Winthrop properties said to be offered for $85 million
Stephen Karp, owner of Nantucket Island Resorts hotels and president of New England Development Corporation, may soon become the largest holder of local commercial properties if he goes through with a deal to buy numerous properties owned by Sherburne Associates Realty Trust, amounting to better than 70 percent of the Winthrop Financial Associates’ portfolio.
Though Karp said on Thursday that he is in the confidentiality period of the process and could not officially confirm or deny his position in the pending transaction, he did acknowledge that two weeks ago a group of his engineers, consultants and attorneys were on Nantucket to perform due diligence on Winthrop’s properties, a procedure that investigates whether there are any structural or title issues involved with properties for sale.
Read the Article at the Nantucket Independent
