Joe Malone, CCIM, SIOR and Jennifer Small represented the buyer in the sale of the Boyd Block (178-188 Middle Street) and 4 Canal Plaza in Portland’s Old Port District. The three connected buildings are 68,000+ SF of retail and office space. Read more about this $11.7M transaction here in the January 25th Real Estate Insider article by Laurie Schreiber.
Southern Maine Retail Forecast at MEREDA
Our own Peter Harrington will be presenting the Southern Maine Retail Forecast at the Maine Real Estate & Development Association’s (MEREDA) Annual Forecast Conference. On January 21, 2021 real estate leaders and economists will unveil economic projections for the industry and for the state. If you’re in the construction, architectural, banking or legal community, check out the agenda.
Predictable Revenue from National Tenant for 1031 Exchange
John Doyon, CCIM of Malone Commercial Brokers represented the buyer in the purchase of this former Rite Aid, now a Walgreens, in Gray, Maine. Horvath & Trembly (Lynnfield, Mass.) represented the seller. The purchase price was $6.6 million. Read more in Laurie Schreiber’s article in Mainebiz.
Built in 2008, the property comprises a 14,673-square-foot retail store with a drive-through on 2.83 acres. It’s located just off Exit 63 on I-95 at the junction of Route 202 in Gray.
High Demand for Flex Units
The new Mill Brook Business Center in Saco offers industrial flex condominium units across three buildings on a 3.7-acre site within the larger 70-acre Mill Brook Business Park. The units have been marketed by Mike Anderson of Malone Commercial Brokers. Unit sizes range from 1,520 to 3,477 SF, with 17-ft ceilings. Each comes with a bathroom, office, drive-in garage and a basic finish. Read more about Mill Brook Business Center in Laurie Schreiber’s column in Mainebiz.
New Tenants Are Signing Leases
"Activity has been higher than expected or anticipated," Peter Harrington tells WGME CBS13 News' Blair Best. See the entire segment at: https://wgme.com/news/local/some-mainers-see-pandemic-as-opportunity-to-start-new-business
Self-Storage Properties Sales Stay Strong in Maine
Mike Anderson and Brandon Mitchell of Malone Commercial Brokers brokered self-storage property sales in Naples and Arundel. A 122-unit self storage property in Naples sold to an out-of-state investor, Brandon represented the seller. A 99-unit in Arundel sold to a local investor, Mike and Brandon represented the seller. Read more for further details on these and other self-storage sales in Maine
Bay House Commercial Condo Sales
Bay House, a residential/commercial building at 15 Middle Street in Portland’s eastern end saw fist floor commercial condo units purchased by buyers intending to occupy those units. Both units are under 1,000 SF. “With interest rates low, a lot of owners, especially in that square-footage range, can own units cheaper than they can lease them,” said Jennifer Small of Malone Commercial Brokers. Read more about the sales in Mainebiz’s article
Recent Sales
From York County to Mid-Coast Maine areas, these recent sales include land, development, multi-family, office, retail and commercial properties.
Turnkey Business or Mixed Use Development at Pine Point
With a rare TCV-4 zone, 350 Pine Point Rd. can be re-developed for mixed commercial, industrial and residential use. The residential zoning is restricted to unit builds, like condos or apartments. At this ideal spot, the new owner has the chance to make significant impact. Read more in today’s Portland Press Herald
Reinventing the Office For a Post-COVID World
Peter Harrington, Partner and Associate Broker at Malone Commercial Brokers, weighed in with his thoughts in Mainebiz’s July 27th article by Renee Cordes, “Whatever works: reinventing the office for a post-COVID world.” He advises clients to view as many spaces as possible and account for additional space needed if the COVID-19 restrictions continue. Read more in the article here.
