As you may have heard, Dartmouth College, the long-time owner of the Centerra Marketplace in Lebanon, NH, has been negotiating the sale of Centerra to a real estate firm in suburban Boston for the past several months. Centerra is the home of our Lebanon food store, a vibrant, popular supermarket with a loyal following. I got the word that the sale is official last Wednesday (12/07) afternoon.
Dartmouth sold Centerra to Crosspoint Associates, a terrific New England firm. The Valley News reported in November that the firm plans “to keep things as they are,” which is great news for the Co-op and other tenants of Centerra.
It’s hard to imagine Centerra without the Co-op and vice versa. Our Lebanon store will soon turn 20. It opened at Centerra in 1997 to help our busy Hanover store, which was bursting at the seams at the time. Now both stores are just as busy, and our Centerra store is a well-established member of the Lebanon business community. The store employs many Upper Valley residents and serves thousands of area members and shoppers. Our annual Listen Food Drive at the Lebanon store collects tons of non-perishable foods for our friends at Listen Community Services every year. And some of the children who first enjoyed our popular community events at the Lebanon store years ago are now Co-op members, shoppers, and employees.
Crosspoint knows New England and the grocery business, and it recognizes the value our Lebanon store brings to the community. I have colleagues who have done business with Crosspoint, and the firm has an excellent reputation for taking care of its tenants. Co-op CFO Paul Guidone and I met with our new landlords several weeks prior to the closing. We came away feeling excited about the future. Centerra is in very good hands, which means the Lebanon store is in good hands, too.
I’d encourage you to visit Crosspoint at crosspointassociates.com. Take a look at the firm’s portfolio. You’ll see many properties similar to Centerra: a mixture of chain-stores and local businesses, anchored by a great grocery store. The Lebanon store site fits this business model perfectly and should for many years to come.
Questions? I love talking with members. Contact me anytime.