REBusinessOnline

AAM 15 Acquires Embassy Suites Hotel in Portland, Maine

PORTLAND, MAINE — AAM 15 Management has acquired the Embassy Suites of Portland, Maine, a 119-room hotel in Portland. The price was undisclosed. Located nearby the Portland Jetport, the hotel includes a full-service restaurant and lobby bar, as well as 2,000 square feet of meeting and event space. The hotel’s lobby was recently renovated. AAM 15 plans to further improve the remaining public space, guest rooms, exterior, pool and fitness. The seller was not

Why Southern Maine’s Industrial Market is Headed for Rockier 2019

My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty.  It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots.  But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland …

HFF Brokers Sale of Hotel Development Site in Portland, Maine

PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and …

Cushman & Wakefield Brokers Sale of Two-Building Office Complex in New Jersey

HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a …

PGIM Provides $9.9M HUD Financing Package for Retirement Campus in Maine

FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be …

Marcus & Millichap Negotiates $6.4M Sale of Retail Center in Maine

STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25

Cardente Real Estate Brokers $1.1M Sale of Office Property in Maine

FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive

Cardente Arranges $5.4M Sale of Waterfront Mixed-Use Property in Maine

YARMOUTH, MAINE — Cardente Real Estate has arranged the $5.4 million sale of Lower Falls Landing, a 40,931-square-foot office and retail building in Yarmouth. The five-acre property also includes a 7,800-square-foot restaurant and 26 boat slips. Cardente represented the seller, Lower Falls Landing Associates, in the transaction. Jennifer Yilmaz of Applewood Realty represented the buyer, SEKA Properties. Originally constructed as a cannery, the owners redeveloped the property into office space …

Fantini & Gorga Secures $2.1M in Financing for Two Dollar General Stores in Maine and Connecticut

VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. …

Furniture Mattress & More Replaces 150,000 SF Macy’s in Bangor, Maine

BANGOR, MAINE — Out of the Box Ventures LLC, a subsidiary of global real estate development firm Lionheart Capital, has signed Furniture Mattress & Moreto a 150,000-square-foot lease at a former Macy’s location in Bangor. The transaction includes an option to purchase the property. Furniture Mattress & More will backfill the anchor space that previously housed Macy’s at the 650,000-square-foot Bangor Mall. The longtime Bangor-based retailer offers a wide selection of furniture, …

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