Marine Lumber sold to real estate investment firm
Marine Lumber, a three-unit chain of hardware stores and home centers headquartered in Nantucket, Mass., has been purchased by Intercontinental Real Estate Corp., according to GlobeSt.com. The Boston-based firm, an SEC-registered investment advisor and real estate operating company, did not disclose the purchase price, but GlobeSt.com, citing an unnamed source, reported it as “roughly $42.5 million.”
Founded in 1944, Maine Lumber operates two Ace hardware stores in Sandwich and South Yarmouth, Mass.; a warehouse in Hyannis, Mass.; and a lumberyard, appliance store, nursery and design center in Nantucket, an island 30 miles off the coast of Cape Cod. Revenues in 2007 were $54 million, according to the Home Channel News Top 500 Scoreboard.
Intercontinental manages a portfolio of more than $1.8 billion worth of property assets, with a focus on real estate investment, development, construction management and asset management.