WGBH Purchases Historic Davis House, Renovation Planned

WOODS HOLE – In mid December 2009, public service broadcaster WGBH purchased the historic Davis House at 3 Water Street in Woods Hole from fellow nonprofit the Children’s School of Science. The move will enable WCAI to continue its radio operations here, and give new life to the 164-year-old building. The recorded deed indicated a purchase price of $670,000. 

“We’re delighted that this wonderful space we’ve rented for eleven years will now become our permanent home,” said WCAI Station Director and WGBH Radio General Manager John Voci.

Since 1998, WGBH has leased the building for WCAI, the Cape and Islands NPR Station, and its repeater services WNAN and WZAI. All are listener-supported public radio stations serving Cape Cod, Nantucket, Martha’s Vineyard, and the south coast.

The exterior of the Greek Revival structure is in poor condition and in need of substantial repairs. In January WCAI will launch an appeal for public support for a Renovation Fund to help restore the building. Immediate needs include a new roof and windows, and the removal of asbestos siding.

“With WGBH’s involvement and the help of our listeners, WCAI will preserve and protect this prominent town landmark for future generations of Woods Hole residents and visitors,” said Voci.

According to Susan Witzell, Archivist and Assistant Curator of the Woods Hole Museum, The Davis House was built in 1845 for Civil War veteran Captain Thomas G. Davis. At one time the house had a store on the first floor with living quarters above, she said. “It was beautiful.”

“The Davis House sits at the gateway of Woods Hole and helps define the historic character of our village,” said longtime resident Thomas J. Hynes, Jr. “Many of us were concerned that the building might be purchased for its location and then demolished to make way for new construction. We are delighted that the property will remain with our friends at WCAI, who have proven to be good neighbors. I know they will be careful stewards of this classic landmark.” 

WCAI, the Cape and Islands NPR station, is broadcast on 90.1FM, 91.1FM and 94.3FM and WGBH HD3, 89.7 Boston. The station is listener-supported public radio serving Cape Cod, Nantucket, Martha’s Vineyard, and the Southcoast.

WGBH Boston is America’s preeminent public broadcaster, producing such award-winning PBS series as Masterpiece, Antiques Roadshow, Frontline, Nova, American Experience, Arthur, Curious George, and more than a dozen other prime-time, lifestyle, and children’s series and websites.

WGBH Radio serves listeners from Cape Cod to New Hampshire with 89.7 WGBH, Boston’s NPR® Station for News and Culture; 99.5 All Classical; WCAI for Cape Cod and the Islands; WNCK on Nantucket; and the All-Classical WGBH HD channel.

Self Storage Facilities in Falmouth, MA and Fairhaven, MA Under New Ownership

FALMOUTH, MA — Storage Opportunity Partners LLC and Storage Pros Self Storage acquired self storage facilities in Falmouth and Fairhaven, MA in mid-August.

The Falmouth facility, formerly operated under the Uncle Bob’s brand, is located between East Falmouth Highway and Village Common Drive. The property has 79,495 rentable square feet in five two-story buildings. Among the 749 individual storage units, 30,000 square feet comprises climate-controlled space. The facility was originally built as Burlington Self-Storage in 1997 and expanded in 2001.

According to filings at the Barnstable County Registry of Deeds, the property was acquired from Sovran Acquisition LP for $4.6 million. Sovran, a REIT which owns and/or operates over 350 self storage facilities in 24 US States under the trade name Uncle Bob’s Self Storage®, previously acquired the property in 2005 for an indicated purchase price of $7.2 million.

According to David Levenfeld, co-founder and CEO of StorageOp, there were some mitigating circumstances which accounted for the price difference. “The Falmouth facility is a relatively large one and perhaps the occupancy projections adopted in 2005 were aggressive. And like all commercial property sectors, the self-storage sector has taken its share of nicks,” he said.

In addition to rebranding the property to Storage Pros Self Storage, future plans for the Class A Falmouth facility include offering larger spaces of up to 1,000 square feet for local businesses and becoming more involved with the local business community.

The Fairhaven facility contains 41,500 square feet of rentable area in six single-story buildings containing 337 storage units and 24 outdoor parking spaces for rent. The property was also formerly part of the Sovran portfolio and has been rebranded to Storage Pros Self Storage. The new ownership will update the Fairhaven property and convert 6,100 rentable square feet of existing space into climate-controlled space. Budget Truck Rental will also be added.

The recent acquisitions brings StorageOp’s holdings to 13 properties collectively offering 780,000 rentable square feet, 6,800 units and more than 950 outdoor parking spaces for rent in its initial target markets of New England and southeastern Michigan. All 13 properties were acquired within the last 28 months.

The properties will be operated by Storage Pros Management LLC, a wholly owned subsidiary of StorageOp, which also offers third-party self storage property management services.

David Levenfeld, co-founder and CEO of StorageOp, commented, “Once again, our strong investor base and solid financing relationships have allowed us to further implement our acquisitions strategy in New England at a time when the capital markets continue to pose enormous challenges. We intend to continue our disciplined growth strategy within our core markets.”

Market Snapshot: Edgartown, MA

Edgartown, MA- While most market areas are currently experiencing contraction and increasing distress, commercial property fundamentals in the small Down Island business district in Edgartown on Martha’s Vineyard, MA appear to be as favorable as the refreshing summer winds from nearby Edgartown Harbor.

The sale of three retail condominium units acquired in early June 2009 provides some sense of the prevailing winds. 

The three units are located at 4 & 8 Main Street within the Harborside Inn Condominium. The condominium is located on (Lower) Main Street, between North Water and Dock Streets and next to The Boathouse, a recently completed 10,000 square foot private club at the site of the former Navigator Restaurant. 

The location is the busy hub of the established Edgartown business district, an area which generates consistent pedestrian traffic along the brick paved sidewalks uniformly connecting the many mostly seasonal specialty shops and eateries. In addition to a designated Historic District, much of the neighborhood is within Edgartown’s B-1; Business 1 zoning district.

The ground floor commercial units known as Stores A, B & C feature generous display windows and range from 702 to 1,508 square feet and total 2,864 square feet. The recent $2.4 million total sale price amounts to approximately $838 per square foot of gross unit area or an average of $800,000 per unit. The purchasers were a local couple with several commercial property holdings in the Edgartown core business district.

At the time of the sale the units were reported to be fully leased to Chappy’s and Island Pursuit, two affiliated mens and womens clothing shops. Island Pursuit was established in 1983 and offers a wide assortment of luxury brands including Bugatchi Uomo, LaCoste, Lilly Pulitzer, Reef, Tommy Bahama, and Vineyard Vines. In addition to four Florida stores, the retailer has stores in Chatham, MA, Newport, RI and Nantucket, MA.

This recent conveyance is one of only a handful of mostly off-market commercial property transactions recorded in Edgartown over the past 18 months. According to several local sources, the low transaction activity is primarily a function of the buy and hold mindset of many local investors resulting in a limited array of available investment opportunities.

Despite rental rates in the general range of $35.00 to $70.00 per square foot for retail space in the prime pedestrian areas, vacancies are minimal especially by late Spring or just before at the start of the peak summer season. Most rental requirements are in the range of 700 to 1,500 square feet of net rentable area. Reflective of both the tight supply and the close network of  local merchants, it is not uncommon for landlords to receive inquires from prospective tenants either before a tenant moves out or when the vacating tenant is literally in the process of moving. Reportedly, new occupancies include a combination of new businesses and existing businesses desiring to trade up to superior space.

Lost Dog Pub Finds Second Home

ORLEANS, MA – Tom Davis, Richard Catania and Adam Bauer of Weichert Dunhill Commercial of Hyannis, MA brokered the sale of the restaurant formerly known as The Coast located at 63 Route 6A in Orleans, MA. Weichert Dunhill Commercial  represented both the buyer Andrew and Jane Murphy and the seller Gulf Coast LLC. The former 136-seat restaurant will be re-established as The Lost Dog Pub. The Murphy’s are the owner’s of other Cape Cod restaurants and one in the U.S. Virgin Islands.

The recently renovated two level building has 4,560 square feet of GBA and is sited on a .64 acre lot offering a prominent location with multiple curb cuts and excellent signage.

The May 2009 transfer equated to a price of approximately $166 per square foot of GBA. Coastal Community Capital  arranged the financing through the Bank of Cape Cod .

The year round restaurant was built in the early to mid 1930’s as the first Howard Johnson’s  franchise in the US. In the years that followed and until about 2005 the restaurant was the well known Fog Cutter Restaurant.

Kinlin Grover GMAC Acquired by Randall Realtors GMAC

OSTERVILLE, MA & CHARLESTOWN, RI - Kinlin Grover GMAC Real Estate has been sold to Randall Realtors GMAC Real Estate. Together, the two companies now have 18 offices and more than 400 sales associates and employees. The combined companies achieved more than $700 million in sales in 2008. Each firm will continue to operate under their current names. Financial terms of the deal were not disclosed.

Kinlin Grover’s 11 offices are located in: Barnstable, Brewster, Chatham, Falmouth, Harwich Port, Orleans, Osterville, Sandwich, South Yarmouth, Wellfleet, and Yarmouth Port.

Randall Realtors offices are located in Rhode Island and Connecticut. The five Rhode Island offices are in: Charlestown, North Kingston, Wakefield, Watch Hill and Westerly. The company’s Connecticut offices are in Mystic and Waterford. Randall Realtors was established in 1977 as H.D. Randall Realtors in Charlestown, Rhode Island.

Kinlin Grover was founded in 1992 and has grown to  include 11 real estate offices located throughout Cape Cod, MA. In addition to commercial real estate brokerage, second home sales, and property management services Kinlin Grover Vacation Rentals is the largest vacation rental firm on Cape Cod.

Hess Acquires Eleven Cape Cod Gasoline Convenience Stores

On January 30, 2009 Hess Corporation acquired 11 Christy’s of Cape Cod gasoline-convenience stores. The sale evidently included the outright purchase of six properties and lease assumptions on the remaining five facilities. The stores are located in Dennisport, East Falmouth, Hyannis (3), Osterville, Sandwich, South Orleans, South Yarmouth (2) and West Yarmouth.

The total consideration from the recorded deeds indicated a collective price of just under $17 million for the six purchased properties. Lorrie Hecker, Director of Communication – Marketing & Refining for Hess Corporation told CapeCodBusiness.com, “for competitive reasons” full financial terms of the transaction could not be disclosed.

The eleven sites, all of which include convenience stores, were quickly rebranded Hess. The company plans to hold grand openings in the spring to welcome customers and introduce the firm’s product line.

Hess is one of the leading independent gasoline-convenience retailers on the East Coast with 1,370 stations and convenience stores in 14 states including more than 100 sites in Massachusetts.

According to Hess company spokeswoman Lorrie Hecker, “The Hess team is excited about the opportunity to serve additional customers and expand our market presence on the Cape. Christy’s is one of the premier gasoline retailers on Cape Cod, and they share Hess’ commitment to providing customers with exceptional service and value. We see this as a strong fit with the Hess brand promise, and we are delighted to add these Christy’s sites to the Hess retail portfolio.”

All indications are that Christy’s Markets will continue to independently pursue gasoline-convenience stores projects intiated in 2008 which are located in Dennis and Chatham. 

Top 15 Cape Cod Commercial Real Estate Sales of 2008

A slideshow of the top fifteen commercial real estate sales on Cape Cod MA in 2008, ranked by sale price. (Note: The 2008 Market Report no longer being distributed. Be sure to watch for the 2009  annual Market Report expected to be released in January 2010.)

Sandpiper and Dowling & O’Neil Insurance Agencies Merge

HYANNIS, MA – Sandpiper Insurance Agency merged with Dowling & O’Neil Insurance Agency in early November 2008.

Sandpiper Insurance has been operating on Cape Cod since 1991. Following the merger, the firm relocated from 12 Enterprise Road in Hyannis to Dowling & O’Neil’s nearby office located at 973 Iyannough Road. Key Sandpiper employees will now work under the Dowling & O’Neil banner.

“It’s the perfect complement of staff and expertise,” said Rob Miller, Principal of Dowling & O’Neil Insurance. “With the additional staff, we now have 22 customer service representatives dedicated to providing quality service.”

“The merger will benefit our customers,” said Christian Barber, Sandpiper Insurance. “The combined buying power from insurance carriers means more options and competitive pricing for consumers,” he added.

Dowling & O’Neil Insurance Agency has been serving clients in the Cape Cod, South Coast and South Shore regions since 1841. They represent more than twenty insurance carriers and offer personal and commercial insurance.

Brokers Strike the Right Match with Tinder Box Sale

Mashpee, MA- Kinlin Grover GMAC Commercial Real Estate based in Orleans, MA announced that Turnstone Enterprises has sold The Tinder Box to Jim and Cecelia Sullivan of East Sandwich, MA. 

The well known Tinder Box store located in Mashpee Commons next to Starbuck’s Coffee, sold for $175,000.  The acquisition also included a satelite location at a local golf course. The transaction was facilitated by Greg & Cindy Holmes of Kinlin Grover GMAC Commercial who represented both the buyer and seller.

The Tinder Box is a national franchise operating as Tinder Box International and currently includes a network of 148 stores located throughout the United States. In 1928, company founder Edward Kolpin opened the first Tinder Box store in Santa Monica CA.

The 1,200 square foot retail store (known as Tinder Box #399) specializes in the sale of cigars, pipes, lighters, humidors, gifts and an interesting assortment of smoking-related accessories.  In addition to offering traditional and exclusive cigar lines, the Mashpee store features a 30 foot humidified cigar wall and an 8′ x 12′ walk-in humidor, along with its popular smoking room with a large screen television, wet bar (BYOB) and convenient humidified lockers for its customers.

The Sullivan’s intend to continue The Tinder Box tradition of providing their growing number of loyal customers the finest in smoking products, gifts, accessories and expertise available on Cape Cod.

New Hands at the Wheel for Former Ford Dealership

FALMOUTH, MA – Nearly one year to the day after it closed for business, the former Lighthouse Ford property at 343 Dillingham Road in Falmouth changed hands. According to a deed filed on November 11, 2008 the sale price was $1,150,000. or approximately $114/SF of gross building area. The buyer was listed as 1 Lewiston Street LLC, 278 Scranton Avenue, Falmouth, MA. The main business located at this address is Falmouth Marine. Ford Motor Company was represented by CB Richard Ellis. The asking price was in the range of $1.6 Million.

Lighthouse Ford closed in November 2007 as part of a dealership consolidation program spearheaded by the Big Three automobile manufacturer. The dealership was operated as Falmouth Ford for many decades up until 2004 when it became Lighthouse Ford. The property conveyed to Lighthouse Ford Inc. in July 2004 for $1.5 Million.

The special purpose property consists of the 10,080 square foot automotive building on a level 1.73 acre site. The structure was erected in 1967 and was extensively remodeled about the time it became Lighthouse Ford.

Ford dealerships continue to be operating in Hyannis and Chatham as well as in Wareham and Plymouth.

The widely reported troubles in the automotive sector have resulted in the closing of many dealerships in the past year. Quite coincidentially is the recent closing of a Long Island, NY dealership similarly named Lighthouse Ford which also opened its doors in 2004. A message on the NY dealership’s website sums up the situation this way, “Unfortunately as a result of the ever changing market and the stark economic reality facing this country Lighthouse Ford has decided to close its doors on October 31st 2008.”

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