Leases
Cecelia Carey of Carey Commercial Inc. of Hyannis, MA exclusively brokered a three-year lease on a 1,510 square foot free-standing office property at 413 Route 6A, East Sandwich, MA. The Class A space features an extensive build-out which includes custom woodwork, many special design features and a highly functional interior layout. The tenant is American College Headquarters.
Adam Bauer of The Business Exchange of Hyannis, MA completed the recent lease of Unit No. 3 at 712 Main Street in Hyannis.The 1,792 square foot Class B office unit was leased to Regency Family Health.
1800mattress.com is the new tenant at the former Blockbuster Video store at 96 Davis Straits, Falmouth, MA. The free-standing retail structure comprises 5,000 square feet. Richard Schwartz of Sea Watch Realty brokered the long-term lease between the property owner, Falmouth Holding Realty Corp. and Sleepy’s LLC parent company of 1800mattress.com. A grand opening for the new store was held this week.
Business Sales
Bed & Breakfast Cape Cod is under new ownership. Established in 1981, the weekly and nightly reservation service represents over seventy-five B&B, inn and short-term accommodations clients offering more than 650 rooms located throughout Cape Cod, Martha’s Vineyard, Nantucket, and South Shore, MA. Nat Santoro, CCIM with Kinlin Grover Commercial brokered this business only transaction.
Whiteley Fuel Oil located at 25 Enterprise Drive, North Chatham, MA is under new ownership. According to a recent report in The Cape Cod Chronicle, the buyer is Noonan Energy Corporation, a family-owned home heating oil dealer with locations in Amherst, Springfield, and Palmer, MA. Noonan Energy Corporation was founded 1890 and through the many acquisitions completed over the years now comprises about 25 oil companies operating as one entity. The recent published report indicates that existing oil burner service clients will see no change and the sale did not include Whiteley Plumbing & Heating. In mid October 2011, deeds conveying the properties at 21 & 25 Enterprise Road to Nauset Properties LP, a Springfield, MA entity were recorded at the Barnstable County Registry of Deeds.
Property Transactions
The long anticipated sale of the former Regal Cinema at 195 Route 137 in East Harwich, MA was completed on October 27, 2011. The 19,531 square foot theater was built in 1987 and is located on a 9.13 acre parcel of land. The property was acquired by Cape Cod Lighthouse Charter School for $1,925,000 or $98.56 per square foot of building area. The charter school has approximately 230 students in grades 6 through 8 and has operated from leased space in the Underground Mall on Route 6A in Orleans, MA since its founding in 1994. Working within the existing square footage, the charter school will complete a $2.0 million conversion project slated to be completed in 2012. The recent transaction took nearly two years to complete due to special licensing, regulatory and funding requirements which needed to be in place prior to the closing. According to Jim Vaccaro the Listing Broker and principal of Cape Cod Business Brokers, “The transaction was ultimately completed because all parties were resolute in their efforts to complete the lengthy and complex process.” Cape Cod Lighthouse Charter School was represented by Brad Kuhrtz of Commercial Realty Advisors. Financing was arranged by Eastern Bank and Nonprofit Finance Fund. For a look back on Cape Cod cinemas and drive-ins, view Let’s Go to the Movies.
A small commercial property located 1361 and 1363 Bridge Street (aka Route 28) sold in October 2011 for $150,000. The .18 acre business zoned property is located near the Bass River Bridge and includes two c.1890 general retail structures totaling approximately 1,400 square feet excluding accessory structures. The recorded Seller was Suzanne M. Bauer, 1357 & 1361 Bridge Street Nominee RT and the Buyer was Jane Dios.
Another notable Harwichport property was sold out of the Dr. J. Richard Fennell portfolio. According to a deed recorded in mid October 2011, the properties located at 581 & 585 Main Street (Route 28) in Harwichport, MA conveyed (on August 22, 2011) from JR Fennell Realty Trust of Harwich to Kenneth W. and Heather Bearse Nickerson. The indicated sale price was $500,000. for the two story, 3,167+ square foot structure on .07 acres occupied by Heather’s Hairport Salon & Spa. The sale also included the adjoining .26 acre vacant lot. A recent article in the Cape Cod Chronicle indicated that Heather’s Hairport Salon and Spa is owned by the Nickersons. The Fennell Family has sold a number of local holdings in recent years, with the highest profile transactions being the Harwichport sales of Thompson’s Farm Market in 2008 and the widely reported $21.1 million sale of Wychmere Harbor Beach & Tennis Club and Wychmere Shores Condominiums in 2010.
A medical office property located at 51 Bay View Street in Hyannis, MA sold on October 28, 2011 for $380,000 or approximately $142.00 per square foot of gross building area. The 2,684 square foot two-level building was erected in 1935. The property offers on-site parking and is located within walking distance of Cape Cod Hospital. The buyer was 51 Bay View LLC an entity registered to Albert Barrows, MD and Scott A Slater, MD. Bank of Cape Cod provided financing. Cecelia Carey of Carey Commercial Inc. of Hyannis, MA was the sole broker in this transaction.
In mid October 2011, Unit Nos. 1-2 and 1-7 at Towne Plaza Condominium, 900 Route 134, South Dennis, MA sold. The adjoining first and second floor office condominium units total 2,099 square feet of gross unit area. The units conveyed under one deed for $115,000 or $54.79 per square foot of gross unit area. The Grantor was Citi Property Holdings Inc. and the Grantee was Stephen R. Loomis. Citi Property Holdings Inc. acquired the units by foreclosure deeds recorded in December 2009. Nat Santoro, CCIM of Kinlin Grover Commercial was the Selling Broker and Denise A. Dutson of Real Estate Associates was the Listing Broker.
Sea Watch Realty brokered the sale of a 1.64 acre I-1; Industrial 1 zoned lot at 52 Mercantile Way, Mashpee, MA. The bank owned asset sold for $320,000 or $4.50 per square foot of gross lot area. The Seller in the most recent transaction was The Community Bank who acquired the property by foreclosure deed in April 2011 for $315,000. (In June 2008, the lot sold for $425,000.) The Buyer in the most recent transaction was Franey Realty LLC. In September 2011, the Town of Mashpee Zoning Board of Appeals granted a Special Permit (SP-2011-32) to Franey Medical Laboratories Inc. for a proposed 5,700 square foot wood frame structure on the parcel. The proposed structure contains corporate offices, a medical laboratory and a warehouse section with loading dock. A $600,000 mortgage from Cape Cod Cooperative Bank was also recorded in connection with the property.
A vacant gas mart at 252 Route 28, West Yarmouth, MA conveyed from Leemilts Petroleum, Inc. to N&K Holdings II LLC in mid October 2011. According to municipal records, the .33 acre corner lot is improved with a 338+ square foot kiosk, canopy and UST’s with 30,000 gallons in total capacity. The indicated consideration was $325,000. A $260,000 mortgage from Leemilts Petroleum, Inc. was also recorded in connection with the transfer.
A 54+ seat restaurant condominium unit located at 404 Commercial Street in Provincetown’s East End sold on September 30, 2011 for $435,000. The 2,162+ square foot first floor unit is occupied by Dalla Cucina, a full service restaurant which was rated 2011 Best Cape Cod Italian by Yankee Magazine. The Seller was Michael Staz and the Buyer was Bernabe P. Orpilla. The buyer also acquired the second floor residential unit under a separate deed for $435,000. Financing was provided by Hingham Institute for Savings.
Ali Maloney, principal broker with AMG Realty LLC in Hyannis, MA exclusively brokered the sale of Unit No. 14 at 540 Main Street Condominium, Hyannis, MA. In the past 24 months, the firm has sold or leased four commercial units at this recently established Class A, 11-unit condominium. The most recent sale transacted on October 26, 2011 was of a 3,050 square foot unit originally built-out for Venture, an entrepreneur business center. The Class A interior layout includes a large work area, coffee bar, conference room and number of offices and small meeting rooms. The sale price was $655,250 or approximately $215 per square of gross unit area. The seller was 540 Main LLC and the buyer was A Mad RT. Eastern Bank and SEED Corp. provided acquisition financing.
A deal meaning new jobs for Cape Cod and the sale of an available flex building was exclusively brokered by Kevin Pepe, principal with Commercial Realty Advisors, Hyannis, MA. In late October 2011, Waterhouse Leather Company acquired 177 Thornton Drive in Hyannis, MA for $490,000. or $72.38 per square foot of gross building area. In addition to (2) one-bedroom apartments, the 6,770+ square foot structure includes showroom, office, production and warehouse space with a truck height loading dock. The .43 acre lot has 18 parking spaces and is served by municipal water and sewer. Since 1879, Waterhouse Leather Co., Inc. has been providing fine leather hides for customers throughout the United States and Canada. The wholesale leather firm intends to relocate existing operations in Littleton, MA to the recently acquired Hyannis, MA location. The acquisition was funded by Rockland Trust Co. under the bank’s New Market Tax Credits Program.
Auction Insider
The pending sale of the Circle Square building at 832 Main Street, Osterville, MA was finalized on October 11, 2011. The 12-unit retail and and office property was built in 1988 and contains approximately 7,900 square feet of net rentable area. The stated sale price was $1,338,750. or $169.46 per square foot of net rentable area. The Grantor was JAMI RT and the Grantee was Circle Square LLC. As previously reported, the property sold at a public (non foreclosure) auction held on August 26, 2011.
