[PORTLAND, MAINE, December 21, 2021] Malone Commercial Brokers is pleased to announce the sale of one of South Portland’s most recognizable retail centers: Mallside Plaza, a 118,422 SF, 2.9 AC retail center at 198 Maine Mall Rd, situated just off I-295 and the Maine Turnpike. Mark Malone, CCIM, Principal/VP/Broker at Malone Commercial Brokers, represented the owner (NECG Mallside BH, LLC) and Scott Schubert of Anagnost Realty and Development represented the buyers.
Mallside Plaza | 198 Maine Mall Rd | Portland, ME
The buyer, Wood Hill Realty Associates, LLC, acquired this 96.5% occupied property. Located in the heart of the Maine Mall shopping district, Mallside Plaza is anchored by national tenants DSW, Planet Fitness, Dollar Tree, Guitar Center, Five Below, Five Guys, and Jackson Hewitt Tax Service, in addition to local tenant, Theory Wellness of Maine. NECG Mallside BH, LLC has owned the project since 2017.
The property was listed for $21 million and sold for $20 million, as the new owner plans to invest in property improvements, including a parking lot renovation. In addition to the main retail building, the center has an outparcel occupied by Five Guys with another outparcel possibility of 2K-5K SF. There is currently one vacant space for lease, totaling 4,200 SF.
According to Mark Malone, “A diverse and established tenant roster, combined with a central location and continued possibility for growth, make this shopping center both a desirable commercial real estate investment as well as a great shopping destination for the community and region.”
For additional information, contact Molly McGuire, Designated Broker|Operations Manager at molly@malonecb.com