Brothers North Plaza Auctioned Off for $2.2 Million

By Patrick Cronin

Hampton Union, Friday, August 27, 2010

[The following article is courtesy of the Hampton Union and Seacoast Online.]
Brothers North Plaza was auctioned off on Aug. 20.
[Patrick Cronin photo]

HAMPTON -- A plaza in downtown Hampton that was once anchored by Brothers North Restaurant and Lounge sold for $2.2 million during a foreclosure auction on Friday, Aug. 20.

Located at 845 Lafayette Road, the Brothers North Plaza was auctioned off by Tranzon Auction Properties of Portland, Maine.

The property was purchased by K&M Developers LLC., a subsidiary of Souza Realty based in Hudson.

The auction, held on site at the plaza, drew more than a dozen registered bidders who delivered the requisite $50,000 deposit.

Thomas Saturley, president of Tranzon Auction Properties, said the sale will be final within 30 days, which is when the balance of the purchase is due.

Saturley said they had more than 177 inquiries from around the country regarding the building.

"It was not only local buyers, but prospective purchasers from Chicago and Canada," Saturley said. "This was a special property, one with broad appeal. Great projects yield great results. When the right property comes along, astute buyers won't stand on the sidelines, regardless of the economic climate."

The 23,464-square-foot building containing six retail spaces on 2.01 acres of land is assessed at $3.3 million.

The auction was advertised by the attorneys for the mortgagee (TD Banknorth) and terms called for a $50,000 deposit increased to 10 percent of the purchase price within five days of auction.

According to town records, the property was owned by 845 Lafayette Road Associates LLC. Secretary of state reports filed by the limited liability company since its formation in 2006 list only one agent, Michael E. Chubrich of Portsmouth.

In his filings with the secretary of state's office, Chubrich reported the corporation was formed for the purpose of "development, ownership and management of commercial real estate."

The manager of the property was Peter Lukas.

Brothers North Plaza was built on the site of the former Newick's restaurant on Route 1 in 2008.

When the building was first constructed, it was under the ownership of Lukas and Ted Kougianos, owner of New Brothers restaurant in Danvers, Mass.

Brothers North Restaurant went out of business in December 2009 and it only left a few businesses operating at the location, including Spectra Hair Salon.

Assistant Tax Collector Vivian Considine said the owners owe the town $57,922 in property taxes dating back to 2009.