IPSWICH — The former O’Keefe Chevy dealership on Route 1A, which has been shuttered for years, was purchased last week by a well-known local businessman.
A “sold” sign placed on the property last week has stirred up curiosity of many residents and town officials about who bought the property and what type of development might be planned at the prominent commercial location. The answer: It’s still unknown.
The property was sold for nearly $2.3 million at the end of last week to Ipswich Junction LLC, which is owned by Gary Kaneb of Manchester-by-the-Sea. His family owns and runs the Lynnfield-based dairy giant HP Hood, which has annual sales of about $2 billion, according to the company website. Kaneb serves as the chief financial officer.
The purchase of the Ipswich property has nothing to do with the Hood company, he said.
“I have no specific plan for it,” Kaneb said. “It is a commercial property that will hopefully be developed in the future.”
Living about 10 miles away, he said he often drives or runs by the old dealership and saw potential for what he called a highly visible site.
The property was previously leased to Mike O’Keefe, who abruptly closed his dealership in October 2008. The property which is about 3.7 acres, according to assessors records, has been vacant ever since.
Shortly after the dealership closed, there were plans to build a Hannaford Supermarket and a bank at the site and the adjoining Whittier Motel property, but the plans fell apart when the grocery chain backed out, according to Dennis Cargill, owner of Normandy Real Estate in town. He helped broker the deal to sell the property.
“We had a number of offers from people who wanted to develop the site, but they didn’t have an end user,” he said. “The retail market for box stores or grocery stores on secondary roads is not there.”