Brickyard Hollow Brewing adds seventh location with New Gloucester deal

Brickyard Hollow Brewing Co., founded in Yarmouth in 2017, bought its seventh location, in New Gloucester, and is restarting a brewing facility there and adding a kitchen, pub and disc golf course.

“We’ll have a craft beer vibe,” said the company’s president and owner, Brad Moll. “You’ll be able to eat there and walk out back and play disc golf. We’ll have a lot of outdoor seating.”

Brickyard Hollow Brewing Co. bought 437 Lewiston Road from NU Property LLC for $1,620,400. The property was listed at $1.9 million and included a brewery and taproom on about 8 acres, with all furniture, fixtures and equipment. Cheri Bonawitz and Karen Rich of Malone Commercial Brokers brokered the transaction.

The property consists of a 7,640-square-foot building on about 8 acres that was the location for a business called Nu Brewery. 

“This was a strategic for us, because the brewery is all set up,” said Moll. “We can start brewing beer immediately.” Moll said he had been looking for a facility to expand his brewing operation for a couple of years. 

To read the full article from MaineBiz, click HERE.

Malone Commercial Brokers Wins 2023 CoStar Impact Awards in Two Categories

From left to right, Joe Malone, Luke Malone and Mark Malone

Malone Commercial Brokers is pleased to announce they have received the 2023 CoStar Impact Award in two categories. CoStar’s Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge.

The sale of Union Station Plaza to MaineHealth earned Sale/Acquisition of the Year due to the buyer’s commitment to improving the neighborhood. Joe Malone and Mark Malone of Malone Commercial Brokers represented the buyer and John Gendron of Gendron Commercial represented the seller in this transaction.

“In MaineHealth we had a local buyer with a positive impact on our community and a vision for the future that benefits all Mainers. I am pleased that I could work with MaineHealth, Gendron Commercial and Malone Commercial Brokers to complete this transaction,” said Bob Connor, former owner of Union Station Plaza.

Mark Malone, left, and New England Cancer Specialists’ CEO Edwin T. Graham

New England Cancer Specialists leased a 5-story, 200,000± square foot medical office, currently under construction, that will anchor the Rock Row medical research campus in Westbrook, Maine. Mark Malone of Malone Commercial Brokers brokered the transaction.

The move of NECS from Scarborough is “one of the most significant achievements” in the progress at Rock Row, according to Rock Row owner and developer Waterstone Properties. The space will be the first private multitenant medical office campus in the Greater Portland market in nearly 20 years. The building is designed with a concept of wellness and prevention, not just treatment, featuring on-site healing gardens, access to a 70-mile walking trail network, and more. This significant development earned Lease of the Year in the 2023 CoStar Impact Awards.

Malone Commercial Brokers Welcomes New Executive Assistant

Malone Commercial Brokers is pleased to announce that Susan Sawicki has joined their team. With a history in real estate and real estate law transactions, Susan joins MCB as an executive assistant to Mark Malone, Vice President & Principal. Susan started in real estate in 2011, working as the Operations Manager for a highly successful residential real estate team in Virginia, where she still holds a real estate license. More recently, she worked in the real estate group of a large Maine law firm, which provided her with experience in commercial transactions. She is excited to be associated with MCB given their excellent reputation in the industry.

Susan was born in Chicago, but was raised in Norway, Maine, after her parents moved there when she was 4, giving her strong Maine roots. Travel is a great passion of hers. After completing her MA, she moved to Bangkok, Thailand, where she worked in refugee camps throughout the country. Following this adventure, she had the opportunity to live and work in several developing countries in other parts of the world. She raised her two daughters in McLean, VA, which she called home for 15 years. She also lived in Geneva, Switzerland for five years before returning to Maine in 2019. Susan loves to be active. Her favorite activities are hiking, yoga, biking, stand up paddleboarding, and XC skiing.

For more information, contact Molly McGuire at molly@malonecb.com.

How to apply for funding: 4 tips for businesses

Receiving funding is a crucial step in scaling up your business. Companies of all sizes — but especially start-ups and small businesses — frequently ask what it takes to get approved for funding in order to grow.

Business health and long-term success depend on growth — whether this means adding a new office location, hiring on additional staff or investing in upgraded technology. When you’re ready to apply for your next loan or approach a business banker, there are several items you’ll want to have in place first.

Come prepared with answers. Lenders need to know the basic information about your company’s operating cycle and industry dynamics. Important elements of your business such as your customer base, marketing strategy and competitor landscape impact your ability to thrive. How do you plan to deepen relationships with existing customers and acquire new customers? Who are your suppliers, and what is the timeline between production, sales and payments? Do you know how the current economic and political conditions will impact your success? Be prepared to answer these kind of fundamental questions when you’re seeking financial support for growth.

Streamline your financial reporting. Financial reporting is one of the strongest tools you have for demonstrating your company’s financial health. Your bank will require timely and accurate reporting in order to evaluate your businesses cash-flow, leverage and liquidity. Your reporting system should allow you to monitor your cash flow on a regular basis, project your growth and track your progress. You’ll want to be able to show that you can scale effectively without jeopardizing the quality of your work or losing revenue. Many banks offer treasury management solutions that make cash management and reporting even easier for you — be sure to take advantage of those resources.

Build your human capital. A strong management team is essential to smooth, effective transitions. It’s important to have the major skillsets covered, so that you have experts in finance, human resources, operations and sales who can lead even in the absence of your founder or CEO. Even if some areas need to be outsourced, you’ll want the foundation in place before attempting to grow further. In addition to your internal team, successful business leaders establish trusted advisors and allies. Do you have a strong CPA and legal counsel in place? Perhaps you have a board of directors, advisory group or close mentors that provide additional support. Make sure your team is strong, talented and aligned before requesting funding for a big change.

Know your banker. During both day-to-day business and periods of growth, the expertise and support of your banking team makes a huge difference. Lenders and treasury management specialists want to see your business reach its full potential. Establish a trusting relationship with your bank and always expect guidance, responsiveness and personal attention from your banking team.

Following these four steps will help set you up for success when applying for the funding that is crucial to your business’ growth.

To read the full article from MaineBiz, click HERE.

Portland board approves 179-room hotel for major project next to City Hall

The Portland Planning Board approved plans for a 179-room hotel Tuesday as part of a major redevelopment of the block on Congress Street just east of City Hall.

The board voted unanimously to approve a site plan for the hotel, which constitutes Phase I of the Herald Square project at 385 Congress St. Phase I also includes nine condominiums on the upper floors of the hotel and 75 parking garage spaces.

“I think this is a really good project and I look forward to it being built,” said Planning Board Chair Maggie Stanley.

The plan was approved conditionally with the board stipulating that Fathom Companies, which is building the hotel, also submit a handful of updates and finalize a public access easement for a pedestrian plaza prior to getting a building permit.

Jim Brady, president of Fathom Companies, which also operates the Press Hotel across Congress Street, said it’s too soon to say when construction might start.

The transaction was brokered by Joe Malone and Jennifer Small of Malone Commercial Brokers.

To read the full article from the Portland Press Herald, click HERE.

MEREDA forecast conference presents mixed outlook for 2023

MEREDA's 2023 Real Estate Forecast Conference offered a mixed look at the real estate market for the year. Coming off two red-hot years, the real estate forecast becomes a bit more nuanced going into this year.

In his presentation on retail in Greater Portland, Peter Harrington, a partner with Malone Commercial Brokers, offered a bullish industry outlook.

Dismissing concerns over the last year or two about retail being dead, Harington said, “I’m here to tell you … that’s simply not true.”

Out of 6.6 million square feet of retail space in Greater Portland tracked by his firm, close to 280,000 square feet, or 4.23%, is vacant. 

Vacancy rates range from zero in Cape Elizabeth (albeit with only 34,735 square feet) to 16.3% in Westbrook, which Harrington attributed to the closure of a Shaw’s Supermarket across from Market Basket, “a tough competitor.” 

But he said Westbrook remains strong for retail both downtown and at Rock Row, noting that “it’s all going very well out there.”

Harrington was also upbeat on the Maine Mall, which he said is “morphing into a new retail showcase” in South Portland amid several upcoming openings, including a Lululemon store.

“It’s not Apple,” Harrington said of the athletic apparel retailer, “but it’s almost as good a draw.”

On a more general note, Harrington predicted another strong year for retail but pointed to rising interest rates and consumer sentiment as risk factors.

To read the full article from MaineBiz, click HERE.

2023 Forecast: Office market is strong overall, but uncertainty continues

The biggest variable in commercial real estate over the past year has been commercial office space. That’s likely to continue through 2023, says Joseph Malone, founder and president of Malone Commercial Brokers in Portland.

“Office is the weak spot,” he says. “Many people still have not returned to the office.”

There’s been significant downsizing among some larger users, particularly national tenants.

“I think that trend will continue in 2023, making office space the most unstable segment of the commercial industry, particularly in the suburban market but, really, everywhere,” Malone says.

And the ripples from fewer office users trickles down to support businesses around them. But downtown Portland seems to be something of a beneficiary of some of the downsizing.

“Some suburban tenants have looked at coming downtown, taking less square footage for a higher-end office space,” he says. “So downtown Portland has held up better than some of the southern Maine market.”

Developers are scouting out office buildings, particularly in downtown Portland, as conversion opportunities for hospitality and residential use. That’s likely to continue, he says.

More broadly, the industrial market has been holding up well and is likely to continue that way.

Retail real estate has been surprisingly strong. “It’s been more stable than I expected,” he says.

Also likely to continue is condominium and apartment development. “I think the inventory is still below market, despite the fact that construction costs are so high,” he says. “There seems to be an appetite for additional units and developers are still meeting that. It’s slowed a bit, but it’s still pretty strong despite high interest rates.”

The overall outlook? “There’s more caution but, right now, the market is pretty steady,” says Malone.

To read the full article from MaineBiz, click HERE.

An Italian-inspired bakery in Bath features ‘pane e pasticceria’

Genova Centre Street Holdings LLC, doing business as Solo Pane e Pasticceria, bought 25-29 Centre St. from Centre Street Properties LLC for $683,800. The bakery opened on a lease earlier this year and recently finalized the purchase of its space as both wholesale and retail demand grew.

The space features pressed tin ceilings, exposed brick walls, updated electrical and plumbing systems, a triple deck bread oven, one 60-quart and two 30-quart mixers, and a six-burner gas stove and hood system. 

Mike Anderson of Malone Commercial Brokers represented the buyer and Mandy Reynolds of Magnusson-Balfour Commercial Brokers representing the seller in the off-market transaction.

To read the full article from MaineBiz, click HERE.

MaineHealth buys Portland's Union Station Plaza for $16.8 million

MaineHealth purchased Portland's Union Station Plaza for $16.8 million as a long-term investment in the neighborhood where Maine Medical Center is located. 

The buyer said it has no plans to develop the property, purchased from the Union Station LMT Partnership, at this time.

The acquisition will help position MaineHealth and its flagship hospital, Maine Medical Center, to continue to meet the region’s dynamic and growing health care needs, MaineHealth said in a news release.

Brokered by Joe Malone and Mark Malone of Malone Commercial Brokers and John Gendron of Gendron Commercial.

To read the full article from MaineBiz, click HERE.

Sea Dog Brewery now open in Scarborough

Maine family-run Sea Dog Brewing Co. is now open in the former Famous Dave's restaurant space at Cabela's plaza, right off I-95 in Scarborough. "We wanted to be part of the exciting growth of Scarborough and the community we will be in," said manager Dale Carrier. "The restaurant is conveniently located right off the highway and the uptick of development at Scarborough Downs and Costco opening its first location in Maine, we felt it was an unbelievable opportunity for a Sea Dog brew pub."

Fred Forsley, co-founder of Shipyard Brewing Co. and a partner in Sea Dog Brewing Co., announced the Dec. 8 opening. He had praise for Mark Malone at Malone Commercial Brokers, who brokered the deal. He also complimented the property owners, Barry, Greg and Ian Feldman, and Bill Pearse and Joseph Cloutier of Scarborough BBQ LLC, owner of the building.

To read the full article from MaineBiz, click HERE.