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Commercial sales in Centerville and West Yarmouth show new trend, agent says

Vaseline July 21, 2024

Recent commercial property sales in Barnstable and Yarmouth could indicate a trend.

This trend is a result of both affluent buyers recognizing affordable properties on Cape Cod and the experience of higher taxes and over-regulation by Cape homeowners.

“There is a strong market for specific properties among high-net-worth buyers,” said Chuck Carey, owner of Carey Commercial in Hyannis.

Many businesses are being sold because of tax increases and overregulation, Carey said. “It’s harder to do business on Cape Cod than it used to be.”

The sales of Windmill Plaza at 3821 Falmouth Road (Route 28) in Centerville and properties on Ansel Hallet Road in West Yarmouth are examples, Carey said. His firm sold both in the last eight weeks. The sales totaled $11.45 million.

Windmill Square

Grove Street Realty Trust spent $4.15 million on Windmill Plaza on May 24. The property has 20 commercial units and five residential units on 2.14 acres. The mixed-use property, with 22,719 square feet of building space and 99 parking spaces, was built in 1985. It is appraised at $4,506,800, according to city records.

Grove Street Realty Trust, based in Hubbardston and headed by trustees James D. and Sandra Welch, bought the property after significant delays. Due to errors in the Land Court record, the sale and closing were delayed for nearly a year while attorneys worked out the title flaws in accordance with the Land Court, James Welch wrote in an email.

“It was definitely a long process, but our love for the property kept us going through the long process,” he said.

The new owners are in the process of converting vacant office space on the second floor into apartments, Welch said.

The sellers of the property are Stuart and Aaron Bornstein of Windmill Square LLC, based in Hyannis.

“Let’s face it,” Stuart Bornstein said. “We’re an hour from Boston, an hour from Rhode Island, and we have two major airlines coming in. There are a lot of people who recognize that Cape Cod property is undervalued compared to other waterfront properties. People recognize it.”

In West Yarmouth

Ansel & Gretel LLC purchased the six parcels of commercial land and buildings combined in West Yarmouth in two separate deals. The package of properties on Ansel Hallet Road and Higgins Crowell Road sold for $7.3 million on May 21.

Ansel & Gretel LLC, based in Hyannis, lists Caroline and Molly MacGregor as managers. J. Bruce MacGregor, who owns many properties on the Cape, was listed as manager on the original certificate of organization but was removed from the certificate a week later in an amended filing.

Three parcels of land and buildings on Ansel Hallet Road and one vacant lot on Higgins Crowell were purchased for $4,575,000.

Two parcels of land and buildings at 130, 134 and 150 Ansel Hallet Road were purchased for $2,725,000.

Federal Express, medical offices, Cape Cod Dermatology and a vacant lot with development potential were included in the sale to Ansel & Gretel, LLC. That kind of “critical mass” with long-term leases and tenants like Federal Express and medical offices appeals to high-end buyers, Carey said.

60 Ansel Hallet Road appraised at $1,593,300
88 Ansel Hallet Road appraised at $986,100
130 & 134 Ansel Hallet Road appraised at $1,361,500
150 Ansel Hallet Road appraised at $954,900
661 Higgins Crowell Road appraised at $589,700

The seller of the property in the West Yarmouth deal was Donald Henderson of Willow Street Realty Trust and 150 Ansel Hallet Road LLC, both based in Yarmouth.

Carey blames “obstructive regulations” and zoning laws that make it difficult for small business owners to keep their businesses running or buy buildings. Wealthier people are moving to the Cape and turning it into a “junior level Nantucket,” Carey said.

“I would say there are a lot of businesses being sold because of the tax increases and over-regulation,” he said. “It’s harder to do business on Cape Cod than it used to be.”

The Cape Cod Times operates from an office owned by Main Street Times, LLC, with Aaron Bornstein as manager.

Denise Coffey writes about business, tourism and issues that affect the people and visitors of the Cape. Contact her at [email protected] .

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