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Maine

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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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AcquisitionsIndustrialMaineNortheast

MAG Capital Partners Acquires 60,000 SF Cold Storage Facility in Coastal Maine

by Taylor Williams

MAINE — Dallas-based investment firm MAG Capital Partners has acquired a 60,000-square-foot cold storage facility that is located in an undisclosed community in southern coastal Maine. MAG Capital Partners acquired the property, which primarily functions as a seafood processing facility, via a sale-leaseback in an off-market deal. Additional terms of the transaction were not disclosed.

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AcquisitionsHospitalityMaineNortheast

Wardman Group Sells 65-Room Hotel in Southport, Maine

by Taylor Williams

SOUTHPORT, MAINE — The Wardman Group, a Baltimore-based boutique investment firm, has sold Ocean Gate Resort, a 65-room hotel in Southport, located in the southern coastal part of Maine. Guestrooms offer private balconies, and the amenity package consists of a pool, tennis and basketball courts, a minigolf course, fire pits and canoe/kayak rentals. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.

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DevelopmentLoansMaineMultifamilyNortheast

Jones Street Receives $36M Construction Loan for Multifamily Project in Brunswick, Maine

by Taylor Williams

BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.

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DevelopmentLoansMaineMultifamilyNortheast

Jones Street Receives $70M Construction Financing for Multifamily Project in Kittery, Maine

by Taylor Williams

KITTERY, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $70 million construction loan for the development of Seacoast Residences, a 282-unit multifamily project in Kittery, located in the southern coastal part of Maine. The five-building community will offer amenities such as a pool, fitness center, dog park and nature trails. KeyBank provided the loan, and Colliers arranged a $7.9 million preferred equity investment with an undisclosed partner. Construction is slated for an early 2024 completion.

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