Commercial Property Sales Overview
SALES VOLUME REVERTS TO PRE-PANDEMIC LEVEL
After an unprecedented year in 2021 where there were 39 transactions totaling $216 million, commercial transaction activity reverted to more typical figures. For reference, prior to 2021, this segment of the island market typically saw anywhere from 13-20 transactions per year with an average total dollar volume of $27 million. In 2022, there were 14 transactions totaling $30 million.
The highest sale of the year was the Town’s purchase of 10 & 12 Washington Street, the NRTA transfer center, from ReMain Nantucket who originally purchased the property in 2008. Incidentally, the next highest transaction was ReMain’s purchase of 5 Amelia Drive, formerly Keepers Restaurant, which will reportedly be a shared space for local food producers. On the food-related front, 1 Sparks Avenue, previously Lola Burger, also traded hands for $2.7 million. Finally, the lowest commercial sale was a condo unit at 12 Main Street for $775,000.
As of December 31, 2022, eight commercial properties were listed for sale, compared to the five listed one year ago. For reference, the most recent “high” for commercial inventory was the 18 properties listed in 2018. Much like available residential or vacant land properties, it’s become slim pickings on the inventory front. As of year’s end, the highest priced commercial listing remained the conglomeration of waterfront buildings at the end of Jefferson Avenue, last listed for $35.85 million.