REBusinessOnline

Apple Hospitality REIT Acquires Aloft Hotel in Portland, Maine, for $51.2M

PORTLAND, MAINE — Apple Hospitality REIT (NYSE: APL) has acquired the 157-room Aloft Hotel in downtown Portland for $51.2 million, or approximately $326,000 per key. The newly built, waterfront property features a fitness center, meeting space and multiple food and beverage options. The seller was not disclosed. Following the acquisition, the portfolio of Virginia-based Apple Hospitality consists of 215 hotels totaling about 28,000 rooms across 35

Apple Hospitality REIT Acquires AC Hotel by Marriott in Portland, Maine, for $66.8M

PORTLAND, MAINE — Apple Hospitality REIT Inc. (NYSE: APLE) has acquired the 178-room AC Hotel by Marriott in Portland for $66.8 million, or roughly $375,000 per room. The property, which opened in summer 2018, is located within the city’s historic district near its cruise ship terminals. Amenities include a fitness center and two food and beverage concepts. The seller was not disclosed. Following this acquisition, the Apple Hospitality portfolio now includes 213 hotels with approximately …

Knapp Group Brokers $10.2M Sale of Seniors Housing Community in Central Maine

MAINE — The Knapp-Stahler Seniors Housing Group of Marcus & Millichap has brokered the sale of an unnamed continuing care retirement community (CCRC) in central Maine. The site of the 121,677-square-foot property spans an entire city block, totaling 3.6 acres. The occupancy rate has consistently been over 90 percent, according to the brokers. The sales price was $10.2 million, but details on the buyer and seller were not disclosed. The lead agent for this transaction was Jim

Davis Acquires 107,228 SF Medical Office Building in Portland, Maine

PORTLAND, MAINE — Davis Medical Investors LLC, an affiliate of Minneapolis-based investment firm Davis, has acquired a 107,228-square-foot medical office building in Portland’s Bayside District. InterMed, Maine’s largest private medical practice, anchors the 10-story building, which was fully leased at the time of sale. Joe Massa of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the

Consigli Construction Completes 350,000 SF Athletics Facility at Colby College in Maine

WATERVILLE, MAINE — General contractor Consigli Construction Co. has completed the Harold Alfond Athletics and Recreation Center, a 350,000-square-foot facility at Colby College, a private liberal arts college in Waterville, Maine. The facility features a 200-meter track, tennis courts, an ice arena, Olympic-sized pool, competition gym for basketball and volleyball, squash courts, a strength and fitness center, multi-purpose studios, locker rooms, sports medicine facilities and offices. …

Marcus & Millichap Negotiates Sale of 793-Unit Self-Storage Portfolio in Maine

MAINE — Marcus & Millichap has negotiated the sale of the JMC Self-Storage Portfolio, which consists of four properties totaling 793 units in southern Maine. Three of the four properties in the portfolio, which spans 92,275 net rentable square feet, are located within 20 miles of Portland. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer and sales price were not disclosed. James Koury of …

Stan Johnson Co. Brokers $11.8M Sale of Office Building in Portland, Maine

PORTLAND, MAINE — Stan Johnson Co. has brokered the $11.8 million sale of an 80,683-square-foot office building in Portland. The three-story property was originally built on 18.3 acres in 1974 and was leased to a single tenant, Consolidated Communications, at the time of sale. Chris Adams and Jim Gibson of Stan Johnson Co. represented the seller, Vermont-based developer Pizzagalli Properties, in the transaction. Josh Soley of Maine Realty Advisors represented the buyer, an undisclosed …

Alliant Credit Union Provides $16.5M Acquisition Loan for Two RV Parks Near Portland, Maine

WELLS, MAINE — Alliant Credit Union has provided a $16.5 million acquisition loan for a pair of adjacent RV parks in Wells, a suburb of Portland. The properties were fully occupied at the time of sale and feature shared amenities such as a clubhouse, pool, fitness center and a basketball court. Matt Gentile of Monroe & Giordano placed the loan, which was structured with a five-year term and a 30-year amortization schedule, with Alliant. The borrower was not

Local Developer Breaks Ground on Office Project for Sun Life in Portland, Maine

PORTLAND, MAINE — Portland Foreside Development Co. has broken ground on an office project for financial services provider Sun Life in the city’s downtown area. The waterfront building will house as many as 700 employees of Sun Life and its subsidiary FullscopeRMS, which expect to have a total footprint of about 77,000 square feet. The property will also feature retail and restaurant space, as well as public plazas. Completion is slated for

Fantini & Gorga Arranges $7.5M Loan for Refinancing of Multifamily Asset in Auburn, Maine

AUBURN, MAINE — Boston-based mortgage banking firm Fantini & Gorga has arranged a $7.5 million loan for the refinancing of Auburn Mall Apartments, a 168-unit multifamily asset in Auburn, located north of Portland. The property was built in phases during the 1980s and features one- and two-bedroom units. Derek Coulombe and Ryan Maddaluna of Fantini & Gorga placed the debt on behalf of the undisclosed borrower, a Maine-based developer and investor. An agency lender provided the …

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