Marine Home Center sells for over $27 million

By Jason Graziadei
I&M Senior Writer

In one of the largest real estate deals in island history, Marine Home Center and its other holdings were sold for more than $27 million last week to a Boston-based real estate investment company.

The buyer, Intercontinental Real Estate, acquired the island’s largest building-supply, housewares and home-furnishings business from Marine Lumber, Inc., a trust controlled by island resident Denis Gazaille. The deal also netted Intercontinental two hardware stores in Sandwich and South Yarmouth, a warehouse in Hyannis, 22 residential units in Bayberry Commons, 52 commercial vehicles, four airplanes and the lease of a hanger at the Barnstable Memorial Airport.

The four-acre Marine Home Center property on Nantucket, which straddles Orange Street about a quarter-mile from the Milestone Rotary, was last assessed at $19.9 million.

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