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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, …

NKF Capital Markets Orchestrates $21M Sale of Shopping Center in Maine

FALMOUTH, MAINE - NKF Capital Markets has arranged the sale of Falmouth Shopping Center, located along U.S. Route 1 in Falmouth. Private investors purchased the shopping center from JPA Management for $21 million. At the time of sale, the property was 89 percent leased to a diverse tenant roster, including Shaw's Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire, and Bank of America. Geoffrey Millerd and Justin Smith of NKF, along with Mackenzie Simpson of Porta & Co., represented the …

Remic Properties Acquires 34,000 SF Maine Eye Center in Portland for $8.2M

PORTLAND, MAINE — Remic Properties has acquired the 34,000-square-foot Maine Eye Center at 15 Lowell St. in Portland for $8.2 million. Both Remic Properties and the seller, Maine Eye SPE LLC, were represented by Stan Johnson Company in the transaction. Maine Eye, an ophthalmology practice, is the sole tenant in the building. The acquisition was part of a 1031 exchange that Remic completed following the sale of a property in Peabody, Mass. Tom St. Jean and Mary Lambert of Brookline Bank …

AAM 15 Management Acquires 99-Room Hotel in Downtown Freeport, Maine

FREEPORT, MAINE — AAM 15 Management LLC has purchased Hilton Garden Inn Freeport Downtown for an undisclosed price. HFF arranged the sale. The 99-room hotel, located at 5 Park St., is the only hotel in its competitive set within walking distance of downtown Freeport, according to HFF. Completed in 2005, the hotel offers 7,500 square feet of meeting space, a restaurant, fitness center, indoor pool and car charging stations. Freeport is 18 miles north of Portland, Maine. Denny Meikleham, Alan …

Fantini & Gorga Secures $4.5M Acquisition Loan for Medical Office Building in Topsham, Maine

TOPSHAM, MAINE — Fantini & Gorga has arranged a $4.5 million loan for the acquisition of a single-tenant medical office property located in Topsham. The Central Maine Medical Center occupies the 15,000-square-foot building. The tenant has 11 years remaining on its initial 20-year lease and leases 100 percent of the building. Keith Wentzel, Chris Miller and Jon Garcia of Fantini & Gorga represented the undisclosed buyer in the financing

Speculative Industrial Development Picks Up in Southern Maine

In Southern Maine, we have an inventory problem. An inventory shortage, that is. During the recovery, there has been a steady flight to quality in all sectors including office, retail and, most strikingly, the industrial market. For the seventh consecutive year, the Greater Portland industrial market vacancy rate has dropped. We are now hovering close to a 2 percent total vacancy, which is grossly inhibiting end-users and growth. [caption id="attachment_192412" align="alignright" …

Downtown Portland, Maine, Class A Office Market Remains Tight

As 2018 begins, it appears that the Greater Portland office market has continued to hold on to low vacancy rates as supply remains low across both Class A and Class B buildings throughout the market. CBRE/The Boulos Co is conducting its annual market outlook; it will be exciting to see the results, which we release in January. I anticipate the numbers to show a steady or slight decrease in vacancy rates across all submarkets but also show a much lower absorption rate, as momentum has appeared …

Cardente Real Estate Brokers $1.1M Sale of Restaurant Property in Portland, Maine

PORTLAND, MAINE — Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal.

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