The building that houses Phillips Hardware has sold. Owners Susan Phillips and Donna Leon sold their building to an LLC belonging to Bob and Donna Pacheco, who owns Reliable Market.
Phillips said the deal will allow her and her sister to run the hardware store for another three years. Phillips said she’s glad the building is going to people who “care about Oak Bluffs” and expects the purchase will result in good things for the town. Phillips declined to disclose the purchase price, describing it as not particularly relevant.
As The Times previously reported, the building had an asking price of $2.9 million. Registry records show the building sold on June 15 for $2.3 million to 30 Circuit LLC.
Phillips said she and her sister are in their 60s and the end of the three-year term will coincide with retirement age. She said will be ready to retire. Phillips said the Pachecos haven’t declared what they’ll do with the building. Asked if she was excited by the sale, Phillips said,
“Yeah, I am.”
Bob Pacheco said no decisions about the future of the property have been made, except that the hardware store will remain open for the next three years.
“It was an unexpected opportunity,” Pacheco said. “The [sisters} will stay for three years at least. That gives us plenty of time to figure it out.”
During the purchase process Phillips and Leon expressed their interest in staying in business under a lease agreement.
“We reached a mutual agreement. It’s beneficial for everyone, including the town,” Pacheco said. “It’s business as usual for them and us for a period of time.”
Leon and Phillips have prior Martha’s Vineyard Commission approval to demolish the building and build up to eight top-of-the-shop rental units.
Pacheco said it’s too soon to say if he’ll follow through on those plans.
“We’ll figure that out in the off-season. We’re a week away from the Fourth of July,” Pacheco said, a bustling supermarket clearly audible during the phone call.