Ryan Family Amusements will remain on Circuit avenue after the prominent building and neighboring property was sold to a pair of Oak Bluffs businessmen earlier this month.
Doug Abdelnour, Charles Hajjar and an LLC called Cottage City Realty Trust purchased the property addressed at 19 Circuit avenue for $4.7 million on Dec. 5, according to land records. The seller was Ryan Family Amusements.
The 0.16 acre parcel includes the two-story arcade building, as well as an attached building directly to its south that houses Rosie’s Frozen Yogurt shop and two retail businesses, Sea Bags and Slip 77.
The total building square footage is 6,970 square feet, according to land records.
Mr. Abdelnour said in a phone call that he and Mr. Hajjar teamed up to purchase the property partially because his wife owns and operates Slip 77. He said there would be no immediate change in tenancy for any of the businesses.
“We don’t have any plans other than to just keep it as is,” Mr. Abdelnour said. “We are renting back to Ryan Family Amusements, and they’re going to continue to run it as is. And all three tenants, as far as I know, are staying as well.”
Mr. Abdelnour said he has a 10-year lease with the arcade company, which started with a small bowling alley in Needham and has since expanded across the state, including game rooms on Cape Cod and Martha’s Vineyard. The Vineyard lease also has a 10-year renewal option, Mr. Abdelnour said.
“They more than likely will be there for that 20 years, would be my guess,” Mr. Abdelnour said.
In a statement, a spokesman for the company confirmed that the location would remain an arcade after the real estate sale.
“Ryan’s is selling the building that we occupy on Oak Bluffs, but not the business,” the statement said. “We’ve signed a long-term lease so customers can be assured that we are not going anywhere. Our game room will operate on the Island for years to come!”
Mr. Abdelnour did not know why the arcade sign had recently been removed, although he said that the building had received a new paint job.
Ryan Family Amusements bought the property from the Abdelnour family in 2016 for $3.5 million, according to land records. The property had previously been in the Abdelnour family since 1986.
