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. 

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.

Marine Lumber of Nantucket, MA Acquired by Investment Firm

Boston, MA – Intercontinental Real Estate Corporation a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of the Marine Lumber Company in Nantucket, MA. The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC.

Marine Lumber, established in 1944 as a lumberyard, is a building materials supplier and retailer while also offering a host of additional products including appliances, bed and bath supplies, home decorating supplies, flowers and plants, furniture, and clothing. The company also operates two Massachusetts hardware stores located in Sandwich and South Yarmouth, and a warehouse in Hyannis, MA to service the operation. In addition to the operations of Marine Lumber, Intercontinental also acquired twenty-two residential properties and all of the underlying real estate which includes approximately 4 acres on the Nantucket Harbor waterfront.

Peter Palandjian, Chairman and Chief Executive Officer at Intercontinental stated, “The acquisition of Marine Lumber provides us with the opportunity to acquire a mature, market leading building materials and retail center in one of the premier destinations on the east coast. The underlying real estate included in the acquisition is protected by highest-barrier zoning rendering it irreplaceable. Marine Lumber boasts an exceptional management team with vast experience and a deep devotion to the company.  We are thrilled to join their team.”

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.

Teledyne Acquires Falmouth Tech Park Manufacturer

 

East Falmouth MA – In early July 2008, Teledyne Technologies Incorporated (NYSE: TDY) through its subsidiary, Teledyne Instruments, Inc., completed the acquisition of the assets of Webb Research Corp.

Webb Research, located in E. Falmouth, Mass., is the world’s leading manufacturer of autonomous underwater gliding vehicles, as well as autonomous profiling drifters and floats. Terms of the transaction were not disclosed.

Webb Research adds autonomous underwater vehicle systems to Teledyne Marine’s portfolio of marine electronic subsystems, including acoustic modems, acoustic and inertial navigation systems, acoustic Doppler current profilers and subsea electrical and optical interconnect solutions. Webb Research’s gliders are autonomous underwater vehicles (AUVs) that use changes in buoyancy in conjunction with wings and tail steering to convert vertical motion to horizontal, and thereby propel the system on a programmed route with very low power consumption. Applications of gliders range from oceanographic research programs to military persistent surveillance systems and mobile nodes for subsea communication networks.

In fiscal year ended December 31, 2007 Webb Research had sales of $12.2 million. After the closing, the acquired business will operate under the name Teledyne Webb Research.

Teledyne Technologies is a Thousand Oaks, California based provider of sophisticated electronic subsystems, instrumentation and communication products, engineered systems, aerospace engines, and energy and power generation systems. Teledyne Technologies’ operations are primarily located in the United States, the United Kingdom and Mexico.

Cape Cod Manufacturer Acquired in $80 Million Deal

Pocasset, MA - Hydroid, Inc. a manufacturer of Autonomous Underwater Vehicles (AUVs), announced today the company’s acquisition by Kongsberg Maritime. The sale was announced in December 2007 pending U.S. Government approvals.

Kongsberg Gruppen is headquartered in Kongsberg, Norway and is a technology group with over 4,400 employees in 25 countries. The company has two divisions, Kongsberg Defense and Aerospace, and Kongsberg Maritime of which Hydroid will join. Kongsberg Gruppen reported revenues of approximately $1.6 billion in 2007 and is listed on the Oslo Stock Exchange and traded under the ticker
KOG.

“The acquisition of Hydroid is within Kongsberg Maritime strategy to expand in the rapidly growing market for AUV-based operations through a broader portfolio of products, wider presence in the market and focused R&D efforts,” stated Rolf Arne Klepaker, Kongsberg Maritime Subsea Executive Vice President.

Hydroid was established in 2001 to manufacture, support and further develop the REMUS Autonomous Underwater Vehicle (AUV) technology, originally developed, and licensed from, the Woods Hole Oceanographic Institution. Located in Pocasset, Massachusetts, Hydroid offers a range of REMUS vehicles, including systems rated for 6,000 meter operations, and has delivered over 150 systems in the past seven years.

All the HUGIN vehicles and the REMUS vehicles can be customized for many applications which include: hydrographic surveys, mine counter measure operations, harbor security operations, environmental monitoring, debris field mapping, marine geological survey, inspection of underwater engineering structures and pipelines, search and salvage operations, fishery operations, and scientific sampling and
mapping.

In a separate press release issued by Axia Advisors, the Burlington MA based firm announced its advisory role in connection with the $80 million sale to Kongsberg Maritime. 

Chris von Alt, President and CEO of Hydroid, LLC, stated, “As a Kongsberg company, Hydroid will continue to improve the products and services we offer, so they will be of greater value to our customers. This strategic fit is very important to our shareholders, and we are grateful to Axia Advisors for their contributions to this remarkably successful outcome.”

With Spring in the Air, Cape Cod Businesses Change Hands

Along with rich greens and bright colors, springtime on Cape Cod and the Islands also brings a change in ownership for many businesses. Here’s a sampling of the types of busineses under new ownership between January and mid May 2008:

• Established Food Market – Upper Cape
• Waterfront Restaurant – Upper Cape
• Five Small Motels – (3) Upper Cape & (2) Mid Cape
• Upscale Inn – Nantucket
• Country Store – Mid Cape
• Ethnic Restaurant – Mid Cape
• Small Guesthouse – Outer Cape
• Three Upscale Inns – Outer Cape
• Gas Station – Mid Cape
• Two Convenience Stores – Upper Cape & Lower Cape
• Pet Kennel – Lower Cape
• Marina – Mid Cape
• Sign Shop – Upper Cape
• Upscale Cafe – Upper Cape
• Breakfast & Lunch Eatery – (2) Mid Cape
• Bakery – Mid Cape

 Stay tuned…I am aware of more transactions in the works!