare.
In the past, the plaza has housed stores such as Burberry and Garnet Hill.
"We have already begun negotiations with some potential national tenants," Keelan said. "Coldwater Creek has just signed on for another 10 years, fortifying the stability of the plaza."
Dublois said that their interest in the plaza only adds to the list of changes coming to Depot Street.
"Recently, the Price Chopper center changed hands, Friendly's is being transformed into a new restaurant and the Sirloin Saloon location is slated to become a new retail plaza," said Dublois. "Additionally, the town is looking at improvements to vehicular and pedestrian traffic along Depot Street as well as the possible relocation of the power station. This cumulative activity all contributes to a major lift for the Depot Street corridor."
Dublois said that once the contract is complete, and they have closed on the property, they will sign contracts with their tenants and begin any work on the plaza.
"This plaza is poised to once again become a vibrant center, considering the location and the proposed changes for several other retail locations along this stretch of Depot Street" Dublois said.