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.

Yearly transaction figures for the month of October from 2008 to 2011 indicate total dollar volume (distress and non-distress sales) in October 2011 continued to rise from a low point achieved in 2009. The October 2011 level of $10,289,000 reflected a modest 1.5% increase from the same month in preceding year. The year-over-year average transaction sale price in October 2011 also posted higher at $605,235. The number of individual commercial real estate sales recorded in in October 2011 (17 sales) was essentially on par with the number recorded in October 2010 (18 sales).

The proportion of distress commercial real estate sales (i.e., liquidation, foreclosure, deed–in-lieu, etc.) in October 2010 and 2011 was fairly consistent as well. Against the back drop of a noticeable increase in distressed asset sales in 2009 and 2010, it is uncertain whether the number of distressed sales in 2011 will exceed prior levels. However, based on year to date transaction figures and information on various commercial properties under “watch list” status and others currently scheduled for auction, distress transactions in 2011 will likely account for a notable share of overall transactions. Interestingly, contrary to the popular notion that the vast majority of defaults involved “easy credit” loans placed in 2005 to 2007, a recent analysis indicates sufficient numbers of commercial mortgages were placed in prior years and as far back as 2002.

The leasing market in October 2011 continued to be characterized by high supply and soft demand as it remains hampered by the low level of new business formations and anemic business expansion. Tightening state and local budgets and cut backs among local non-profits have served to limit demand for rentals as well. Attractive base rates, terms and good availabilities exist for all property types (including medical) in essentially every commercial and light industrial area on Cape Cod, MA.

Selected business brokers have reported an uptick in the number of inquiries from prospective purchasers seeking available opportunities. This is an extremely positive sign for this relatively dormant slice of the local market which is poised to serve business owners eager to transition out of a business at reasonable terms and the many buyers who are reportedly actively seeking new and promising opportunities. In fact, a slow and steady return may be underway as Carey Commercial in Hyannis, MA has brokered a number of restaurant sales in recent months. Recent lodging transactions also suggest a renewed interest and more business-only transactions are happening or are in the works.

The availability of commercial financing continued to improve in October 2011 as local and regional lenders are projecting increased confidence and leveraging various initiatives. SBA 504 loans in particular have become popular in recent months as these loans can finance the purchase and improvement of business real estate, and heavy machinery and equipment often long term and at both attractive fixed interest rates and down payment requirements. These loans are often instrumental in creating new jobs in the region.

In October 2011, headline news in the new construction sector came in the form of two school proposals slated to commence on the near future. The William Sturgis Friends of Education Foundation, Inc. purchased a 5.97+ acre parcel of land located along West Main Street, Hyannis, MA for a proposed 42,000 square foot expansion of the Sturgis Charter Public School. The project cost is in excess of $10 million. Later in the month, Cape Cod Lighthouse Charter School acquired the former Regal Cinema in East Harwich, MA. The Lower Cape charter school will complete a $2.0 million conversion of the 19,500 square foot building which is slated to be finished in 2012. Cape Cod Lighthouse Charter School has operated from leased space Orleans, MA since its founding in 1994 and intends to relocate to the East Harwich facility. Also in October 2011 OCW Retail/The Wilder Cos. presented for Site Plan Review a plan to construct an 8,050 square foot free-standing commercial structure on an out parcel at Southwind Plaza along Iyannough Road in Hyannis, MA.

By and large, local commercial real estate brokers surveyed were generally optimistic and encouraged by the steady increase in property inquiries, the improved availability of acquisition financing, and the overall regularity in which deals are now getting done albeit at a lower volume. Local opportunity buyers, acquiring for investment purposes or owner-occupancy, are among the most active prospects. Consistent with the time of year, essentially all brokers indicated they had one or more transactions in the works with end of the year closings targeted. Absent any urgency or special contingencies, extended transaction periods appear to be the norm for the time being.

Joseph P. Egan is a MA Certified General Real Estate Appraiser and MA Real Estate Broker with nearly 30 years of professional valuation experience. Through a specialization in commercial real estate and closely-held businesses, since 1991 he has completed over 700 appraisal, brokerage and consulting assignments concerning all types of commercial real estate assets and going concerns located on Cape Cod, Martha’s Vineyard, Nantucket, and Plymouth County, MA. Clients served generally include attorneys, banks, corporations, developers, investors, and owners of closely-held and family businesses. Prior to relocating to Cape Cod, Joe worked in the New York Metro Area and throughout CT with leading regional and national appraisal firms such as Cushman & Wakefield. Please contact Joe here.

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Comings and Goings

The Friendly’s restaurant at 11 Main Street, West Harwich, MA was one of 63 locations shuttered as part of a Chapter 11 restructuring announced this week.

Hannoush Jewelers has relocated from the Falmouth Mall to Library Square, 352 Main Street, Falmouth, MA. The 2,750+ square foot retail space was formerly a White Hen Pantry c-store. Ben Edgar and Richard Schwartz of Sea Watch Realty represented the owner of Library Square.

Dollar Tree recently opened a store in the Falmouth Plaza, Falmouth, MA in the space formerly occupied by Booksmith.

The Hyannis office of Wells Fargo Advisors, LLC has moved to Cape Cod Center, 1513 Iyannough Road (Route 132) in Hyannis, MA. The Landlord, Cape Cod Center, LLC, was represented by Ali Maloney of AMG Realty. John Shields of The Realty Advisory represented Wells Fargo Advisors, LLC. The five-year lease was for 6,453 square feet.

The Sports Authority has leased the former Filene’s Basement space in the Capetown Plaza, 790 Iyannough Road, Hyannis, MA. According to the company’s website, the store is slated to open in November 2011.

According to a recent Falmouth Enterprise article, Leary Family Amusement Center in Falmouth, MA is on the market. http://www.capenews.net/communities/falmouth/news/1376.

In September 2011, a vacant retail property at 445 Main Street, Falmouth, MA was leased by a local bank. (As requested, the specific tenant is confidential at the moment.) The 3,000+ square foot building was at one time a branch bank with a drive-through lane and then a health foods store for many years. Evidently, the five-year lease includes (3) five-year renewal options. Sea Watch Realty was the Listing Broker.

AMG Realty recently leased two units at TJ Maxx/ Staples Plaza, 425 Iyannough Road, Hyannis, MA: a 2,020 square foot hair salon was leased to Beauty Pros for a three-year term; and Play It Again Sports leased a 3,100 square foot retail unit under a five-year lease.

Auction Insider

127 Route 6A, Sandwich, MA 02563
Auction Date: October 12th at 10:00 AM
For additional information CLICK HERE

2619 State Highway, Wellfleet, MA 02667
Auction Date:  October 12th at 10:00 AM
For additional information CLICK HERE

Transactions

The William Sturgis Friends of Education Foundation, Inc. purchased a 5.97+ acre parcel of land located along West Main Street, Hyannis, MA for $875,000. The land was acquired for the proposed 42,000 square foot expansion of the Sturgis Charter Public School. The school will utilize the West Main Street campus in conjunction with the existing Main Street facility. Upon completion, the new school will allow Sturgis Charter Public School to expand to 800 students. In separate transactions, two easements were also acquired to facilitate access to the six acre parcel from Scudder Avenue. Ali Maloney of AMG Realty brokered the $1.1 million multi-parcel transaction.

According to a deed filed this week the property at 208 Old Yarmouth Road, Hyannis, MA has conveyed for an indicated $1.2 million. The Grantor was MAHO LLC and the Grantee was 208 Old Yarmouth Road Trust, Joseph Laham, trustee. The 16,000+ square foot pre-engineered metal building was built in 1984+. Over the years, the building formerly comprised the Perkins Paper Co. warehouse and the Cape Cod Healthcare printing and storage facility.

Update – Sea Watch Realty, Inc. brokered the transaction and worked with the buyer in the $1.640 million sale of Christmas Tree Plaza to CEA Yarmouth, LLC. The Seller’s Broker was Pine Shores Real Estate. Christmas Tree Plaza is a 28,571+ square foot one-story, strip retail building located at 517 – 537 Route 28, West Yarmouth, MA.

Appraisal

Collateral Valuation Appraisals
Estate & Gift Tax Appraisals
Feasibility Analysis
Investment Analysis
Highest & Best Use Analysis
Market Rent Analysis
Market & Trend Analysis
Portfolio Assignments

Commercial Property & Business Brokerage

Acquisition & Disposition
Leasing

Consulting

Acquisition and Financing Proposals
Due Diligence Support
Information Services
Operating Cost Analysis

Throughout this period over 700 individual appraisal, brokerage and consulting assignments have been completed on a broad range of commercial real estate and business assets located on Cape Cod, Martha’s Vineyard, Nantucket and throughout Southeastern, MA.

Auto Body
Automobile Dealership
Auto & Truck Service
Bed & Breakfast/Inn
Boatyard
Car Wash
Commercial Dock
Flex
Fastfood
Gas Mart
Gas Station
Hotel
Manufacturing
Marina
Mixed-Use
Motel
Light Industrial
Light Industrial Condominium
Medical Office
Medical Office Condominium
Multi-family
Neighborhood Retail
Office
Office Condominium
Recreational
Research & Development
Restaurant
Retail
Retail Condominium
School
Self Storage
Special Purpose
Strip Retail
Truck Terminal
Vacant Land
Warehouse/Distribution

When objectivity, experience and unparalleled knowledge of the regional marketplace are top priorities shouldn’t you also be relying on Joseph P. Egan & Associates?

Education, Licenses & Specialized Training – Joseph P. Egan

BS/BA – The American University (Kogod School of Business), Washington, DC

MA Certified General Real Estate Appraiser License #1437

MA Real Estate Brokers License #9053005

Advanced training in business valuation with the nationally recognized Institute of Business Appraisers (IBA).

Professional background includes prior positions with leading NY Metro Area and CT valuation firms including a top five international real estate firm.

Specialized Experience with:

• Lodging Properties
• Mixed-Use
• Recreational Including Golf Courses, Miniature Golf, etc.
• Restaurants of all Types
• Waterfront Properties

• Commercial Real Estate Appraisals
• Commercial Real Estate Brokerage
• Commercial Real Estate Consulting

Our advisory services are focused on delivering the level of services clients need most: professional expertise, confidentiality and reliable outcomes.