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.
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.
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.
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.
ROCKLAND, MAINE — Metro Boston-based brokerage firm Horvath & Tremblay has negotiated the $13.5 million sale of Harbor Plaza, a 169,079-square-foot shopping center in Rockland, located roughly midway between Portland and Bangor. Anchored by grocer Shaw’s, the center was roughly 93 percent leased at the time of sale to tenants such as T.J. Maxx, HomeGoods, Staples, Olympia Sports, H&R Block and The UPS Store. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the buyer and seller, both of which requested anonymity, in the deal.
RICHMOND, MAINE — Marcus & Millichap has brokered the sale of Mid-Maine Storage, a 157-unit self-storage facility located on the southern outskirts of Augusta. The property comprises 154 non-climate-controlled units and three garage units for a total of 17,410 net rentable square feet. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Jim Koury of Marcus & Millichap assisted in closing the deal as the broker of record.
PORTLAND, MAINE — Metro Boston-based mortgage banking firm Fantini & Gorga has arranged a $23 million permanent loan for Danforth Heights, a 166-unit mixed-income community located in between Portland’s historic and waterfront districts. According to Apartments.com, the property was built in 1973 and features one-, two-, three- and four-bedroom units. Tim O’Donnell and Derek Coulombe of Fantini & Gorga placed the debt through Eastern Mortgage Capital on behalf of the undisclosed borrower.
SOUTH PORTLAND, MAINE — The RAM Cos., an investment firm based in Maine, has acquired a three-building, 74,000-square-foot office complex in South Portland. Jessica Estes and Drew Sigfridson of Boulos Co. represented the seller, an entity doing business as 341 Park LLC, in the transaction. Howard Goldenfarb, Todd Goldenfarb and Mark Campbell internally represented RAM Cos., which acquired the asset through its affiliate, Mile Market Investments. The new ownership plans to implement a value-add program and rebrand the complex as Atlantic Place Commerce Center. The property was fully leased at the time of sale.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
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 states.