NANTUCKET, MASS. — Intercontinental Real Estate Corp. has acquired Marine Lumber Co. in Nantucket. The Boston-based firm will take ownership of the lumberyard, as well as its associated retail properties on mainland Massachusetts. Financial terms were not disclosed.
The acquisition includes 22 residential properties; all underlying real estate, which includes approximately 4 acres on the Nantucket Harbor waterfront; two Massachusetts hardware stores located in Sandwich and South Yarmouth; a Massachusetts warehouse located in Hyannis; and 52 commercial vehicles, which are used for distribution of goods and employees.
“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,” says Peter Palandjian, chief executive officer with Intercontinental. “The underlying real estate included in the acquisition is protected by the highest-barrier zoning, rendering it irreplaceable.”
Established in 1944 as a lumberyard, Marine Lumber is a building-materials supplier and retailer, whose products include bed and bath supplies, home decorating supplies, flowers and plants, and furniture and clothing.
Nantucket is situated 30 miles off the coast of Cape Cod. It is approximately 3.5 miles wide and 14 miles long.