Cape Cod Cooperative Bank Signs Tenant at New Building

HYANNIS, MA - Infor Global Solutions has leased 9,500 square feet of space at the recently completed Cape Cod Cooperative Bank Operations Center in Hyannis.

Infor Global Solutions, formerly Infinium Software, is a technology company with world headquarters in Alpharetta, Georgia. The firm is the third largest provider of business software in the world with approximately $2.2 billion in revenue, more than 70,000 customers globally and 9,000 employees. With direct offices in 125 countries, Infor provides and supports enterprise solution software to businesses ranging from aerospace to shipbuilding with 3,500 product specialists in 35 countries.

Cape Cod Cooperative Bank’s Operations Center is located in Independence Park and has 2,500 square feet of leasable space remaining available.

Cape Cod Cooperative Bank is an independent, mutual community bank with over $586 million in assets. Established in 1921, the Hyannis based bank has branches in Yarmouth Port, East Dennis and West Barnstable, as well as Sandwich, Hyannis and East Harwich.

Warehouse/Distribution Property Changes Hands

The Mill Stores warehouse and distribution facility located at 128 Breed’s Hill Road, Hyannis, MA recently changed hands. According to public records, the 27,000SF structure on 4.13 acres conveyed in early July 2008 for $3.7 million to RAM Construction LLC of Bedford, MA. The buyer was reported to be a F.W. Webb Co., a plumbing supply company with locations throughout New England.

The property located in Independence Park, between the Cape Cod Potato Chips plant and Breed’s Hill Condominium, is one of a few high bay and sprinklered facilities of this size on Cape Cod. The property also offers several truck height docks and a large truck parking area.

Those of us who have been here long enough to remember will recall this structure was originally built in 1989 by The Myers Furniture Co. for use as their warehouse and distribution facility.

Cape Cod Bank Branches Included in Sale-Leaseback Deal

In May 2008, Rockland Trust completed a $33.0 million sale-leaseback transaction with American Realty Capital Trust, Inc. a Jenkintown, PA based REIT.

According to a SEC filing completed by the REIT in the same month, the real estate only transaction included a portfolio of 18 commercial bank branches, branch bank/offices and operation centers located throughout Southeastern MA and Cape Cod. Together the properties comprise 121,000 square feet of Gross Building Area (GBA). The sale price equated to about $272 per square foot of GBA, including associated transaction fees and closing costs.

Rockland Trust will be the sole tenant at each property and the total annual base rent for all 18 properties is just over $2.3 million. The terms for each lease are fully net and the base terms range from 10-15 years, not including four concurrent renewal options. The average base rent for all 18 locations is $19.05 per square foot as set forth in the SEC filing.

According to the Form 8-K filing the six Cape Cod branches located in Centerville, Chatham, Hyannis, Orleans, South Yarmouth and West Dennis, total almost 27,000 square feet of GBA and conveyed for $9.121 million. The collective sale prices for the six Cape Cod properties accounted for about 28% of the total acquisition price and equated to $338 per square foot of GBA. The average base rent per square foot for the Cape Cod locations was also higher than the portfolio average based on the transaction information reported to the SEC.

Rockland Trust acquired the Cape Cod properties in 2000 following the divesture of Fleet branches after its merger with BankBoston. The most recent real estate only transaction did not include all Rockland Trust properties located in Southeastern MA and Cape Cod.

The number of sale-leaseback real estate transactions involving national and regional banking entities has increased in recent years. In mid 2006, American Financial Realty Trust acquired a portfolio of 236 Citizens Bank and Charter One properties in a $317 million sale-leaseback deal. The 2006 transaction also included selected branch locations on Cape Cod. As investors such as REITS continue to be attracted to quality net leased opportunities and more banks seek to tap the equity in these prime assets, sale-leaseback transactions are likey to continue in the banking sector.  

Independent Bank Corp. (NASDAQ: INDB) the holding company for Rockland Trust Company, provides commercial banking, retail banking, and investment management services in Massachusetts. Rockland Trust has a network of 61 retail branches, ten commercial lending centers, five mortgage banking centers and four Investment Management Group offices all located in Southeastern Massachusetts and Cape Cod. The growing community bank founded in 1907 and headquartered in Rockland, MA has $3.3 billion in assets. 

In March 2008, Independent Bank Corp. acquired Slade’s Ferry Bancorp, parent of Slades Bank. The transaction added nine new Southcoast MA branches to the Rockland Trust franchise.

Upper Cape Cod Mixed-Use Center Acquired

A two story retail and office property located in Sagamore, MA was sold in March 2008 for $1.8 million. Both sides of the deal were successfully handled by Ben Edgar, principal broker and owner of Sea Watch Realty. 

The two story property on two acres comprises approximately 28,000SF of building area is one of several former Towne Paint commercial properties sold on Cape Cod by Sandler Realty Trust between 2006 and 2008.