News

Boston, MA, August 26, 2008

Intercontinental Acquires Marine Lumber Company in Nantucket, MA

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of  the Marine Lumber Company in Nantucket, MA. The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”).
Marine Lumber, established in 1944 as a lumberyard, is a market leading building materials supplier and retailer while also offering a host of additional products including appliances, bed and bath supplies, home decorating supplies, flowers and plants, furniture, and clothing. The company also operates two Massachusetts hardware stores located in Sandwich and South Yarmouth, and a warehouse in Hyannis, MA to service the operation. This multi-product platform offers unparalleled convenience for local contractor and retail consumers alike.  Intercontinental also acquired 52 commercial vehicles which are used for distribution of goods.  In addition to the operations of Marine Lumber, Intercontinental also acquired twenty-two residential properties and all of the underlying real estate which includes approximately 4 acres on the Nantucket Harbor waterfront.
Peter Palandjian, Chairman and Chief Executive Officer at Intercontinental stated, “The acquisition of Marine Lumber provides us with the opportunity to acquire a mature, market leading building materials and retail center in one of the premier destinations on the east coast. The underlying real estate included in the acquisition is protected by highest-barrier zoning rendering it irreplaceable.  The company has established a strong cash flow position demonstrated by consistent sales growth both through organic stimulus and the addition of business lines.  Marine Lumber boasts an exceptional management team with vast experience and a deep devotion to the company.  We are thrilled to join their team.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.