August 8, 2008

Palandjian picks up Nantucket lumber business

Boston Herald

By Scott Van Voorhis 

Hub developer Peter Palandjian and his Intercontinental Real Estate Corp. are making a big bet on Nantucket. On the Nantucket hardware and lumber market, that is.

Intercontinental has bought Marine Lumber Co., which sits on four acres of prime waterfront property along Nantucket Harbor.
Despite the development potential of the land, the intent of the deal was to acquire Nantucket’s only hardware, lumber, garden-supply and paint center, according to Palandjian. A sizeable business, it has a payroll of 135 and a dominant position on the exclusive resort island.

Through the acquisition, Intercontinental also takes title to a pair of hardware stores on Cape Cod - in Sandwich and South Yarmouth - as well as a warehouse in Hyannis. Financial terms were not disclosed.

Palandjian is hardly the only Boston-area real estate developer to take an interest in Nantucket. Steve Karp, the Newton-based developer who made a fortune building upscale malls, owns an extensive portfolio of commercial properties on the island.
“It’s a great investment, especially in this real estate market,” Palandjian said. “Finding deals this attractive are hard to come by.”