Four downtown Portland buildings located on Exchange Street sold to East Brown Cow for $13.45M. The buildings comprise more than 79,000 SF in total and are mixed-use office and retail. “The owner's decision to sell these assets presented an ideal opportunity for the buyer to further develop their portfolio within the sought-after neighborhood of the Old Port while investing in the history and preservation of these three properties,” said Joe Malone. The sale closed on September 19, 2022 and was brokered by Joe Malone of Malone Commercial Brokers, Jim Harnden of Harnden Commercial Brokers and Avison Young.
Once abandoned, a historic repurposed church in Portland hits market for $3.7M
The nationally acclaimed Grace restaurant and event venue is now for sale! Included are the property, business and all furniture, fixtures and equipment.
Also known as the Chestnut Street Church, Grace is located at 15 Chestnut Street in Portland and sees over 50 wedding events a year along with dozens of other diverse occasions. Over 160 years old, it is listed on the National Register of Historic places and features early Gothic Revival architecture. With events booked well into 2023, this property & business combo is ideal for someone looking to take over a thriving business at a unique location.
Pete Harrington Awarded Maine Commercial Association’s 2022 REALTOR® of the Year
Malone Commercial Brokers (MCB) is pleased to announce that MCB’s Pete Harrington has been honored with the Maine Commercial Association 2022 REALTOR® of the Year Award.
Peter “Pete” Harrington, Partner and Associate Broker at MCB, has been a leading retail leasing and sales expert of commercial property in the Greater Portland area since 1991. Pete’s lifelong real estate career includes office, retail, and industrial leasing and sales as well as multifamily and investment sales in Portland’s Historic Old Port, downtown, the Arts District and all throughout Maine.
In 2022 alone, Pete placed top tenants Harbor Fish, Rosemont Market, Burano’s Woodfired Pizzeria, Raise Playspace, Stretch Lab, and Maniac Community Fitness in the repurposed Scarborough fire station complex known as Firehouse Village and brokered sales transactions including 30 Exchange St for $2.4M up to 100 Foden Rd medical complex for $30M.
His passion for his work has led Pete to many positions within industry organizations over his lifetime career as a commercial broker in Maine. In addition to the commercial sector, Pete has broken barriers by becoming the first commercial broker to be elected to several real estate organizations made up primarily of residential professionals.
Malone Commercial Brokers is proud to celebrate Pete along with our fellow industry professionals. MCAR will honor Pete on Tuesday, September 13th at the MCAR Annual Charity Golf Tournament’s happy hour immediately following the tournament.
For more information, contact Molly McGuire at molly@malonecb.com
MCB Selected as Finalist in the 2022 Maine Family Business Awards
Malone Commercial Brokers is delighted to announce that we have been selected as a finalist in the 22nd annual Maine Family Business Awards presented by the Institute for Family-Owned Business (IFOB). According to Catherine Wygant Fossett, IFOB's executive director. “Since the Maine Family Business Awards were started in 2000, we have recognized more than 106 family-owned businesses for their excellence.” This year’s award winners will be presented at a gala on October 12, 2022.
Click HERE for the MaineBiz announcement and the full list of finalists.
Learn more about IFOB and the awards on their website, HERE.
Native Mainer Purchases Retail Space at 383 Commercial Street for Further Expansion of Dental Practice
Dentist Benjamin Lawlor of Maine purchased two units at Hobson’s Landing in the Old Port for the expansion of his dental practice, Maine Dentistry.
With three established locations in Maine, Lawlor plans to expand their services with this additional modern location in the heart of the Old Port with a planned $1M+ interior buildout of the space. Joe Malone, Jennifer Small and Mark Malone of Malone Commercial Brokers brokered the $1,046,100 transaction.
Jennifer Small Promoted to Partner at Malone Commercial Brokers - A Lifelong Career in Maine Real Estate Continues
[PORTLAND, MAINE, June 28, 2022] Malone Commercial Brokers is pleased to announce the promotion of Jennifer Small to Partner at Malone Commercial Brokers. Jennifer “Jenn” Small joined MCB in 2000 as an intern, launching her successful career in commercial real estate. She has since risen in the company and industry to become a top producing broker in the Maine market.
Jenn will continue to broker the full range of commercial real estate services that MCB offers, including development/redevelopment, lease and sale of office, medical, retail, land, and industrial space throughout the state of Maine.
“I’m excited about the next step in my career and I look forward to new opportunities that this entails – both for my own professional growth and the future growth of Malone,” says Small.
In addition to her role at MCB, Jenn serves as Vice President of the Maine Real Estate & Development Association Board of Directors. She is affiliated with Maine Commercial Association of Realtors, National Association of Realtors, and is currently working towards her CCIM designation. She is also actively involved with her children’s sports and school activities. She lives in Falmouth with her husband and two children.
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Allspeed Doubles Portland Space with Move to 936 Brighton Ave Location
[PORTLAND, MAINE, June 24, 2022] Malone Commercial Brokers is pleased to announce the sale of 936 Brighton Avenue which will be occupied by Maine’s premiere bike and ski shop, Allspeed Cyclery & Snow. Jennifer Small and Joe Malone represented the seller; Chris Paszyc and Nick Lucas at The Boulos Company represented the buyer. This 11,180 SF building is located in the burgeoning area of Nason’s Corner adjacent to the Westbrook shopping district.
According to Allspeed owner Chris Carleton, “The amenities at the new location - the larger parking lot, nearby green trails, and increased square footage - will be more efficient for a more client-focused experience.” Popular events like the Allspeed annual bike sale will also have a larger scope with increased interior and exterior space for bike and ski enthusiasts to interact and test drive equipment.
The sale of 936 Brighton Avenue on June 14th and buildout of the new space is underway. Once complete, Allspeed will move from the Marginal Way store to occupy all but 2,000 SF of the former Rite-Aid building for their showroom and full-service bike repair center. The remaining 2,000 SF will be available for lease to a compatible business. Allspeed has two other locations in Bethel and in Carrabassett Valley at Sugarloaf.
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About Allspeed:
Allspeed was founded in 1990 by legendary Portland mountain biker Gary Buch, who was responsible many of the early mountain bike trails in the area and was also the first to lead weekly group mountain bike rides. Gary owned and operated Allspeed until fall of 2009 when he sold it and handed the torch on to the current owners Chris Carleton and Mike Davies. Learn more at www.allspeed.com
About Malone Commercial Brokers:
Malone Commercial Brokers is a top commercial real estate firm based in Portland, Maine. Serving owners, tenants, and investors throughout the state since 1983, established relationships and market expertise are among the many reasons Malone Commercial Brokers is a recognized leader in the Maine real estate market. Learn more at www.malonecb.com.
62,000± SF of Suburban Space Leased to Two Long-Term Tenants: Fork Food Labs & Granite Bay Care
[Portland, Maine | June 22, 2022] Malone Commercial Brokers is pleased to announce the lease of 42,000 SF at 95-97 Darling Avenue to Fork Food Labs and 20,000 SF to Granite Bay Care at 482 Payne Road. MCB brokers Jennifer Small and Joe Malone placed these large-scale tenants in their new locations. Both buildings are owned and managed by East Brown Cow, a Portland-based real estate investment, development and management company.
Fork Food Labs had long outgrown its current 5,200 SF location on Parris St in Portland’s Bayside area, as the pandemic led to a surge in memberships that has not waned. This non-profit food/commissary kitchen business has specific requirements to accommodate membership-based mobile vendors, caterers, food trucks, and food producers who require a commercial kitchen space to prepare their product.
An increased absorption of larger office/administrative space in the Portland area has necessitated creative solutions as businesses seek to expand. Fork will gradually occupy 42,000 SF of office space in a long-term lease, while the interior is built out to maximize kitchen capacity for its ever-increasing prepared food membership base. Brice O’Connor at The Boulos Company represented the tenant.
Granite Bay Care had also outgrown its Congress St location. For their 20K requirement, they needed administrative office and service space with ample parking, plentiful private offices and meeting rooms, and neighboring medical facilities and amenities for both clients and staff. They will occupy the first and second floors at 482 Payne Rd, located centrally in the Scarborough retail and medical district. Justin Lamontagne at The Dunham Group represented the tenant.
Says Jennifer Small of Malone Commercial Brokers, “Thanks to a long-standing relationship with East Brown Cow, we knew that their properties would be a good fit to accommodate the unique needs of these tenants. We’re so pleased that we were able to find a long-term solution for the parties in both transactions.” Click HERE to read the MaineBiz report on the Granite Bay Care expansion.
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About East Brown Cow:
East Brown Cow and its affiliates comprise a real estate management, investment, and development firm based in the historic Old Port district of Portland, Maine. Since its establishment over 30 years ago, East Brown Cow’s portfolio has grown to more than twenty assets in the greater Portland area, including over a million square feet of mixed-use office, retail, garage, and hospitality assets. The company seeks to create meaningful connections to the surrounding urban fabric through high-quality design and the carefully curated use of its properties while also providing first-class management services to its tenants. All acquisitions and developments are grounded in the company’s commitment to environmental stewardship, excellence in design and historic preservation, and the activation of publicly accessible spaces as well as the exploration of new technologies. East Brown Cow strives to push the limits of what is done conventionally in the field of urban real estate. For more information visit www.eastbrowncow.com.
About Malone Commercial Brokers:
Malone Commercial Brokers is a top commercial real estate firm based in Portland, Maine. Serving owners, tenants, and investors throughout the state since 1983, established relationships and market expertise are among the many reasons Malone Commercial Brokers is a recognized leader in the Maine real estate market. Learn more at www.malonecb.com.
100 Foden Road Campus Sells for $29.75M East Brown Cow to Reinvest in Growth of Portland Portfolio
100 Foden Medical Campus
PORTLAND (ME) - East Brown Cow, in partnership with Malone Commercial Brokers, is pleased to announce the sale of 100 Foden Road in South Portland to Remedy Medical Properties. The 76,672± SF medical campus sits on 8.4 acres of land and consists of two buildings and 299 parking spaces, all in close proximity to area medical facilities.
Constructed in 1985, the property was purchased in 2002 by Berman LLC, an affiliate of Portland-based real estate investment, development and management company East Brown Cow. The transaction is a rare move for the company who has owned and managed the property for nearly 20 years and traditionally purchases properties without intention to sell.
"East Brown Cow has a 30-year history of thoughtful development, first-class service, and forward-thinking investment – and this sale represents a thoughtful recalibration of our portfolio after a long-term hold of the Foden Road property,” says Tim Soley, President and CEO of East Brown Cow. “At the time of closing, we had owned the property just days shy of 20 years. That time was an excellent exercise in learning and growing for us. While we are not transactional in our approach, our focus is gradually shifting away from management of suburban space such as Foden Road. Instead, we will be reinvesting this capital into East Brown Cow’s current and ongoing efforts to preserve and build meaningful connections within the urban fabric of Portland's fast-changing downtown.”
The transaction was brokered by Jennifer Small and Joe Malone of Malone Commercial Brokers on the seller side and Peter Harrington of Malone Commercial Brokers for the buyer. The transaction was finalized as of May 27, 2022.
According to recent press coverage, Remedy Medical Properties owns more than 250 medical office buildings across several states, amounting to nearly 14.2 million square feet. Last month, the company paid $91 million for eight medical office buildings, totaling 177,000 square feet. Primary tenants of the Foden Road property include InterMed, a physician-owned medical group, and Chest Medicine Associates.
“The owner’s decision to sell the asset created a clear opportunity for the buyer to acquire a high-quality medical campus with a strong tenant as part of an off-market transaction,” said Jennifer Small.
Since established in the summer of 1989 by Tim Soley as a first-generation family business, East Brown Cow’s portfolio has grown significantly to include over 20 assets in Maine’s greater Portland urban area, including over 1.2 million square feet of mixed-use office, retail, hospitality space and structured parking. East Brown Cow last sold a property in 2019.
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About East Brown Cow.
East Brown Cow and its affiliates comprise a real estate management, investment, and development firm based in the historic Old Port district of Portland, Maine. Since its establishment over 30 years ago, East Brown Cow’s portfolio has grown to more than twenty assets in the greater Portland area, including over a million square feet of mixed-use office, retail, garage, and hospitality assets. The company seeks to create meaningful connections to the surrounding urban fabric through high-quality design and the carefully curated use of its properties while also providing first-class management services to its tenants. All acquisitions and developments are grounded in the company’s commitment to environmental stewardship, excellence in design and historic preservation, and the activation of publicly accessible spaces as well as the exploration of new technologies. East Brown Cow strives to push the limits of what is done conventionally in the field of urban real estate. For more information visit www.eastbrowncow.com.
About Malone Commercial Brokers.
Malone Commercial Brokers is a top commercial real estate firm based in Portland, Maine. Serving owners, tenants, and investors throughout the state since 1983, established relationships and market expertise are among the many reasons Malone Commercial Brokers is a recognized leader in the Maine real estate market. Learn more at www.malonecb.com.
The Latest Legislation Positive for Maine Growth: Highlights from MEREDA Report
The latest state legislative session has adjourned, and MEREDA has shared a recap of the enacted legislation that impacts our industry and the Maine economy. Read on to learn more about these bills and tax credits that will directly affect not only economic growth in Maine, but the ability to retain and attract a skilled workforce in the area. Developers take note - now is the time to invest in Maine!
See below for an excerpt taken directly from the MEREDA report. Click HERE to access full report.
Enacted Legislation Supported or Closely Monitored by MEREDA:
5-year Extension of Historic Tax Credit to 2030
LD 201, Public Law 2021, Chapter 671. The sunset date for the Maine Historic Rehabilitation Tax Credit (MHRTC) has been extended from 2025 to 2030 thanks to legislation proposed by and supported by a coalition of smart growth and preservation advocates including: MEREDA, GrowSmart Maine, Greater Portland Landmarks, Maine Downtown Centers, CEI, the Genesis Fund, and Maine Preservation. Additionally, all projects certified by December 31, 2030, can claim the credit in later years even if project construction is not commenced by that date (the sunset date). The extension of the sunset date ensures both the future of this important program and certainty and predictability for the development community.
The “Housing Bill” becomes the “Housing Act,” Duplexes Now Permissive in Residential Zones
LD 2003, Public Law 2021, Chapter 672. The “housing bill,” as this new law was known during the legislative process, represents the culmination of a year-long effort by housing advocates to develop a roadmap to accelerate housing construction in Maine. In brief, the law will provide:
· Financial and technical assistance to communities to encourage them to rewrite and modernize their land use codes ($3 million worth of funding available);
· The allowance of up to 2 dwelling units and an Accessory Dwelling Unit (ADU) on all property zoned for residential use in the State of Maine (limited by local dimensional standards, etc.); and
· The allowance of up to 4 dwelling units on property located within a designated growth zone identified in a comprehensive plan or, if the town does not have zoning, if that property is serviced by public sewer and water (limited by local dimensional standards, etc.).
Resolve to Consider Regional Solutions to Housing Crisis
LD 1240, Resolve 2021, Chapter 184. This resolve will form a study to address regional approaches to housing solutions. This resolve will build on the work done by the Housing Commission and enacted in the Housing Act. The study will focus on regional solutions to accelerating housing growth and reducing burdens to development.
Redevelopment Land Bank to Empower Municipalities to Get Blighted Properties Back on the Tax Roles, Create Opportunities for Development
LD 1694, Public Law 2021, Chapter 664. This new law will establish a redevelopment land bank authority. This bill is modeled after a Sanford land bank program, and will establish a state fund to allow towns to purchase and clean up parcels of blighted or contaminated land for the purposes of redevelopment. The program is intended to empower municipalities to take a tailored approach to lot clean-up in their communities. Depending on the needs of the town and the clean-up needs on the site, the State’s new Land Bank entity will work with municipalities to find the right solution to achieve their goals.
Sales Tax Exemption Extended to Nonprofit Housing Entities that Service 120% of AMI, Up from 80%
LD 1732, Public Law 2021, Chapter 695. This new law expands the sales tax exemption for nonprofit housing developments. This bill would allow nonprofit housing organizations to exempt purchases from sales tax if the organization serves populations at 120% of AMI or lower, previously capped at 80% of AMI or lower. This change to the law will allow more Maine nonprofit housing organizations to service more Mainers.
For more information, go to www.mereda.org.