Team Nissan parking

The entity that owns the Team Nissan property on Keller Street in Manchester bought the Toys “R” Us site next door in 2018.

MANCHESTER — The owner of the Team Nissan property on Keller Street recently purchased the former Toys ‘R’ Us store next door.

“It’s become a really fantastic expensive parking lot for the time being,” said Ralph Fast, general manager of the Team Nissan dealership.

Dozens of cars and white vans, with “Team Nissan” signs in their front license plate holders, were parked in the former toy store parking lot on Tuesday.

Records show 70 Keller Street LLC, which owns the Nissan property at 70 Keller St., purchased the site next door at 2 Keller St. for $6.3 million, according to Robert Gagne, chairman of the city’s board of assessors.

Fast said a decision hasn’t been made on what to do with the toy store’s building.

“With that certain investment, it requires a revenue stream to support it,” Fast said. “There will be something. There’s a lot of options for us. We just have to decide which is going to be best for us as a company and best for the market.”

He said it will “not necessarily” be an auto-related use.

A related Team Nissan business entity owns both properties, he said.

“As soon as a news story about Toys ‘R’ Us broke regarding (possible) bankruptcy is when we made our first inquiry into what the process would be if that became available,” Fast said.

The national toy retailer filed for bankruptcy in September 2017.

The property is assessed for more than $4.2 million, according to city records.

“It’s an indication of how desirable that location is,” Gagne said.

Saturday, December 07, 2019