Growing consulting firm finds great visibility in former Weight Watchers building in South Portland

A growing consulting firm that’s leasing space in Scarborough found the space it needed to grow and excellent visibility in its purchase of a South Portland building formerly occupied by Weight Watchers of Maine Inc. S&W Real Estate Co. LLC bought 241 Running Hill Road from Weight Watchers of Maine Inc. for $1.85 million. 

The 10,530-square-foot Class A office building on 11.5 acres, built for Weight Watchers in 2003, was listed for $2.295 million. The property includes a 74-space parking lot. The corner location is considered premier for the Maine Mall commercial area, which has 15,000 daily traffic counts.

Jennifer Small of Malone Commercial Brokers and Justin Lamontagne of the Dunham Group brokered the transaction.

To read the full article from MaineBiz, click HERE.

In downtown Freeport, a five-property commercial portfolio changes hands

An investment portfolio of four commercial buildings and a 45-car parking lot in downtown Freeport sold to local investors for its value-add opportunity.

The buildings — at 6 Mill, 24 Bow, 42 Main and 76 Main streets —  total 48,886 square feet and include retail tenants Orvis, Polo Ralph Lauren, FjallRaven, Estee Lauder and the Loft. The parking lot is at 32 West St.

“We saw tremendous potential here for the right buyer who could see the strong bones Freeport Village already has and to grow that into the new vision currently taking hold there, and we think we found the perfect buyer at the right time and are excited to see how the new owners will contribute to the Freeport community,” said Mark Malone of Malone Commercial Brokers, who represented the seller.

To read the full article from MaineBiz, click HERE.

National clothing retailer lands in Old Port

A national clothes retailer headquartered in New York City will open its first Maine store at 75 Market St. in Portland’s Old Port this fall.

Madewell signed a five-year lease for a 5,532-square-foot space at the corner of Market and Middle streets. The lease was brokered by Peter Harrington of Malone Commercial Brokers for East Brown Cow and Randy Baker of Open Realty Advisors for Madewell. 

Madewell, best known for its signature denim, is scheduled to open ahead of the holiday shopping season in one of two ground-floor retail suites. Store hours and information will be made available in the coming weeks.  

To read the full article from MaineBiz, click HERE.

Peter Harrington named Maine Association of Realtors 2022 Realtor of the Year

A longtime industry professional with more than 25 years of experience has been named the State Realtor of the Year by the Maine Association of Realtors in a nod to his contributions to the profession on state, local and national levels.

Peter "Pete" Harrington, who is a partner and associate broker with Malone Commercial Brokers, has been a leading retail leasing and sales expert of commercial property in the greater Portland area since 1996, according to a press release announcing the recent award. His real estate career includes office, retail, industrial leasing and sales, multifamily and investment sales in Portland's Old Port, downtown and the Arts District. He has had significant redevelopment projects in Falmouth and Scarborough.

Maine Association of Realtors annually chooses a member who has made significant contributions to the advancement of the real estate profession and the community at large during the current year.

Harrington currently serves on the board of directors for the Maine Association of Realtors and is the 2022 Maine Listings president-elect. He was also president of the Maine Commercial Association of Realtors in 2011 and 2012, and now serves the real estate industry nationally as Maine’s representative on the National Association of Realtors Risk Management Committee.  

Harrington has devoted years of volunteer service to the real estate industry and has been involved with Portland Little League and its Challenge Division, as well as with the Opportunity Alliance.

The recipient of the state award is chosen among the 12 nominees of the local associations of the Maine Association of Realtors and more than 6,500 Realtors in Maine. 

To read the full article from MaineBiz, click HERE.

Sea Dog Brewing to open location in Scarborough

Sea Dog Brewing Co. has purchased 1 Cabela Boulevard in Scarborough, former home to Famous Dave’s Bar-B-Que, for its new location. The 6,115± SF retail building will undergo renovations before opening for business by early November. This will be the sixth location in Maine. “Scarborough is a great town and it’s growing. I see a lot of opportunity there,” said Fred Forsley, the company’s co-owner.

The $1.5M sale was brokered by Mark Malone of Malone Commercial Brokers.

To read the full article from MaineBiz, click HERE.

East Brown Cow acquires Exchange Street real estate portfolio for $13M

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.

To read the full article from MaineBiz, click HERE.

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.

To read the full article from MaineBiz, click HERE.

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.

To read the full article from MaineBiz, click HERE.