03-26-2008, 08:21 PM
As I was looking at online info on Tom Hambrdge today, I read a bio of Susan Tedeschi (as these 2 musicians go way back) and found out not only is she from MA but her grandfather and his father owned many convenient stores and supermarkets in MA (plus 1 in CT and 1 in RI) including the Lil' Peach chain! Here is an article I found....
Liz, being in real estate and on the Cape, i thought you'd enjoy this piece!
(from The Patriot Ledger) ARCHIVES
Tedeschi real estate is sold
By JON CHESTO
The Patriot Ledger
ROCKLAND - Tedeschi Realty Corp. has wrapped up the sale of the bulk of its commercial real estate to a Denver company in one of the biggest real estate transactions in Southeastern Massachusetts.
Rockland-based Tedeschi Realty said it completed the sale of 22 properties on Wednesday, and will transfer three other properties in the next few weeks. Tedeschi Realty is selling the entire 1.9 million-square-foot portfolio to Dividend Capital Total Realty Trust for $377 million.
Dividend Capital initially reported in June that it would spend $392 million for the entire 26-property portfolio that Tedeschi Realty had put on the market. But the price has since been reduced because Tedeschi Realty decided to keep one of the properties - the nearly 90,000-square-foot Middleboro Square plaza anchored by a Stop & Shop off Route 28 in Middleboro.
The deal with Dividend Capital includes 23 retail properties in Southeastern Massachusetts, one in Cranston, R.I., and one in Meriden, Conn.
The Tedeschi Food Shops convenience store chains - which include the Li’l Peach, Store 24 and Tedeschi shops - are not part of the transaction. Members of the Tedeschi family own Tedeschi Realty and Tedeschi Food Shops, but both companies are run independently.
Terry Tedeschi, the president of Tedeschi Realty, said his company will hold on to about 250,000 square feet of commercial space in Massachusetts after the sale to Dividend Capital.
Tedeschi declined to say how many jobs would be affected by the sale. But he said most Tedeschi Realty employees have found new jobs since they were first told in January that the holdings would be put on the market. One executive started a new company to pursue Tedeschi Realty’s construction projects, Tedeschi said. Several others either joined Tedeschi Food Shops or the local property management company that Dividend Trust has hired to manage the former Tedeschi Realty portfolio, he said.
The majority of the properties that were sold are either on the South Shore or Cape Cod and are anchored by a supermarket. Many of the supermarkets are successors to the supermarkets that had once been operated by the Tedeschi family. The family exited the ‘‘large store’’ supermarket business in 1986 when it sold the former Angelo’s Supermarkets.
The Boston office of Jones Lang LaSalle represented Tedeschi Realty in the transaction and marketed the holdings. The properties ranged in size from the 197,000-square-foot Cranberry Plaza on Route 28 in Wareham to an 11,000-square-foot Brooks drugstore on Market Street in Rockland.
Jon Chesto may be reached at jchesto@ledger.com .
Copyright 2007 The Patriot Ledger
Transmitted Thursday, August 02, 2007
Liz, being in real estate and on the Cape, i thought you'd enjoy this piece!
(from The Patriot Ledger) ARCHIVES
Tedeschi real estate is sold
By JON CHESTO
The Patriot Ledger
ROCKLAND - Tedeschi Realty Corp. has wrapped up the sale of the bulk of its commercial real estate to a Denver company in one of the biggest real estate transactions in Southeastern Massachusetts.
Rockland-based Tedeschi Realty said it completed the sale of 22 properties on Wednesday, and will transfer three other properties in the next few weeks. Tedeschi Realty is selling the entire 1.9 million-square-foot portfolio to Dividend Capital Total Realty Trust for $377 million.
Dividend Capital initially reported in June that it would spend $392 million for the entire 26-property portfolio that Tedeschi Realty had put on the market. But the price has since been reduced because Tedeschi Realty decided to keep one of the properties - the nearly 90,000-square-foot Middleboro Square plaza anchored by a Stop & Shop off Route 28 in Middleboro.
The deal with Dividend Capital includes 23 retail properties in Southeastern Massachusetts, one in Cranston, R.I., and one in Meriden, Conn.
The Tedeschi Food Shops convenience store chains - which include the Li’l Peach, Store 24 and Tedeschi shops - are not part of the transaction. Members of the Tedeschi family own Tedeschi Realty and Tedeschi Food Shops, but both companies are run independently.
Terry Tedeschi, the president of Tedeschi Realty, said his company will hold on to about 250,000 square feet of commercial space in Massachusetts after the sale to Dividend Capital.
Tedeschi declined to say how many jobs would be affected by the sale. But he said most Tedeschi Realty employees have found new jobs since they were first told in January that the holdings would be put on the market. One executive started a new company to pursue Tedeschi Realty’s construction projects, Tedeschi said. Several others either joined Tedeschi Food Shops or the local property management company that Dividend Trust has hired to manage the former Tedeschi Realty portfolio, he said.
The majority of the properties that were sold are either on the South Shore or Cape Cod and are anchored by a supermarket. Many of the supermarkets are successors to the supermarkets that had once been operated by the Tedeschi family. The family exited the ‘‘large store’’ supermarket business in 1986 when it sold the former Angelo’s Supermarkets.
The Boston office of Jones Lang LaSalle represented Tedeschi Realty in the transaction and marketed the holdings. The properties ranged in size from the 197,000-square-foot Cranberry Plaza on Route 28 in Wareham to an 11,000-square-foot Brooks drugstore on Market Street in Rockland.
Jon Chesto may be reached at jchesto@ledger.com .
Copyright 2007 The Patriot Ledger
Transmitted Thursday, August 02, 2007
geezz did I spell pernounced right?????????
Anyway a 5 and 7 year olds have her on the brain.