Skaket Corners Sold To New Owner

By: Ryan Bray

Topics: Real estate , Zoning/land use , Orleans news

Skaket Corners is under new ownership. RYAN BRAY PHOTO

ORLEANS – Skaket Corners is under new ownership.

The shopping plaza at 9 West Rd., which houses a Shaws supermarket, a CVS, a liquor store and the vacant former Hearth n' Kettle building among other businesses, was sold in June to Skaket Corners Orleans LLC for $33.1 million.

Town Assessor Brad Hinote said in an email last week that the property is assessed at just under $17 million.

"We were quite surprised to see that sale, it came completely out of nowhere," he said. "There was no listing for it and no indication whatsoever that the property was up for sale. That $33 million price tag is a real eye-opener."

The plaza was sold by TRT Orleans LLC, which first bought the property in 2007 for $31.3 million, according to town assessing records.
Hinote said Skaket Corners Orleans LLC is managed by members of the board of directors of Quincy Mutual Fire Insurance Company, who bought the property on behalf of the Needham-based real estate investment firm Quincy and Company.

Richard Quincy, Jr., of Quincy and Company said in an email that the purchase was part of an "overall investment strategy to acquire real estate in quality municipalities such as Orleans." He said there are no changes planned for the existing tenants, but that the new owners hope to fill vacancies in the plaza. He declined to go into further specifics.

"We are excited about this acquisition in a great town like Orleans and look forward to holding on to it for a long period of time," he said.

Michael Patterson, who owns the Liquor N' More next door to Shaws, said that he has spoken to one of the principals of the new ownership group.

"We are hopeful they will be a great landlord," he said.

There had been talk of Starbucks taking the space vacated by Hearth n' Kettle, which closed its doors in 2016. But George Meservey, the town's director of planning and community development, told the select board last month that those plans have been scuttled. He said an engineering firm had contacted him with interest in opening a bank at the location, but that nothing has been filed with the town as of yet.

Email Ryan Bray at ryan@capecodchronicle.com