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Maine

Greystar-Merrimack-College
DevelopmentMaineMultifamilyNortheastStudent Housing

Greystar, Merrimack College Break Ground on 540-Bed Residence Hall in North Andover, Massachusetts

by Taylor Williams

NORTH ANDOVER, MASS. — A public-private partnership between South Carolina-based developer Greystar and Merrimack College has broken ground on a 540-bed residence hall on the university’s campus in North Andover. The development will consist of two four-story buildings. The first building will span 79,600 square feet and offer 351 “traditional style” beds with academic space and gathering areas on the first floor. The second, 61,300-square-foot building will offer 189 beds in suite-style units with en-suite living rooms and bathrooms throughout. The community, which will offer housing for first- and second-year students, will also include a fitness center and in-building laundry facilities. Cube3 Architects designed the project, which is slated for a fall 2026 completion.

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DevelopmentHospitalityMaineNortheast

Fathom Cos. Debuts 13-Room Boutique Hotel in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Fathom Cos., a locally based hospitality development and management firm, has debuted The Weldon, a 13-room boutique apartment-style hotel in Portland. Local businessmen Chris DiMillo and Jay Hibbard own The Weldon, which offers one- and two-bedroom suites with fully equipped kitchens, washers and dryers and individual sound systems. Shared amenities include a fitness center and private office spaces. Rates start at $399 per night.

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AcquisitionsIndustrialMaineNortheast

MAG Capital Partners Buys 84,800 SF Manufacturing, Headquarters Facility in South Paris, Maine

by Taylor Williams

SOUTH PARIS, MAINE — In a sale-leaseback transaction, MAG Capital Partners has acquired the manufacturing and headquarters facility of KBS Builders, a wholly owned subsidiary of Star Equity Holdings. The 84,800-square-foot facility, which is located about 30 miles from the Maine-New Hampshire border in South Paris, was originally built on 18.6 acres in 2004 and features a clear height of 40 feet and nine dock doors. Jeff Lizzo and Krupa Shah of STREAM Capital Partners represented KBS Builders in the transaction. The sales price was not disclosed.

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Leasing ActivityMaineNortheastRetail

Simon Welcomes New Retailers to Kittery Premium Outlets in Southern Maine

by Taylor Williams

KITTERY, MAINE — Simon Property Group has welcomed a host of new retailers to Kittery Premium Outlets in southern Maine. Claire’s, Carter’s, OshKosh B’Gosh, Mélange Home, Perfume Palace, Limited Hype and Jack’s Country Store have all recently opened stores, and Vineyard Vines will open next spring. Simon acquired Kittery Premium Outlets, which is home to more than 50 retailers across five centers, over the course of the 2000s.

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The-Downs-Scarborough-Maine
DevelopmentMaineMixed-UseNortheast

Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.

by Taylor Williams

SCARBOROUGH, MAINE — Developer Crossroads Holdings LLC is underway on construction of Scarborough’s Town Center in southern Maine. Valued at $300 million, the project is located within The Downs, a 577-acre destination that is a redevelopment of a former horseracing complex. Plans call for 320,000 square feet of retail space, 60,000 square feet of medical office space, 240 residential units and a boutique hotel, as well as various open green spaces. Construction began last fall. The development team behind The Downs has partnered with Wilder Cos., a Boston-based development, management and leasing firm, in which Wilder will provide strategic retail and leasing services for the town center development. Wilder is also engaged with a local brokerage firm, The Boulos Co., to assist in securing local retail and restaurant interest.

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DevelopmentMaineMultifamilyNortheast

Jones Street Breaks Ground on 64-Unit Multifamily Project in Brunswick, Maine

by Taylor Williams

BRUNSWICK, MAINE — Jones Street Investment Partners, a private equity real estate firm, has broken ground on a 64-unit multifamily project in Brunswick, a northern suburb of Portland. The project, which will be situated on a 3.5-acre site, represents the second phase of Atlantic Pointe, the first phase of which comprised 181 units. Phase II will feature four buildings that will house one- and two-bedroom residences. Amenities at Atlantic Pointe include a fitness center, business center, dog park and package lockers. Delivery of Phase II is scheduled for summer 2025.

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Freeport-Village-Station
AcquisitionsMaineNortheastRetail

Wilder Cos. Acquires 122,121 SF Shopping Center in Freeport, Maine

by Taylor Williams

FREEPORT, MAINE — Boston-based retail owner-operator Wilder Cos. has acquired Freeport Village Station, a 122,121-square-foot shopping center located near Portland, Maine. The center is situated across from L.L. Bean’s flagship campus, and the outdoor equipment and apparel retailer’s outlet store anchors the 3.6-acre property. Other tenants include Brooks Brothers, Old Navy, Coach, Famous Footwear, Lindt, Oakley, OshKosh B’gosh and Carter’s, Sunglasses Hut, Talbots, Sketchers and Francesca’s. The seller and sales price were not disclosed.

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AcquisitionsIndustrialMaineNortheastSelf-Storage

Marcus & Millichap Brokers Sale of 296-Unit Self-Storage Portfolio in Chelsea, Maine

by Taylor Williams

CHELSEA, MAINE — Marcus & Millichap has brokered the sale of a portfolio of three self-storage facilities totaling 296 units in Chelsea, located just south of Augusta. The properties total 45,690 net rentable square feet of space. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction. The buyer and sales price were not disclosed. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.

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AcquisitionsIndustrialMaineNortheast

RAM Cos. Acquires 64,000 SF Industrial Property in Portland, Maine

by Taylor Williams

PORTLAND, MAINE — Locally based investment firm The Ram Cos. has acquired a 64,000-square-foot industrial property in Portland, located in the southeastern part of Maine. The complex comprises three buildings with clear heights of 18 feet that were fully leased to nine tenants at the time of sale. RAM Cos. plans to upgrade the signage, landscaping and parking lots and rebrand the property as Portland Commerce Center. The seller and sales price were not disclosed.

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AcquisitionsHospitalityMaineNortheast

Giri Hotels Acquires 249-Room Waterfront Resort in Ogunquit, Maine

by Taylor Williams

OGUNQUIT, MAINE — Regional hospitality owner-operator Giri Hotels has acquired Anchorage by the Sea, a 249-room waterfront resort in Ogunquit, located in southern coastal Maine. The property offers amenities such as indoor and outdoor pools, reception and meeting rooms, outdoor lounges and gathering spaces and an onsite restaurant and bar. Wason Associates Hospitality Real Estate represented the undisclosed seller in the transaction.

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