SOUTH PORTLAND, MAINE — Newmark has brokered the $19.7 million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland. Mall Plaza is located across from The Maine Mall and was 83 percent leased at the time of sale, with Dick’s Sporting Goods serving as the anchor tenant and Petco as a junior anchor,. The center also features five pad sites, four of which are occupied by Burger King, Verizon, Maine Community Bank and Friendly’s. An entity doing business as GMG LLC sold the property to New Gen Hospitality Inc. Robert Griffin, Jonathan Martin, Paul Penman and Casey O’Brien of Newmark brokered the deal.
BANGOR, MAINE — Marcus & Millichap has brokered the $12.4 million sale of a 91,828-square-foot retail building in Bangor, Maine. BJ’s Wholesale Club occupies the building at 110 Longview Drive, which sits on a 13-acre site and was originally constructed in 2002 and renovated in 2015, according to LoopNet Inc. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
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.
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.
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.
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.
Crossroads Holdings Underway on $300M Mixed-Use Project in Southern Maine, Partners With Wilder Cos.
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.
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.
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.
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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