Who’s who in commercial real estate
Companies selling and leasing commercial real estate here are as diverse as the Cape itself. Their business models vary like night and day. Some are longtime family-run businesses specializing in one region of the Cape. Another has trained commercial agents in each of its Capewide residential real estate offices. Yet another operates multiple offices on-Cape and off-Cape, staffed with people who had extensive business careers outside of real estate. Following is a sampling of several key companies. Each is successful in its own way.
SeaWatch Realty Inc. based in Falmouth is a 12-year-old, commercial-only real estate and business brokerage operating throughout southeastern Massachusetts. It has offices in South Easton, Marion, Falmouth and Hyannis. Its seven brokers combine diverse business backgrounds with their real estate sales experience. Its brokers’ previous careers include retail development; mortgage lending, development and finance; environmental site assessment and evaluation; architecture and development; civil engineering and office development; national marketing and executive management; attorney; computer scientist; and COO of a high-tech company.
President and Principal Broker Ben Edgar was a geophysical engineer and project manager for an environmental consulting company before joining Sea Watch in 1998, becoming president in 2002 and owner in 2004. He takes a team approach, rather than a “Lone Ranger” broker style. The whole staff works together with its combined professional experience to maximize returns in selling and leasing commercial properties.
In addition to print advertising, Sea Watch uses the Internet, direct mail and e-mail to market properties to a database of more than 5,000 business contacts.
KinlinGrover GMAC Commercial based in Orleans is the commercial real estate division of Kinlin Grover GMAC, the Cape’s largest residential real estate firm. Known as Cape Cod Business Locators, the division has 14 commercial brokers situated throughout its 11 real estate offices from Sandwich to Wellfleet.
Division manager Nat Santoro, who has lived on Cape Cod for eight years, carries the highly specialized Certified Commercial Investment Member designation. That includes having taken courses in financial analysis, market analysis, user decision analysis and investment analysis for commercial investment real estate.
He trains his commercial brokers to take an in-depth consultation approach to analyzing the property owners’ life situation, retirement plans, capital gains tax liability, highest and best use of the site, as well as ways to improve the property’s marketability. Then, they search for people who could use the property in the best way. Santoro tries to structure a win-win for buyers and seller by first knowing all the details.
Bayside RE/MAX Commercial, located in a lighthouse at Red Brook Harbor in the Cataumet section of Bourne, is owned by John and Kathryn Harding. He operates the commercial brokerage with Chris Bailey, while Kathryn runs the residential side of Harding Realty Corp.
John Harding handles properties primarily in the Upper Cape towns of Bourne, Falmouth and Sandwich. His approach is to involve himself in community volunteer work. He is president of the Bourne Financial Development Corporation working to implement local economic development projects. He is currently assisting with a study of revitalizing Buzzards Bay village.
Carey Commercial sells commercial and investment properties and businesses throughout the Cape from one office in Hyannis. Founded by Chuck Carey, the operation now includes the second generation, Cecelia Carey. He describes it as a family run company with quality results since 1983.
He says, “The client’s business is always more important than ours. Our brokers are all seasoned veterans and have not recently been converted from selling automobiles or residential property. We prefer the reality of candor to the usual illusions present in the business. We are often the second broker, meaning we are frequently invited in to find the true heading.”
Commercial Realty Advisors spans the region with principal offices in Centerville and in Boston, as well as an affiliated commercial brokerage in West Palm Beach, Florida. John E. Ciluzzi, principal of Commercial Realty Advisors Inc., boasts a cadre of well-educated and successful business and professional experts. Transactions include manufacturing, beverage distribution, energy (gas and oil companies), hospitality (lodging and restaurants), wireless facilities, retailing, mortgage, finance, commercial, investment, industrial real estate portfolio management and other businesses.
Ciluzzi said, “Demand by national and regional companies is strong for Cape Cod. Cape Cod is recognized as a national brand and companies have a requirement to be here.”
“Our energy transactions have been substantially up as we have successfully sold four oil companies and three gas stations in the last four quarters,” he added.
Commercial Real Estate Company is located at 169 Main St. in Yarmouthport, and owner Ross Joly said, “Basically we’re local talents who live on the Cape, work on the Cape and are sensitive to what comes on to the Cape in terms of businesses. It’s interesting to note that we deal with lot of local people who are already here on the Cape.” The IFAW property, a green, non-polluting office building now under construction on Willow Street, was one of several recent sales.
Marketing begins with detailed research on county and town zoning requirements, aquifers, outside storage and potential uses. “The litany of rules and regulations goes on and on,” he noted. Then comes financial calculations such as return on investment. “Commercial real estate is an entirely different animal from residential,” Joly added. His six brokers bring lengthy business and real estate experience to the firm.
A lifelong Cape Cod resident, Joly also divides his time as a principal in the seven-office Coldwell Banker Joly, McAbee, Weinert residential real estate company with offices located throughout the Cape.
Originally published in the Jan/Feb 2007 issue of Cape Business.
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