Prime 5-Building Industrial Portfolio Sold for $14.5M in Booming Maine Industrial Market

392, 400 & 420 Warren Ave in Portland / Photo by The Dunham Group

Malone Commercial Brokers is pleased to announce the recent successful sale of a 5-building industrial portfolio spanning an impressive 151,470± square feet across multiple. This notable transaction, closed on November 9, 2023, marked a significant milestone for both buyer and seller in Maine's commercial real estate landscape.

The portfolio, consisting of properties at 392, 400 & 420 Warren Ave in Portland, 80 Kittyhawk Dr in Auburn, and 37 Godsoe Rd in Bangor, was acquired by Capital Properties, LLC from K & R Realty Associates, LLC for a total of $14,550,000.

Brokered by Brandon Mitchell from Malone Commercial Brokers, representing the buyer, and T.C. Haffenreffer and Sylas Hatch from The Dunham Group, representing the seller, this collaboration among seasoned professionals played a pivotal role in ensuring the seamless and successful closure of this significant deal.

Capital Properties' decision to invest in this industrial portfolio underscores their recognition of the exceptional value within Maine's flourishing industrial market.

Expressing his enthusiasm about the deal, Brandon Mitchell highlighted, “This acquisition reflects the strength and attractiveness of Maine’s industrial real estate market. Capital Properties has secured a portfolio with immense potential and strategic significance.”

The sale stands as a testament to the thriving nature of Maine's industrial real estate market and the collaborative efforts of professionals committed to fostering growth and opportunity within the state of Maine. As Malone Commercial Brokers continues to facilitate such impactful transactions, the company remains dedicated to driving success and value for its clients in the dynamic realm of commercial real estate.

Maple Grove Development: Phase 1 Breaks Ground on Ambitious Housing Project

Ground Breaking Ceremony at 35 Seavey Street

Excitement is in the air as the first phase of the Maple Grove development officially kicks off! The collaborative efforts of New Ventures, LLC, Avesta Housing, and the City of Westbrook are now bearing fruit as the groundbreaking ceremony took place at 35 Seavey Street. This marks the commencement of the ambitious three-phase project that promises to transform a 3.25-acre site into a thriving community.

The star of Phase 1 is a 65-unit apartment building, strategically located to set the tone for the entire development. The project, a brainchild of New Ventures, LLC, aims to create a diverse living space with a final vision that includes a total of 186 units. These units will cater to a spectrum of housing needs, offering a mix of affordable, workforce, and market-rate homes. The development seeks to address the growing demand for housing options in the state of Maine while fostering a sense of community and inclusivity.

Peter Harrington of Malone Commercial Brokers, representing New Ventures, LLC, played a pivotal role in securing the ideal location for this exciting venture. His dedication and expertise helped paved the way for the Maple Grove development to become a reality.

As the construction of the 65-unit apartment building gets underway, the community can anticipate further updates on the progress of this transformative project. The Maple Grove development promises not only to meet the housing needs of the area but also to create a vibrant and sustainable community for years to come.

Stay tuned for more news and milestones as Maple Grove evolves from a vision to a vibrant community, thanks to the dedication and collaboration of New Ventures, LLC, Avesta Housing, and the City of Westbrook. This development project is just embarking on its journey, and the future of commercial real estate in Maine holds great promise for contributing to similar initiatives aimed at enhancing housing options.

MCB Welcomes New Team Member: Alexia Fornaro

MCB is excited to introduce you to the latest addition to our dynamic team: Alexia Fornaro. With a Bachelor of Science degree in Early Childhood Special Education from the University of Maine at Farmington and a background in financial administration at a global corporation, Alexia brings a unique blend of skills and a passion for fostering interpersonal connections to her new role at MCB.

Alexia's academic and professional journey reflects her commitment to excellence and versatility. Her ability to maintain composure in complex situations, honed through her previous financial administration role, aligns seamlessly with her position at MCB. Here, she will leverage her organizational expertise to ensure efficient operations.

In her own words, Alexia shares, "I have an insatiable desire to learn and grow. I’m interested in learning more about Commercial Real Estate, and MCB seems like the perfect place to put down roots! ’m looking forward to developing my skills into a long career with MCB. The people who work here on a daily basis have been amazing."

A native of Portland, Maine, Alexia currently resides in Sanford with her fiancé, Peter, their German Shepherd puppy named Loki, and two rescued cats, Oli and Winnie. She takes full advantage of Maine’s beauty in her free time and enjoys hiking adventures with her family.

Alexia’s unique blend of skills and passion for creating meaningful connections will undoubtedly make a significant impact on the company’s continued growth and success.

We're thrilled to have Alexia Fornaro as part of our team at Malone Commercial Brokers. Her dedication to learning, combined with her love for organization and people, embodies the spirit of MCB. We look forward to the journey ahead and the contributions she will make to our continued success. Stay tuned for more exciting updates as we continue to grow and thrive together!

Portland's Bayside Bowl Expands With Acquisition of 13,650± SF Retail Building

Malone Commercial Brokers is thrilled to announce the successful sale of 725 Broadway, a remarkable 13,650± square foot retail building nestled in the heart of South Portland. This prime property, previously under the ownership of FT Holdings, LLC, has now found its new steward in the form of C725 Broadway LLC. While the exact transaction value remains confidential, we can assure you that this deal marks a significant win for all parties involved.

Joe Malone and Jennifer Small of Malone Commercial Brokers, played a pivotal role in brokering this transaction, and they are proud to share that the deal was officially sealed on August 22, 2023.

Charlie Mitchell, the mastermind behind Bayside Bowl, couldn't contain his enthusiasm about this acquisition. He pointed out the property's strategic location, right in the vicinity of the existing Bayside Bowl, as well as its structural and aesthetic resemblances. It seems like this new venue is more than just bricks and mortar; it's a nod to the original Bayside Bowl.

The new place comes with a sunset patio that will surely evoke memories of Bayside's iconic sunset roof, and the bar layout is a mirror image of the original establishment. But Mitchell wants everyone to know that the heart of this new venue remains firmly centered on bowling, just as it always has been at Bayside Bowl.

So what does this mean for the local community and Bayside Bowl fans? It signifies a thrilling development that promises to enhance the entertainment experience while still preserving the core essence of the original establishment. With this acquisition, Bayside Bowl is ready to embark on an exciting new chapter that builds on the legacy of one of South Portland's favorite destinations.

Stay tuned for more updates as we watch this exciting journey unfold!

Impressive Industrial Investment Sold in Greater Portland

Malone Commercial Brokers is thrilled to share the exciting news of the successful sale of 421 and 429 Warren Avenue, an investment opportunity comprising three industrial buildings. The transaction was skillfully brokered by Joe Malone, CCIM, and Jennifer Small, showcasing their dedication to delivering exceptional commercial real estate services. The sale represents the thriving industrial market in the Greater Portland area and highlights the immense potential of the Warren Avenue corridor.

The key highlight of this sale is the inclusion of 429 Warren Ave, boasting two fully leased buildings covering an impressive 18,000± SF and 19,500± SF, both occupied by local tenants. Additionally, the third building, 421 Warren Ave, stands as a massive 26,840± SF property situated at the front of the complex, currently fully occupied by Safelite AutoGlass.

This investment portfolio's strategic location in the highly sought-after Warren Avenue corridor has proven to be a hot spot for a variety of service industrial users. Jennifer Small points out, "The industrial market continues to be one of the strongest sectors of the Greater Portland commercial real estate market."

The $9.6 million dollar deal was secured by the Ram Companies, which holds a local office in Scarborough. Ram Companies boasts a vast portfolio spanning three continents and comprising more than 55 projects.

With all buildings fully occupied, the Ram Companies can look forward to a seamless transition to their new ownership role. This acquisition promises to be a valuable addition to their already expansive portfolio, further solidifying their position in the market.

The success of this transaction exemplifies Malone Commercial Brokers’ commitment to delivering exceptional commercial real estate services and highlights the continued growth and potential of Greater Portland’s property market.

Custom Handbag Maker from Brunswick Secures Lease in Old Port's Boyd Block

Brunswick's renowned custom handbag maker, Rough & Tumble, has recently garnered attention from actor Allison Janney and made an exciting move. The company has signed a seven-year lease for a stunning 2,126 square feet of storefront space located at 178 Middle St. in Portland's vibrant Old Port neighborhood. The lease was skillfully brokered by Pete Harrington of Malone Commercial Brokers, and the store is set to open its doors this upcoming fall.

Situated on the ground floor of the historic Boyd Block, which was acquired by East Brown Cow in 2021, the space holds a rich history, having been built back in 1867. Established in 2008, Rough & Tumble specializes in crafting exceptional leather and waxed canvas handbags. Their products have gained national recognition through partnerships with renowned brands like Garnet Hill and Sundance Catalog. Notably, they primarily source their leathers from esteemed regions such as France and Italy.

East Brown Cow acquired 178 Middle St. (known as the Boyd Block) in 2021, and has been actively renovating the retail spaces on the first floor. These spaces are expected to be delivered to Rough & Tumble and Bangor Savings Bank this fall.

This new location at 178 Middle St. will serve as Rough & Tumble's flagship store, showcasing their finest creations. The space was previously occupied by Starbucks before becoming available last year. Joining a series of prominent retailers that have recently flocked to the neighborhood, including Bella Funk, Madewell, Anthropologie, Athleta, Urban Outfitters, and West Elm, Rough & Tumble embraces the high levels of foot traffic that grace the area.

In addition to serving as a retail hub, Rough & Tumble intends to utilize the space as a launching pad for partnerships with other talented Maine makers, designers, and artists. Natasha Durham, the owner of Rough & Tumble, brings a wealth of experience to the brand. Having studied at the Maine College of Art in Portland and spending 17 years in the food industry, owning three restaurants in Portland, she embarked on her journey with Rough & Tumble in 2008. The company's website reveals that it all began when Durham created a handbag for herself, subsequently selling her first two bags on Etsy overnight in 2009.

Durham's commitment to craftsmanship and quality led her to open a storefront in Norway in 2013, where she hired her first employee. Two years later, she established a flagship store in Portland, further expanding her presence in 2017 with a remarkable 32,000-square-foot space in the Fort Andross mill located at 14 Maine St. in Brunswick. Today, Rough & Tumble boasts nearly 40 employees and offers a diverse range of Italian leather products, complemented by their expertise in textile design.

The handbag maker gained significant exposure in 2020 when their products were prominently featured on a 4,000-square-foot billboard in New York City's Times Square and the Disney building at 1540 Broadway. Notably, actor Allison Janney was spotted donning one of their exquisite handbags, generating further buzz for the brand.

Overall, Rough & Tumble's venture into the heart of the Old Port neighborhood is a testament to their success and dedication to providing exceptional handcrafted products. With their flagship store poised to become a focal point of style and craftsmanship, customers can anticipate an unparalleled shopping experience as they explore the diverse range of handbags on offer.

Migis Hotel Group Acquires Saco Dormitory to Address Workforce Housing Challenge

Migis Hotel Group, like many other employers in Maine, has been facing difficulties in recruiting staff due to the lack of affordable housing. In response to this challenge, the company recently acquired a 6,076-square-foot student dormitory located at 95 King St. in Saco. The purpose of this purchase is to provide workforce housing for the professional restaurant employees working at two of Migis Hotel Group's local properties, namely Higgins Beach Inn and Black Point Inn. The dormitory, situated on 0.75 acres, is handicap-accessible and comprises 11 rooms, seven full bathrooms, and one half-bath.

The seller of the property was Thornton Academy listed at $784,000. Cheri Bonawitz and Karen Rich from Malone Commercial Brokers represented the buyer, and Sylas Hatch and TC Haffenreffer of the Dunham Group represented the seller.

Jesse Henry, the director of marketing for Migis Hotel Group, emphasized the significance of affordable housing in addressing the challenges faced by the company in recruiting employees.

Migis Hotel Group, based in Westbrook, is a hospitality management services company that operates various independent hotels, destination resort properties, and dining facilities across Maine. Some of their properties, such as Migis Lodge on Sebago Lake, already provide workforce housing on their campuses. However, Higgins Beach Inn and Black Point Inn, both located in Scarborough, lacked such accommodation options, and the availability of affordable housing in the area was limited.

Consequently, the decision was made to secure affordable housing for the workforce by acquiring the dormitory. Following the completion of the sale, the building quickly filled up with food and beverage professionals primarily employed at the two inns. The investment in workforce housing was necessary to ensure the availability of a professional workforce and the smooth operation of both properties, especially considering the challenges faced during the pandemic and subsequent years.

“For the last couple of years, we’ve been actively putting most of our focus on obtaining the professional workforce we need,” Henry said. “That’s been our No. 1 focus. As we have internally reexamined our recruiting process and what we need to do to distinguish ourselves around obtaining the workforce resources we need, we felt that providing affordable housing made sense.”

To optimize the functionality of the property, Migis Hotel Group has completed a site plan review with Saco's planning board. The building will undergo a conversion process, transforming it from a dormitory with shared bathrooms and a shared kitchen into six independent units, each with its own bathroom and kitchen. The majority of the units will be two-bedroom, with an additional four-bedroom unit in the main house and a one-bedroom unit. The units will initially be available for a six-month period to accommodate the professional workforce of the company, and there is potential for year-round use as well. During the off-season, the units may be opened up to professionals from other industries.

The dormitory plays a crucial role in attracting and retaining industry professionals who come to Maine for the season to work for the company, making it a valuable recruitment and retention tool.

Augusta Real Estate Portfolio Achieves Impressive Turnover: Purchased for $5.75M in 2020, Now Sells for $13M

In a noteworthy off-market transaction, a multi-family portfolio in Augusta that was previously sold for $5.75 million in 2020, has recently changed hands for an impressive $13 million. This sale has attracted attention as it highlights the potential of the properties and the increasing value they hold in a strengthening market.

The buyer of the portfolio, consisting of 219 units across 48 buildings and four vacant lots, is Door Fund Inc., an entity that specializes in real estate investments. They acquired the properties from Capital Properties LLC, with Brandon Mitchell from Malone Commercial Brokers representing the seller and Tyler Hall from Keller Williams Realty representing the buyer. The deal was successfully closed on June 9.

Capital Properties LLC, led by Aaron Walker, was the seller in this transaction. Walker's investor partnership had initially acquired the majority of the portfolio, consisting of 204 units across 44 buildings, from a Maine investor who had painstakingly assembled the properties over a span of 30 years. Under Walker's ownership, improvement projects were undertaken to enhance the value of the properties. Brandon Mitchell had also represented Walker in the previous deal.

The properties are conveniently located within a half-mile radius of each other, primarily on Northern Avenue, Washington Street, Mt. Vernon Avenue, Bridge Street, Green Street, and Chapel Street. These buildings boast an average age of 100 years and vary in size from one to eleven units, with a significant portion consisting of three, four, or five units.

Walker believed that the timing was right to sell the portfolio, as he typically aims to recoup equity within three to five years of acquiring properties. He acknowledged the contributions of Brandon Mitchell and Eleanor L. Dominguez from Ainsworth, Thelin & Raftice, his legal counsel, in facilitating the deal.

On the buyer's side, Tyler Hall, one of the partners involved, initially expressed interest in purchasing 77 units from Walker. However, during their conversation, Hall discovered that Walker owned a total of 219 units in the area. Realizing the potential of the entire portfolio, Hall decided to pursue the entire package, leading to an organic agreement between the two parties.

Hall personally put the deal under contract and then worked with Door Fund Inc., a Massachusetts-based firm led by his friend Michael Marchetti, to structure the remaining aspects of the transaction. They formed a syndicate of approximately 14 investors, including Hall and Marchetti, who collectively supported the deal. Hall and Marchetti, as the largest shareholders, will oversee the day-to-day operations of the portfolio.

Read more HERE

Bella Funk Boutique secures lease for storefront in Portland's Old Port

Bella Funk will open their location at 43, Exchange St, where Peruvian Link used to reside.

Bella Funk, a boutique specializing in clothing and gifts, has recently secured a four-year lease for a street-level retail space at 43 Exchange St. in the Old Port. The lease was brokered by Pete Harrington of Malone Commercial Brokers. The store celebrated its grand opening over Memorial Day weekend.

Originally founded by sisters Katie Stafford and Stefanie Moody, who hail from New Hampshire, Bella Funk first established its boutique in Littleton, N.H., in 2006. The store offers a range of women's clothing, accessories, beauty products, and gifts, with a focus on locally and domestically made, small-batch, handmade items.

Katie Stafford expressed her excitement about the new location, stating, "Portland's Old Port is not only inviting but also vibrant and full of energy, and embodies the essence of our brand."

East Brown Cow, the owner and manager of 43 Exchange St. acquired the property in 2022. Built in 1867 by the Preble family, the building boasts distinctive architectural features such as a mansard roof with dormers and semicircular pediments, unique pseudo-three-centered arch windows, a brick façade, and a storefront adorned with granite, cast-iron, and wood paneling.

Tim Soley, President and CEO of East Brown Cow, expressed his enthusiasm for the addition of Bella Funk, stating, "43 Exchange St. is a building rich with local history, and we are thrilled to introduce a local boutique that honors and showcases Maine artisans." He believes that the store will contribute to the thriving retail scene in Portland.

Local accounting firms merge and prepare to move to new headquarters in South Portland

In an exciting development, two accounting firms located at 22 Free St. in Portland have recently merged and are now making preparations to relocate to a permanent headquarters with a captivating water view in South Portland.

373 Broadway LLC has acquired the property at 373 Broadway from Hornby Zeller Properties LLC for a total of $825,000. The deal was successfully brokered by Tim Millett of Porta & Co. and Peter Harrington and Joe Malone of Malone Commercial Brokers.

The property itself consists of a three-story office building spanning 3,786 square feet. It boasts an exceptional location between the coastal neighborhoods of Ferry Village and Knightville, with close proximity to downtown Portland. Situated adjacent to the South Portland Greenbelt Walkway, the property witnesses a significant daily traffic count of over 14,000 cars. It also offers unobstructed water views of downtown Portland.

Brown & Kelly LLC merged with Dawson and Souter LLC last November. Initially, Dawson and Souter leased a suite at 22 Free St., coincidentally where Brown & Kelly also had their offices. Recognizing their shared values and objectives, the two firms decided it was time to combine their forces. The merged entity, now known as Kelly, Dawson & Souter LLC, specializes in providing tax compliance and planning services to individuals, small businesses, trusts and estates, and nonprofits.

Dawson expressed his satisfaction with the chosen building, stating, “This building was good square footage, a great location — five minutes from downtown Portland. It has off-street parking — we really wanted that for clients. This one checked all the boxes. We wanted to buy and we’re glad we were able to find a building that fit our needs so well.”

Approximately $75,000 has been allocated for renovations, which will involve repositioning a few walls. The firm intends to move into the new premises promptly, even as renovations continue.

With their merger and impending move to a new headquarters, Kelly, Dawson & Souter LLC is poised to provide enhanced accounting services while continuing to prioritize their clients' needs.

Read more HERE