Lee & Associates Secures $5.5M in Financing for Portsmouth Retail Strip Center

Lee & Associates arranged $5.5 million in financing for an 11,000-square-foot retail strip center in Portsmouth, New Hampshire, a city near the Maine border. The property at 1303 Woodbury Avenue previously housed a Rite-Aid pharmacy. The borrower, which the report does not name, plans to redevelop the building as a medical office facility.

Brokers Dave Carswell and Ryan Fitzpatrick of Lee & Associates placed the debt through First Tech Federal Credit Union. The same team originated a $5 million acquisition loan for a retail strip center in Rumford, Rhode Island, and the two financings were arranged together.

The deal reflects continued lender interest in converting vacated pharmacy boxes into healthcare uses, especially in suburban corridors where medical tenants are searching for space. For developers and financiers, a clear medical reuse plan can make a former drugstore site financeable.