Brothers North Plaza to be auctioned
Lafayette Road property assessed at $3.3 million
By Patrick Cronin
Hampton Union, Friday, August 13, 2010
[The following article is courtesy of the Hampton Union and Seacoast Online.]
HAMPTON -- A plaza in downtown Hampton that was one anchored by Brothers North Restaurant and Lounge will be offered for sale during a foreclosure auction on Friday, Aug. 20.
Located at 845 Lafayette Road, the Brothers North Plaza is scheduled to be auctioned at 11 a.m. at the premises by Tranzon Auction Properties of Portland, Maine.
The 23,464-square-foot building containing six retail spaces on 2.01 acres of land is assessed at $3.3 million.
The auction is being advertised by the attorneys for the mortgagee (TD Banknorth) and terms call for a $50,000 deposit increased to 10 percent of the purchase price within five days of auction.
The balance of the purchase by the successful bidder is due within 30 days.
According to town records, the property is 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 is 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.
Kougianos was the owner of the a 300-seat cafeteria-style eatery that specialized in American and Greek food.
At the time, Lukas said he had no doubt the "mini-power mall" would draw rentals.
"We've got plenty of applicants," Lukas said, "we wanted upscale."
Lukas said they turned away other restaurants, tattoo parlors and karate studios.
But after its anchor restaurant, Brothers North Restaurant went out of business in December 2009, it only left a few businesses, including Spectra Hair Salon.
According to the secretary of state's office, the Brother's North Restaurant LLC is "not in good standing" with the state.
Assistant Tax Collector Vivian Considine said the owners owe the town $57,922 in property taxes dating back to 2009.