After Madison Realty Capital embarked on a nearly three-year revitalization project, 100 Independence Drive in Hyannis was recently sold for just under $7 million to a family trust. The property’s transformation and resulting sale are part of a bigger story of the state of commercial real estate on Cape Cod, especially in Hyannis.
The 46,000 square foot building was built in the 1970s ago and operated as Plant #3 of Packaging Industries up until the early 2000s. After changing hands a few times, the building was foreclosed and sat empty for more than five years. It eventually was acquired by Madison Realty Capital of New York City, who walked away from a $3 million deal a week before closing.
Over the past three years, with the help of Centerville's The Realty Advisory, Inc., the firm revitalized the building has leased out all but one unit. The property was recently sold for just under $7 million, a remarkable increase from the $3 million offer just three years ago.