Colliers Represents Buyer in Purchase of 14 Market Square in Portsmouth
PORTSMOUTH – Colliers International, a global leader in commercial real estate services, represented the buyer, J&S Investments LLC (an entity controlled by Joe Faro of Tuscan Brands), and assisted the seller, BNG Properties LLC (the real estate entity for Breaking New Grounds coffee shop), in the purchase of a three-story, 9,317± SF landmark building in the heart of Market Square in downtown Portsmouth. The building enjoys access to a large outdoor seating area on City property, which is a popular community gathering spot. According to the Rockingham County Registry of Deeds, the building sold for $4.25M.
Andrew Ward of Colliers’ Portsmouth office presented the off-market building to Joe Faro of Tuscan Brands during a search for a downtown location for Tuscan Market. Currently, the Tuscan Kitchen restaurant and Tuscan Market operate together in a building at 581 Lafayette Road in Portsmouth. With this purchase, Faro will move the Tuscan Market to his new building in Market Square and plans to open this spring.
“We hope our revamped open-air Tuscan Market will serve as a destination for the local and tourist communities coming together to share in the finest artisan Italian offerings, including house-made salami, artisan breads, pastry, gelato, and premier imported Italian coffee both in a café and marketplace setting,” Faro said. “Tuscan Market’s current location at 581 Lafayette Road will become a banquet event center able to accommodate up to 200 people which will open in the fall. Our restaurant, Tuscan Kitchen, will remain in its current location.”