X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MARION, MA-As more and more cranberry growers in this area realize they need to sell off some of their land for their financial survival, the standard route–despite a state law that provides land trusts with first rights of refusal–has been to sell to developers. But in this town, a new path is being forged as two cranberry growers with land here have chosen to sell to the town and to a trust, with restrictions remaining on the rest of the property.

The Eagle Holt Co. and Tweedy & Barnes Co. are selling nearly 100 acres of land here to the town of Marion. The locally based Sippican Lands Trust will buy another 10-acre river lot while the Trust and the state will hold conservation restrictions on the remaining 160 acres. These restrictions will prevent development on the property, but will allow cranberry operations.

Mark Rasmussen, executive director of the Coalition for Buzzards Bay, did not return calls by presstime but he is quoted as saying that this deal demonstrates that cranberry growers do not have to sell to developers or to develop the land to make a profitable deal. The Coalition helped arrange the deal. Unconfirmed reports place the value of the deal at $1.6 million.

A state law–Chapter 61A– provides owners of agricultural land with a tax break to encourage farming. But when those owners want the land to revert to another use, they must give the municipality–or whomever it appoints, such a land trust–the right of first refusal on that property. The problem for land trusts has been that the offer made must be met within a specific time frame. Most towns or land trusts don’t have the time to come up with the money for the deal in time. In this case, the Trust contacted the cranberry growers first and, with the Coalition, hammered out the deal that was favorable to both parties.

Recently in Wareham, the town had to pass on exercising its right of first refusal to purchase two parcels of cranberry land under Chapter 61A. The town did not have the funds available at that time.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.