September 3, 2010

You are here: Home / Cape Cod Business News

Wal-Mart Proposes Second, Larger Store in West Wareham

August 11, 2010 By Joseph P Egan Leave a Comment

East Wareham, MA- In late June 2010, Wal-Mart representatives appeared before the Wareham Planning Board presenting plans to relocate the existing Wal-Mart along Cranberry Highway in East Wareham to a newly built store located just north of  Wareham Crossing in West Wareham. The 26.1 acre West Wareham project site is at the corner of Tobey Road and Cranberry Highway, near Exit 21 off of I-195.

According to the Environmental Notification Form (ENF) filed in July 2010 as part of a required MEPA filing, the proposed Wal-Mart development includes approximately 176,500 square feet total building area. The southern portion of the property is slated to include a single, one story building comprising a 158,000 square foot General Retail and Grocery Store (Wal-Mart).

A four acre out parcel is reserved for future development in the northern portion of the site. The out parcel is conceptually planned for a total of 18,500 square feet of space to be alocated among four buildings and include automotive retail, restaurant, retail, and bank uses.

As proposed, the development will be accessible from Tobey Road and offer approximately 766 parking spaces. The project cost is indicated to be $20 million with an estimated completion date in October 2012.

As part of this retail proposal, Wal-Mart is expected to vacate its existing building in East Wareham. This element has heightened concern over the increasing level of retail flight and the future viability of the East Wareham business district. Recently Staples, Payless and TJ Maxx vacated stores formerly in East Wareham and relocated to Wareham Crossing in West Wareham. A CVS, Stop & Shop Supermarket, and The Home Depot are currently the major retailers in the East Wareham business district. The shuttered 20,300 square foot former Staples in East Wareham is currently offered for lease.

Wareham Crossing is a 675,000 square foot open-air shopping destination offers over 35 stores and restaurants. The modern retail center opened in 2007 and is home to leading retailers including, Target, Lowe’s, L.L.Bean Outlet, Best Buy, Borders, Staples, Old Navy, and Yankee Candle, and LongHorn Steakhouse and Red Robin restaurants.

Filed Under: Cape Cod Business News Tagged With: , , ,

Gas Mart Proposal Recinded

August 11, 2010 By blog2 Leave a Comment

Orleans, MA - Developers of a proposed Stop & Shop self-service gas mart at the Cranberry Cove Plaza on Route 6A in Orleans, MA announced in May 2010 their decision to withdraw the project. While under review, the project was accepted as a Development of Regional Impact (DR-09021) following a discretionary referral by the Town of Orleans. The Cape Cod Commission officially accepted the applicant’s withdrawl of the project on June 10, 2010.

Correspendence indicated that the Applicant decided not to proceed with the project at this time after evaluating the proposal in light of Cape Cod Commission requirements, the estimated length of review process, and uncertainty regarding both the review and potential mitigation.

As previously reported, the proposal included the construction of a 10-pump facility with five gas islands covered with a canopy. In addition to a 60 square foot kiosk, (1) 10,000 gallon and (1) 30,000 gallon underground storage tanks were also specified.

Filed Under: Cape Cod Business News

Reported Portfolio Offering Includes an Interest in Cape Cod Mall

August 11, 2010 By blog2 Leave a Comment

Hyannis, MA – According to published reports in the Boston Globe, Boston Herald, and a number of business and commercial real estate publications in June 2010, anonymous sources have reported that a signature property portfolio which includes the Cape Cod Mall is on the market. 

Reportedly, the Boston office of Eastdil Secured LLC, a wholly owned subsidiary of Wells Fargo Bank has been retained to market the New England Portfolio. Based on the published reports, the firms directly involved have declined comment and offering details are unclear.

However, according to a source close to the mega offering who was contacted in connection with this report, only a partial interest in the portfolio held by an unidentified joint venture partner, is what is actually being marketed at this time.

The 725,000 square foot Cape Cod Mall is one of fourteen mall properties which were jointly acquired in 1999 by Simon Property Group, Inc., JP Morgan Investment Management’s Strategic  Property Fund and TIAA from New England Development Co. in two transaction phases. In the first, the Cape Cod Mall (which was undergoing a major expansion) and nine additional mall properties were acquired. A short time later, the investment group purchased four more malls from New England Development Co..

In the blockbuster $1.7 billion deal, the fourteen malls collectively known as the New England Portfolio totaled 10.6 million square feet. The portfolio includes ten properties in Massachusetts, two in New Hampshire and one in each Connecticut and Virginia.

Filed Under: Cape Cod Business News Tagged With:

With Chevrolet Out, Only One Falmouth Dealership Stays In

March 15, 2010 By Joseph P Egan Leave a Comment

FALMOUTH, MA - In January 2010, seemingly without much public notice and information after the fact, Harbor Chevrolet at 171 Worcester Court cleared its lots, posted closed signs on the showroom windows, and locked the doors. According to GM and local sources, the long-time Upper Cape dealership is no longer in the dealer network. A redirect to GM from the dealership’s web address confirms the business closure. An affiliated enterprise, Seaside Auto Body was also closed along with the dealership.

Prior to the Harbor Chevrolet closing, Falmouth Ford on Dillingham Avenue was shuttered in 2007. This most recent closing, however, makes the nearby O’Hara Jeep Dodge Chrysler the only new car dealership still operating in Falmouth, MA.  

Few are more aware of this fact than Rich Duffy. He’s an ASE Certified Technician and founder-owner of Falmouth Motor Car, a growing business with state-of-the-art automotive service centers located in Falmouth and Cataumet, and a recently added modern quick oil change facility on Route 28 in West Yarmouth, MA.

“At the time I started in business in the early 1980′s, there were seven new automobile dealerships located in Falmouth. Today there’s just one remaining,” Mr. Duffy noted. “It all shows how much this industry has changed and will likely continue to change, especially for the consumer.” Going forward, Falmouth Motor Car’s mission is clear: make that change a reliable and high quality experience for local consumers who are now left with fewer comparable service and repair options.  

Harbor Chevrolet has deep roots in Falmouth and has served generations of loyal GM customers as either Clauson Chevrolet Oldsmobile and Tom Flurkey Chevrolet Oldsmobile GEO.

Originally occupying the premises under a lease, Flurkey eventually acquired the property under a foreclosure deed from Plymouth Savings Bank in 1994. A decade later, the current owners A&B Brown Real Estate LLC bought the property from the Flurkey’s and continued operating the GM dealership. The 2004 sale included the properties located at 171 Worcester Court (1.364 acre lot with a 10,440+/- SF dealership facility) and the adjacent property at 179 Worcester Court consisting of Seaside Auto Body (.586 acre lot with a 5,000+/- SF automotive facility). The recorded deed filed in June 2004 indicated a purchase price of $1,750,000 for both properties.

A recap of the seven dealerships operating Falmouth in the early 1980′s:

1. Falmouth Toyota- East Falmouth Hwy., near St Anthony’s Church. In the late 1980′s, Tom Murphy relocated Falmouth Toyota to a newly built facility on MacArthur Blvd. in Bourne. The former site was later redeveloped with a car wash.

2. Clauson Chevrolet Oldsmobile – Worcester Court; previously at 662 Main Street.

3. Falmouth Ford – dealership closed in 2007 and the property was sold in 2008. Click for related story.

4. VW/Mazda – currently O’Hara Jeep Dodge Chrysler at 50 Spring Bars Road.

5. Battles Buick- formerly on Depot St.;  the main Battles dealership was relocated to the former Bridge VW facility on MacArthur Blvd. in Bourne.

6. Falmouth Nissan - currently the Cape & Islands Tire store at 735 Teaticket Hwy., East Falmouth, MA

7. Falmouth Dodge – 662 Main Street; in about 2003 the site was redeveloped with a two story brick bank (currently Mutual Bank; previously Security Federal Savings Bank.)

Filed Under: Automotive, Cape Cod Business News, Sectors Tagged With: , , , ,

Market Snapshot: Woods Hole, MA

October 21, 2009 By Joseph P Egan Leave a Comment

Nestled in the extreme southwest portion of Barnstable County, MA within the Town of Falmouth, the village of Woods Hole is argueably the most diverse, enduring and unique of all the many business districts located on Cape Cod. Just ask anyone with a connection to Woods Hole and they will proudly tell you that’s just the way it is and how they have liked it for decades.

In such a small, densely improved and hard to access village the level of local, regional and international economic activity transpiring behind the scenes here is literally astonishing. 

In Woods Hole, the dominant economic driver for over a century has been the two world renowned educational and research centers, Marine Biological Laboratory (MBL; established in 1888) and Woods Hole Oceanographic Institution (WHOI, established in 1930). Over the years complimentary organizations such a The Sea Education Association and the highly recognized Woods Hole Research Center have been major enhancements to the Woods Hole community.

Business sectors such as tourism, year round and seasonal residency, eating and drinking establishments, creative arts, fishing, marine trades, and retail trade all meld together and add to the flavor and economic vitality of this small business cluster. The highly active Steamship Authority Terminal, WHOI Exhibit Center, U.S. Coast Guard base, and the popular National Marine Fisheries aquarium all add to the seasonal bustle. It is important to note too that all of this activity is happening in the presence of ongoing freight, auto and passenger ferry traffic and a small drawbridge separating the Woods Hole business district at its center! It’s no wonder these factors make bicycles and walking the preferred modes of transportation in Woods Hole.

Among residents, business owners and those working here, community pride and a clear sense of place  is prevalent. In any given day, it is not uncommon to stroll the streets of Woods Hole and hear visiting scientists, researchers, and interns conversing in a range of foreign languages. Organizations such as the The Woods Hole Community Association (organized in 1919) and Woods Hole Business Association go a long way in strengthening and nurturing the fabric of the community.

Over the years, transition in the business community and commercial real estate sector has been low in Woods Hole. Since many commercial properties are owner-occupied, the rental market is extremely tight. Recently, however, certain developments worth noting have surfaced.

In October 2009,  Martha’s Vineyard Saving Bank made it known it intends to establish a branch at the former Bank of America branch bank at 2 Water Street. The branch was one of four Cape Cod locations the large national bank announced in June 2009 that it would close in following months.

This summer, The Penikese Island School acquired the office building at 565 Woods Hole Road for $850,000. Founded in 1973, The Penikese Island School is a small therapeutic boarding school for teenage boys on Penikese Island located 12 miles southwest of Woods Hole, MA. The two story 2,600 square foot c. 1806 building overlooks Little Harbor and has on-site parking. The school previously occupied the building as a tenant for many years and will continue to house their administrative offices at this location. The acquisition was financed by Eastern Bank with a loan guarantee from MassDevelopment.

In November 2008, the Cape Cod Commission approved as a Limited DRI, Wise Living at Woods Hole, 43-unit independent senior living facility at the Nautilus Motor Inn located at 533 Woods Hole Road. The project proposes the demolition of the existing 54-unit Nautilus Motor Inn and removal of the existing pool and tennis courts. The design of the proposed two- and three-story buildings will be in a “shingle” style with gambrel roofs and extensive porches and balconies. As part of the redevelopment project, the geodesic dome in the southeastern portion of the 5.41 acre site will be rehabilitated. The dome structure building was designed by R. Buckminster Fuller and built in 1953-1954. For many years the dome structure comprised a 170-seat restaurant (Dome Restaurant), a use which ceased in about 2002.

Filed Under: Cape Cod Business News Tagged With: , , , , , , ,

Sales Figures Reflect Softening Cape Cod Commercial Real Estate Sector

October 24, 2008 By Joseph P Egan Leave a Comment

A total of 145 qualified commercial real estate sales transpired on Cape Cod from January – September 2008. The latest figures amount to a 23.3% decline from the level achieved in the same nine month period in 2007. The 2008 drop is also about 42% below the 12-year average of 250 sales and the lowest period to period total since 1997.

Quarterly figures reveal the deceleration in the number of sales was evenly spread out among each quarter. The quarterly data also shows in both in 2007 and 2008, first quarter activity once again fell below Quarter II sales volume. This is significant in that, except for 2006, at no time since 1997 has the number of sales in Quarter II been lower than the prior Quarter I total.

Excluding the Outer Cape sub region (Provincetown, Truro and Wellefleet) which achieved a small gain, the remaining three Cape Cod sub regions posted moderate decreases in the number of commercial property transactions. The greatest fall off, however, was in the Upper Cape sub region which experienced a sharp 49% decrease in year over year transaction volume, nearly double the countywide percentage decline.

The Mid Cape sub region once again posted the highest number of transactions (63) for the nine month period. According to the data, the Mid Cape sub region has held the top ranking in each consecutive three quarter period since 1997, until being closely edged out by the Upper Cape sub region in 2007 with 72 qualified sales.

Joseph P. Egan is a MA Certified General Real Estate Appraiser with over 25 years of professional valuation experience. Through a specialization in commercial real estate and closely-held businesses, since 1991 he has completed over 600 appraisal, brokerage and consulting assignments concerning all types of commercial real estate assets and going concerns located on Cape Cod, 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.

Note: Qualified sales generally include arms length commercial real estate sales and exclude transactions such as those involving governmental agencies, conveyances among related or affiliated parties, partition or other court ordered sales, and at least for the time being foreclosure sales in most cases (although they are separated tracked). Excluded property types generally include small multi-family dwellings, agricultural properties, multi-unit residential developments, nursing homes, and lodging properties with fewer than four guest units.

Filed Under: Cape Cod Business News Tagged With: , , , ,

Will Breaker Trip on Hyannis Circuit City Store?

October 20, 2008 By Joseph P Egan Leave a Comment

Beautiful sky above the new Circuit City store currently under construction along Route 132 in Hyannis, MA.

HYANNIS, MA – The Wall Street Journal reported today Circuit City Stores, Inc. is considering a plan which will shutter at least 150 stores and result in the loss of thousands of jobs. Reportedly, the nation’s No. 2 electronic retailer has engaged various legal and industry experts as the firm explores alternatives to filing for bankruptcy protection. (WSJ)

Filed Under: Cape Cod Business News Tagged With: , , ,

NAR: Commercial Real Estate Pinched by Wall Street Woes

September 17, 2008 By Joseph P Egan Leave a Comment

WASHINGTON. DC - According to the latest Commercial Real Estate Outlook released by the National Association of Realtors (R), activity is slowing in leading commercial real estate sectors all in response to tightening credit and slow economic growth.

Lawrence Yun, NAR chief economist, acknowledges problems on Wall Street are affecting commercial real estate. “Although capital remains available for residential loans, the credit crunch is pronounced in commercial lending,” he said. “Combined with a slowing economy, the lack of credit is curtailing activity in the commercial real estate sectors. As a result, there’s been a slowdown in the net absorption of space, which is leading to higher vacancies and more modest rent growth.”

Patricia Nooney, chair of the Realtors(R) Commercial Alliance Committee, chracterized market conditions as complex. “We’re in an unusual situation where transactions are being curtailed not for lack of demand, but for serious challenges in obtaining financing,” she said.

Locally, the Cape Cod MA commercial real estate market has also experienced a clear drop off in sales transactions, a subject to be covered in my up coming Quarter III 2008 Market Report. Commercial leasing activity on the other hand appears to be the bright spot in the Cape Cod market. 

The NAR forecast analyzes quarterly data in the office, industrial, retail and multifamily markets. The COMMERCIAL REAL ESTATE OUTLOOK is published by the NAR Research Division for the Realtors(R) Commercial Alliance. The RCA includes affiliate organizations such as the CCIM Institute, Institute of Real Estate Management, Realtors(R) Land Institute, Society of Industrial and Office Realtors(R), and Counselors of Real Estate.

Filed Under: Cape Cod Business News Tagged With: , ,

Barnstable, MA MSA Ranks 101 in Best Performing Small Cities Index

September 15, 2008 By Joseph P Egan Leave a Comment

LOS ANGELES, CA – The Barnstable MA, MSA achieved a rank of 101 among 124 Small-Cities according to the Milken Institute / Greenstreet Real Estate Partners 2008 Best-Performing Cities Index released this month.

The index ranks U.S. metros based on their ability to create and sustain jobs. It includes measurements of both long-term (five years) and short-term (one year) employment and salary growth. Four measurements of technology output growth are also included because of the crucial role technology often has in regional economic growth.

The 2008 list of small cities contains 124 cities, compared to 174 last year following funding cuts permitting The Bureau of Labor and Statistics to collect data on fewer small metro areas. The decrease in the number of cities ranked resulted in a significant gains in year-over-year ranking for some metros. In 2007, the Barnstable, MA MSA for example ranked 137.

The technology sector advanced several newcomers to the top 10 in the annual ranking of where America’s jobs are being created and sustained, and metros that are highly dependent on export-intensive industries also showed success.

“This year’s rankings demonstrate that entrepreneurs continue to be the economic engine of choice for job growth, even in the face of national and global economic challenges,” said Ross DeVol, author of the report and director of Regional Economics at the Milken Institute. “We’ve seen energy, housing and even catastrophic events such as Hurricane Katrina impact a specific year, but consistently, those metros dedicated to growing their technology base and human capital beat the short-term shifts in the economy.”

Strong national economic downturns in housing and construction brought down last year’s top-ranked cities, with Florida and California metros being some of the hardest hit.

Several past leading cities fell due to the national decline in housing and construction markets, and metros that remain concentrated in manufacturing continue lag in the rankings. Rising energy prices have hindered the performance of cities where industries with high energy use are the key drivers, while benefiting those regions with significant oil and gas production and exploration activities.

The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It is based in Santa Monica, CA. (www.milkeninstitute.org)

Filed Under: Cape Cod Business News

Cape Cod Commercial Real Estate Transactions Fall to Lowest Level for the Month of May since 1999

July 3, 2008 By Joseph P Egan Leave a Comment

The softening demand for commercial real estate on Cape Cod, MA continued in May 2008 as the number of completed transactions fell to its lowest level for the month of May since 1999.

In May 2008 a total of 23 commercial property transactions were recorded at the Barnstable County Registry of Deeds. The recent recordings reflect a modest yet continued decline from the 27 transactions recorded in April 2008. In the past ten years, the highest level in the month of May was achieved in 2004 with 48 transactions. The number of Cape Cod, MA commercial real estate transfers posted in the month of May has steadily declined in each subsequent year.

A total of 76 transactions involving commercial real estate assets located throughout Barnstable County, MA were recorded through May 2008. Year-to-date, commercial property transactions through May 2008 are down 22.45% compared to the same five month period in 2007.

Commercial property dollar volume in May 2008 was just over $19.8 million. This figure included $9.121 million from the sale-leaseback of six Rockland Trust Co. branch banks located on Cape Cod, MA. (See related story.) In May 2007, the total commercial property dollar transaction volume was substantially higher at $118,945,750. This figure, however, includes $106.0 million from three Cape Cod, MA properties sold as part of a $500 million portfolio sale completed by the Flatley Company of Braintree, MA.  Among the ten New England investment properties conveyed, local assets included Southwind Plaza and the Borders Bookstore building in Hyannis, MA and The Falmouth Mall in Falmouth, MA. The joint venture acquisition was completed by the Wilder Cos. of Boston and O’Connor Capital Partners in New York.

In May 2008, transaction activity was favorable in the restaurant and small mixed-use classes. Activity for commercial condominiums of all types, a bell weather sector on Cape Cod, continued to reflect a steady drop off in demand.    

Note: Recorded sales include “arms-length transactions” and generally exclude conveyances among related parties, convenience sales, acquisitions by governmental agencies, and certain foreclosure related transactions.

Filed Under: Cape Cod Business News
« Older Posts