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Local News

August 16, 2012

Store to pay $205K for liquor license

Peabody: Trader Joe's agreement marks highest price ever paid in city

Trader Joe’s on Route 114 has agreed to pay $205,000, the highest price ever in Peabody, for the package store liquor license now controlled by Martino’s Liquors and NY Deli on Route 1.

That figure surpasses the previous high in Peabody of $135,000 paid in 2007 for the all-alcoholic license of Collins Cafe to The Cheesecake Factory, which was then preparing to open at the Northshore Mall. The payment, minus legal fees, goes to the owner of the business selling the license.

Even better for Martino’s, they were given their license free of charge, according to Licensing Board secretary Julie Rydzewski, when the city found itself with an additional license due to the increase in population.

The board will be asked to approve the transfer to Trader Joe’s at a meeting date tentatively set for Aug. 27.

Trader Joe’s is in the market for a license, Rydzewski said, only because the state recently upped the number of licenses a given business could own from three to five.

“There has to be a public hearing,” member Chuck Holden said. Up to now, he added, “This is completely a private sale.” For the establishment that owns the license, it becomes an asset of the business.

Martino’s owner Frank Martino could not comment. His establishment recently earned a warning after getting caught up in a police sting that saw an employee selling liquor to a minor.

Holden described Martino’s as a “high-end deli.” It provides tables for those who want to eat, and liquor can be purchased in the business but cannot be consumed there.

“It is astounding,” commented Salem Licensing Board member John Casey. “That’s an unheard-of amount of money. It’s about seven times the amount of a beer and wine license that recently transferred in Salem.”

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