HAMPTON — The owners of Las Olas have purchased the plaza where their Hampton location has existed for 15 years, with hopes of revitalizing its vacant commercial spaces.
The 9,000-square-foot space at 356 Lafayette Road was home to Rite Aid for many years until its recent closure. The adjacent space, once occupied by a video store, has remained vacant for more than a decade.
When the entire plaza went up for sale this year, Matt Burke saw it as an exciting opportunity for his family, who had already dedicated years to the location and the Hampton community. They acquired the property in July for $2.425 million according to town records, with hopes of helping to find the best tenants for a plaza in the heart of Hampton’s downtown.
“When it came up available a couple of months ago, it was a very, very quick decision that we should engage,” Burke said. “Being able to secure our home for the long term just made perfect sense.”
Harris Sea Ranch for sale: 'Exceptional opportunity' to redevelop Hampton Beach property
Las Olas grows from tenant to landlord after 15 years
Sixteen years ago, the Burkes launched Las Olas in Exeter. Julie Burke, who grew up in Portsmouth, and Matt Burke, who spent his summers in Hampton and Rye, brought their love for the area into their business. Las Olas, meaning "waves," offers a diverse menu of tacos, burritos, salads, and bowls.
In addition to their Exeter and Hampton locations, they operate one in Wells .
Burke said they decided to open the Hampton location a year after launching in Exeter because of their early success. They opened during the 2008 Great Recession, but it was a risk they were willing to take.
“We really felt that even with that risk and the recession, we just felt that the Hampton and the Route 1 corridor were still worth the investment,” Burke said.
Over the years, Burke said his family has formed strong bonds with the community. His children, along with many others from local families, have worked at the Seacoast Las Olas locations, deepening their connection to the area.
“It’s kind of become a place that’s a community embodiment,” Burke said. “It’s been, really, a friendly place.”
More: Hampton property values skyrocket by 53% amid red-hot real estate market
Los Olas owners want to revitalize downtown Hampton plaza
The plaza was sold to the Burkes by Linear Retail Properties, which operates out of Burlington, Massachusetts. The company owns properties around New England, including many in Boston.
The Rite Aid location closed in October, according to Burke, leaving behind a 9,000-square-foot space. Burke said he is now preparing that space for a temporary tenant, Spirit Halloween , which will sell Halloween costumes until the end of October.
The other space, the former video store, is 3,000 square feet, he said.
The rest of the plaza is taken up by Las Olas and Stillwell’s Ice Cream.
Burke said he is not sure exactly what kind of tenant would do well in the Rite Aid spot, but he believes it would be a larger operation given the space. He is optimistic that the 3,000-square-foot space next door will be easier to fill. He hopes to find the best tenants to bring to downtown Hampton while Las Olas and their neighbor Stillwell’s Ice Cream continue to focus on their businesses.
“The community’s vested in Las Olas,” Burke said, “And we’re vested in the community.”
'Summer in the Sand': Hampton Beach lifeguard movie gives inside look into operation
This article originally appeared on Portsmouth Herald: Las Olas owners purchase Route 1 Hampton plaza: Here is what they have planned
Most Popular
Comments / 0