Blog - LOCAL REALTY ADVISORS

SOLD – 26 ft Tall, Three Roll Up Doors, End Unit, Well Located in Raynham, MA

110 Forge River Parkway, Unit 4A, Raynham, MA 02767

Business, warehouse, end unit, condominium:

2,500 sqft (50×50)
3 – 14×16 Lift-Master powered doors
2 pass through doors
2 Baths (1 half / 1 with shower)
4 foot knee wall
24 feet to the inside eve
Natural Gas fired Modine heaters
Utility sink and plumbed water cooler
Town Water & Sewer
Large electric panel

Private end unit in super location. Rack material 24 ft to eve, pull large equipment in through three large doors, be on Route 24 in minutes. Hot opportunity as your new headquarters, as a satellite location or expansion of your growing business.

SOLD > Bayberry Plaza Sells, Apartments Planned

29,369 +/- sqft shopping plaza in two buildings on 3.60 acres. Property abuts the Mid-Cape Highway just off exit 12 in Orleans, MA. Built in 1980 as a eco-friendly, commercial plaza, the building is primarily concrete. Concrete elements include entire rear wall, all sides, arched unit partition walls are concrete but passable (sub-divisible), the roof is a fabricated concrete dome with octagonal silo style skylights. The roof is covered with earth and grass.

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Coverage and existing square feet are nearly impossible to replicate on Cape Cod. The plaza is a great opportunity for a investor / end user looking for: a redevelopment project, multi-tenant, large building, repurpose, special purpose, value add, mixed-use conversion opportunity. Significant grandfathered impervious surface.150 parking spots, mature plantings. Repurpose the infrastructure and concrete that is already there, ideal 1031 Exchange property. Sell the City, buy the Cape Cod.

SOLD – Industrial Land in Prime Location

15+/- acres of industrial land off Interstate 495, exit 2 in Rochester, Massachusetts. Property has a gentle sloping topography and a conservation commission approved wetlands delineation. Site is an excellent buy for companies and developers looking for rare industrial land in an exceptional, Southeastern Mass location. The offering is an assemblage of six parcels owned by Tremont Enterprise, Corp. Signage on busy Cranberry Hwy, yet site has natural vegetation and utility buffer on three sides, your operations will be discrete and set back. 454 ft of frontage on Cranberry Hwy and 871 ft of frontage on Kings Highway. Excellent line of sight for large trucks to enter and exit. Significant engineering is available.

The neighborhood has established industrial businesses. ”Rochester Crossing” a major mixed-use project is being permitted across the street. Interstate 495 is nearly visible, Interstate 195 is a few miles down the road. Available for the first time in a long time.

SUBJECT SITE HIGHLIGHTS:

Great location near interstate
State curb cut
ConComm approved wetland delineation
Heavy power
Gas in the street
10+/- Acres of upland
Ample contiguous upland for projects
Frontage Cranberry Hwy: 454.87 feet
Frontage Kings Hwy: 871.11 feet
Assessed $1,057,600

The properties have an approved Rochester Conservation Commission wetlands delineation and a Order of Conditions for a project that did not proceed. Draft three building design below is not the project.

Displayed above is a conceptual design for a three building project. Each proposed building is 7,500 sqft. Full size engineering available upon request.

6 CLOSINGS: 71 Days, $2,435,000 in Sales

Congratulations to six new Cotuit Center Residence condominium owners. Between July and September of 2018 the ownership team consisting of the developer, general contractor, the lender, listing broker (myself) and a couple cooperating agents closed on six market rate units for a total of $2,435,000 in gross sales.

If you are looking buy, sell a condo, new construction or developable land please call me at 774-269-0775.

Will Rochester Crossing ignite West Wareham development and property values?

In early 2019 the Rochester Planning Board gave a Dartmouth developer approval to begin the planning process for a 208 unit 40R mixed-use project on the former RF Morse garden center property at the corner of Route 28 and Route 58 in Rochester, MA. When retail says no, housing always says yes in Massachusetts.

*Big Box retail configuration at Rochester Crossing 2009*

AD Makepeace has been looking to partner or to unload the property for years since taking a leadership role in its evolution and ultimate reincarnation.

Rochester development given Ok to begin planning process

The contemplated project will consist of consist of four separate four-story buildings containing a total of 160 two-bedroom units, 24 one-bedroom units and 24 three-bedroom units. One quarter of the apartments would be rented at rates deemed “affordable” by the state. The remainder would be rented at market rates.

*Rochester Crossing Mixed-Use Development 2019*

The developer has a Town Meeting and Planning Board review process ahead but the dramatic need for housing especially affordable housing make this a promising project for the town and the region. The nearly 30 acre site has been marketed for over a decade and seems to have traction with this mixed-use housing project as the anchor.

*Rochester Crossing proximity to Wareham Crossing, I-495 & I-195*

Properties straddling I-195 to the Southeast of this location have been trading at a faster clip in recent years now that most of the land is been repurposed and major infrastructure improvements are in.

Though there are still properties available in this market:

So what does Rochester Crossing mean for commercial property uses and values nearby? Will the 208 units filled with residents and visitors attract other developers willing to build on vacant land and repurpose existing structures for retail, food and service providers? One day care service provider thinks so. Country Side Day Care is moving into the office space at 15 Cranberry Hwy, Rochester opposite the Rochester Crossing site. The office space was left vacant when the USDA moved to a new construction office building on Thatcher Lane, West Wareham.

Rochester based day care sees writing on the wall, plans move across the street from 208 units proposed in Rochester, MA.

One thing for sure, land along Cranberry Highway in West Wareham and Wareham Street in Rochester and Middleboro are zoned commercial, general use or industrial and are ripe for redevelopment.

I feel the Rochester Cross Roads 40R project will validate the intersection and attract new businesses, investors and developers to the neighborhood.

As for valuations, the value of commercial real estate is driven by what you can do with it; zoning, density, utilities, traffic. Price is driven by rate of return, though sometimes its a financial rate of return mixed with a return on quality of life return. A person that whats to live in a commercially zoned house and run their business out of the backyard has many financial savings but also potential quality of life improvements. Plus they have upside years down the road when the highest and best use is not their current use. Mom and pop end users aside national tenants and their preferred developers typically pay the most.

How long will it take for the area to have the characteristics national buyers and tenants want? It could be a while. Sewer availability is a big driver of development cost savings and density calculations. There isn’t sewer is this neighborhood yet. Low income levels, number of roof tops, and traffic counts are other considerations for national or super regional businesses look for before they locate anywhere. How long should existing property owners hold out, and will it be worth the wait? Depends on where they are in life and whether their expectations are realistic.

If Rochester Crossing gets approved and funded, area property appreciation for prime property will tick up significantly. It will then be modest appreciation mirroring the quality of businesses locating to the market and momentum of development in the market. As more money gets invested in the intersection, existing property owners can expect more for their property, to a point. It all depends on what you can do with it and who wants to be there.

If you have questions or would like to discuss your property or the market reach out 774-269-0775.

SOLD, FULL PRICE: First Time Seller Meet First Time Buyer

My clients were first buyers when they bought this home at 15 Tyler Drive in Sandwich, 20 years ago. They raised a family here and then it was time to move on to the next chapter in their lives. We listed the home for $299,900, at the first open house we received a full price offer….. from first time buyers. The buyers are very reminiscent of where the sellers were 20 years prior. The home transferred April 29, 2019. Best wishes to all involved.

BIZ SUITE SALE: Long term hold sells.

Congratulations to a long term client of mine J & T Realty Trust. I’ve have the pleasure of placing two tenants over the years and one successful buyer to 101 Route 6A, 3#, Sandwich, MA 02563. Current tenant, Anthony Rando of Cape Cod Gold & Silver moved his business to the in July 2018. His pre-owned diamonds and custom diamond jewelry business is taking off. All men thinking about popping the question should visit with Anthony. He did a beautiful build out in the unit that will serve he and his customers for years to come. The buyer is a local investor.

SUCCESS: Donahue leads first time buyers down Path to success.

Many Realtors will tell you helping first time buyers acquire a home is one of the most satisfying transactions of them all. In late 2018, I had the privilege of representing friends in the purchase of their first home on Monuments Pond Path in Poppy Estates, South Plymouth. I first met them years ago, I rented them an apartment in Sandwich. She a school teacher and he a contractor, they saved, planned and scouted for the perfect home to start their family. After kicking the tires on numerous homes, we secured this handsome, recent construction colonial for the expecting couple. The lot is private, conservation behind, the neighborhood is very family oriented, the home is close to the school where she teaches and he has family in the nearby. It was a wonderful experience for all. Best of luck LaFonataine’s.

If you are a first time home buyer call me to discuss your home preferences. 774-269-0775

SOLD: Commercial zoned ranch at an intersection in West Wareham

Nearly and acre of land with commercial zoning sold in January of 2018. Great location opposite the Fourth District Courthouse and one lot removed from the intersection of Route 28 / Route 58 and County Road. Greg Donahue represented the Seller.

SCREW IT: Lets just go solar

Toby Road owner makes a move. What makes a property owner say “screw it” lets go solar versus erecting industrial buildings for tenants? Here are few things; the expensive permitting torture chamber towns put developers through, regulation, risk, thinner ROI’s, limited tenant demand.

Incentives to build community solar farms are presently very attractive; financing available, partnerships with utilities near and far, lock in ROI’s for years / decades, quicker cashflow, very attractive depreciate schedules….. and you still own the land.

One area landowner pulled plans from the permitting process for two large industrial buildings. I hear fingers tapping a calculator somewhere.