Big Y Buys Diesel Dan Property for $4.25M
LEE, Mass. — Springfield-based supermarket chain Big Y Foods, Inc., has paid $4.25 million for 9.8 acres of property on which it intends to build a new store.
The site, situated between Exit 2 of the Massachusetts Turnpike and the Lee Prime Outlets, was originally home to Diesel Dan’s Travel Complex.
Colebrook Realty Services, Inc. brokered the sale of the property and its improvements. Colebrook Principals B. John Dill and Mitch Bolotin represented the seller, NortherEdge/Plant One Realty Trust. According to documents filed in the Registration of Deeds, the closing date was Sept 20.
Big Y plans to develop a 48,000 square-foot supermarket on the site, with 5,000 square feet of additional retail space. The Zoning Board of Appeals voted unanimously on Sept. 1 in favor of the construction, which is scheduled to begin by the end of the year.
“We are excited to be one step closer to building a Big Y World Class Market in Lee as we continue to move forward with our plans to open this market to better affect customer service strategy for South County,” said Charles L. D'Amour, President and COO of Big Y Foods, Inc., in a statement released by Colebrook today, Oct. 7.
The sale of the property is part of a broader portfolio restructuring on the part of F.L. Roberts & Company, Inc.
According to Steven M. Roberts, President of F.L. Roberts & Company, Inc., “Along came our repurchase opportunity for some of our formerly owned Sunoco station and Colebrook Realty was instrumental in providing a key element to our asset shuffling strategy: a timely Purchase and Sale Agreement with Big Y. Mitch and Jack did an excellent job in a difficult real estate market.”
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Real Estate Panel to Tour S. County, Pittsfield Sites
MassDevelopment is shuttling a bevy of real estate professionals out to the hinterlands on Tuesday to size up opportunities in Lee, Lenox and Pittsfield.
The Berkshire Economic Development Corp. will host Walter Upton, director of construction at the Boston Museum of Fine Arts; Fred Kramer, president of Boston design firm Add Inc.; Maury Wolfe, a partner in the Boston architectural firm of DiMarinisi and Wolfe; and Eden Milroy, president of development and property management firm Pilot Development, along with some 25 real estate professionals and local officials.
The group will get a bus tour of Lee and Lenox before heading to the William Stanley Business Park in Pittsfield sometime after 11 a.m. Then they'll look at the former KB Toys building on West Street before having lunch at the Colonial Theatre. The whirlwind tour wraps up at 1 when the bus departs back for Boston.
The BEDC is hoping to spark interest in some of the vacant business properties in the area, particularly the stalled Pittsfield business park whose sole tenant at the moment is a field of solar panels.
The good news is that the response for the Berkshire trip was high, we're told. The panel is also expected to offer advice and insight on how best to reuse and market some of the properties.
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Jiminy Peak Group Buys NH Resort
HANCOCK, Mass. — Jiminy Peak's owners are extending their lofty Berkshire Hills holdings into the White Mountains with the purchase of Cranmore Mountain Resort.
In a statement on Wednesday, Jiminy principals Brian Fairbank, Joseph O'Donnell and Tyler Fairbank, said they purchased the assets of the 72-year-old North Conway, N.H., resort from California resort group Booth Creek Resorts.
The deal includes the assumption of debt, for a total price tag of $8.8 million and an expansion loan from CNL Lifestyle Properties for $7 million.
"Cranmore is a popular family ski area, with a great history and has tremendous potential for the near future," said Brian Fairbank, chief executive officer of Jiminy Peak Ski Resort, in the statement. "With our team's experience in the resort industry, the investment and support from CNL Lifestyle Properties, and the continued leadership of Cranmore General Manager Ben Wilcox and his outstanding management team, Cranmore will be able to fulfill its unrealized potential."
Jiminy Peak entered a partnership with CNL last year, in which the real estate investment group bought the mountain for $27 million and leased it back to the Jiminy group for 40 years.
Jiminy Peak, Booth Creek and CNL Lifestyle Properties have been in discussions for a year regarding the potential sale and amenity expansion. The three companies all have experience working with one another at resorts in New England and across the country.
The Fairbanks and O'Donnell purchased the assets and will make major upgrades and improvements at Cranmore with CNL, which also has a relationship with Booth Creek, providing capital for the acquisition and planned improvements.
Booth Creek will continue to operate the Northstar-at-Tahoe and Sierra-at-Tahoe Resorts located in Lake Tahoe, Calif., under long-term lease arrangements with CNL Lifestyle. Booth Creek retains its ownership and management of Waterville Valley Ski area in New Hampshire as well.
"Our team is pleased to make this investment," said Byron Carlock, president and CEO of CNL Lifestyle Properties. "Brian, Joseph and Tyler are talented resort managers, and we believe that with their experience and vision and our capital, Cranmore will be able to become a better resort, a more vibrant business and continue to provide great experiences for New England skiers."
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