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 NewEnglandBusiness.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.

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.

Quarterly figures reveal the deceleration in the number of sales was evenly spread out among each quarter. The quarterly data also shows in both in 2007 and 2008, first quarter activity once again fell below Quarter II sales volume. This is significant in that, except for 2006, at no time since 1997 has the number of sales in Quarter II been lower than the prior Quarter I total.

Excluding the Outer Cape sub region (Provincetown, Truro and Wellefleet) which achieved a small gain, the remaining three Cape Cod sub regions posted moderate decreases in the number of commercial property transactions. The greatest fall off, however, was in the Upper Cape sub region which experienced a sharp 49% decrease in year over year transaction volume, nearly double the countywide percentage decline.

The Mid Cape sub region once again posted the highest number of transactions (63) for the nine month period. According to the data, the Mid Cape sub region has held the top ranking in each consecutive three quarter period since 1997, until being closely edged out by the Upper Cape sub region in 2007 with 72 qualified sales.

Joseph P. Egan is a MA Certified General Real Estate Appraiser with over 25 years of professional valuation experience. Through a specialization in commercial real estate and closely-held businesses, since 1991 he has completed over 600 appraisal, brokerage and consulting assignments concerning all types of commercial real estate assets and going concerns located on Cape Cod, Nantucket, and Plymouth County, MA. Clients served generally include attorneys, banks, corporations, developers, investors, and owners of closely-held and family businesses. Prior to relocating to Cape Cod, Joe worked in the New York Metro Area and throughout CT with leading regional and national appraisal firms such as Cushman & Wakefield. Please contact Joe here.

The first major change permits new SBA loans to be made with an alternative base interest rate, the one month LIBOR rate, in addition to the prime rate, which was previously allowed. In recent months, both the prime and LIBOR rates have not yet returned to their historical relationship of roughly 300 basis points. The change seeks to correct the mismatch between the rates which are apparently squeezing SBA lenders out of the lending market, since their costs are based on the LIBOR rate.

The second change allows a new structure for assembling SBA loans into pools for sale in the secondary market. The enhanced flexibility in loan pool structures can help affect profitability and liquidity in the secondary market for SBA guaranteed loans. In turn, by using the average interest rate loan pools are easier to create, providing more investors with an incentive to bid on these loans.

“The challenge small businesses face today is not the cost of capital, it is access to capital,” said SBA’s Acting Administrator Sandy K. Baruah. “Interest rates are at historically low levels meaning money is inexpensive, yet lenders aren’t lending and borrowers aren’t borrowing. This indicates markets are frozen due to liquidity concerns. This interim final rule is an important step to re-energize the lenders to make SBA-backed loans and will help open the gateway of capital for entrepreneurs.”

To learn more about SBA’s guaranteed loan programs visit www.sba.gov.

OEST augments AMEC’s ability to provide mechanical, electrical and structural engineering and architecture services, which are strategic to the continued growth of AMEC’s business with the U.S. Federal government.  The acquisition also bolsters AMEC’s civil engineering design and sustainable design resources in the U.S. and provides additional Leadership in Energy and Environmental Design (LEED) skills.

Harvey Oest, President and founder of OEST, said: “By joining AMEC we will add value for our clients and our staff.  As part of a growing and dynamic global organization, clients will have access to a broader array of services and our staff will see new technical and professional opportunities open up across the nation and abroad.”

The acquired company will continue to operate as OEST Associates, Inc. for a short interim period, until the necessary business, architecture and engineering licensure conversions to AMEC are completed. 

AMEC provides consultancy, engineering and project management services to the energy, power and process industries. With annual revenues of over US$4 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC’s Natural Resources, Power and Process and Earth and Environmental businesses employ over 23,000 people in more than 30 countries globally.

The purchase includes all stock of the corporation from the Estate of Jean Daum, the copyrights and trade dress of the publication and all existing franchise agreements in force in 32 countries.  Manitoba, Inc. will continue operations in Winnipeg, Manitoba where Coffee News has been publishing for 20 years. Manitoba, Inc. reported 1142 franchises in force as of July 31, 2008 in 32 countries. 

Jean Daum founded Coffee News in 1988 after realizing restaurants were missing an opportunity to provide patrons with some entertaining reading while they waited for their food. Coffee News was launched and according to the company, it has become both the world’s largest restaurant publication and franchise publication with an estimated readership of over 8 million weekly readers.

Community based-businesses purchase exclusive advertisements in Coffee News targeting restaurant patrons as they dine.  Participating restaurants receive weekly quantities of the publication free of charge and Coffee News does not allow restaurants to advertise for competitive reasons.

The sale price of $4.5 million was announced in mid October 2008 with Reeves and Longfellow assuming immediate stewardship of the 300-member private club located in the heart Maine’s Mid-Coast.

“We could not imagine two more worthy or qualified people to take our work and to continue it,” said Jeff Harris, president of Bath, Maine-based Harris Golf, which purchased Boothbay CC in 1994.

When the firm purchased the property in 1994, Boothbay CC was a public, nine-hole course. Harris Golf subsequently renovated the Wayne Stiles nine, added a new one, took the club semi-private, developed 21 lots, and either courted or hosted prestigious tournaments such as the 2005 Maine Amateur. In 2007, the club went fully private and capped membership at 300.

The deal financing was arranged by the Savings Bank of Maine.

“We are proud — thrilled — to work with Harris Golf,” said Arthur Markos, president of Savings Bank of Maine. In the present unsettled economic climate, Markos says it is a sign of Savings Bank of Maine’s stability. “The Boothbay transaction underscores the wisdom of keeping business — at all levels — local.”

“Good deals always get done, and this is a good deal,” Harris added. “This shows that credit markets aren’t dry when cash flows are demonstrable. It also shows that golf in Maine remains a viable business. We continue to see opportunity here because our visions for new projects and the transformation of existing properties are always based on the realities of specific markets.”

Harris Golf Group, based in Bath, Maine, is one of New England’s premier course development, construction and management companies. It operates Freeport Country Club adjacent to world famous L.L. Bean; the award-winning Sunday River Golf Club in Newry, Maine; Penobscot Valley Country Club in Orono, Maine; and the new Old Marsh Golf Club in Wells, Maine.

Photograph by course photographer Larry Lambrecht

“We are thrilled to have Walsh Electric Supply in Rutland join the NESCO family and look forward to working with the associates to strengthen our presence in Vermont,” stated Gregory Wilson, President of NESCO. “Walsh has an excellent reputation for high-quality customer service, and we look forward to providing even greater levels of service through the resources of a larger organization, including a regional distribution center and the latest technology.”

Founded in 1953, Walsh Electric Supply is a family-owned and operated electrical distributor serving contractors and industrial and commercial accounts. The Rutland branch, in operation for 25 years. is a full-service branch with approximately 7,900 sq. ft., including 1,400 sq. ft. counter operation and 6,500 sq. ft. warehouse. Bill Mangan will continue as branch manager of the newly named Yankee Electric Supply branch in Rutland.

What can you tell us about the International Inn?

The 141 unit hotel actually had 175 units back in the 70’s and 80’s.  It was bought in 1985 by Arthur Rittel who re-constructed the building over and over combining rooms into suites and then even larger and more dramatic suites. Many of the rooms have huge flat screen TV’s, columned bathrooms, Victorian furniture and 15 inch crown moldings.

These rooms combined with the power marketing of the Cuddle and Bubble theme produced the highest grossing hotel in the Hyannis area for many years. At the time of the sale, however, other hotels in the area had taken market share. The decline was a sign of the complete obsolescence and failure of print media advertising which the operation relied upon. 

You have brokered the sales of numerous lodging properties on Cape Cod since the 1990’s. Why is this hotel sale significant?

The sale of the International Inn was a major event for Hyannis and Cape Cod. While the press makes comparisons to the Great Depression and predictions of a 1929 style crash, there are people who are still endeavoring to do business and carving out a path.

At $41,135 per key, the sale price ranks up there based on historical price levels. What are your thoughts on that?

The income at the time of the sale did not justify the price. But the owners are very experienced and the elements of success are clearly there. That is what the real story of this sale was,  the positive venture in a time when the press is playing Chicken Little.

The 3.17 acre property is exempt from the Cape Cod Commission which means that it is not obstructed from having a new building of up to four stories with a parking garage under.  There are only two small territories on the Cape which have been granted this immunity. So far it has led to the construction of several commercial / residential buildings and a new Hampton Inn.

So there are intrinsic options with the property itself but the reason for the purchase was to rejuvenate a uniquely themed operation which had lost it’s dominant position.

What are some of the additional transactions details?

The buyers own a Hampton Inn and a Super Eight in Stamford, CT as well as three hotels in India. There are several partners in the venture and they have stated that they consider the theme distinctive and plan to keep it.

The sale was financed by $3.0 Million from The Community Bank, arranged personally by Eric Bancroft along with $1.9 Million from Matt Collins through an SBA Lender, Granite State Development. The property was valued in 2004 at $10.4 Million.

The National Restaurant Association hailed the passage of this “side order” provision extending the current 15-year depreciation schedule for improvements made to restaurant buildings in 2008 and 2009, and for new restaurant construction in 2009. 

According to Dawn Sweeney, President and CEO of the National Restaurant Association. “A faster, more accurate depreciation schedule has a direct impact on a restaurant’s bottom line. By shortening the depreciation schedule to 15 years, Congress has given operators cash flow to reinvest in their businesses, allowing them to grow and add more restaurant jobs.”