My mind wandered recently on a long drive, as it often does. I had the music going and, in typical Maine fashion, cell phone coverage was spotty. It was nice to effortlessly jump from thoughts of the upcoming holiday season with my young kids, to my 20-year high school reunion and old friends, to the promise of another long playoff run by my beloved Patriots. But as I passed commercial buildings and warehouses, my attention drifted to the bricks and mortar of the metro Portland industrial market. Here is what I thought as I hummed along to the hits: The Times They Are a-Changin’ Bob Dylan said it simply, and the statistics in our market suggest the same. The nearly eight-year run of a clear landlord’s market has finally shown indicators (albeit slight) that the pendulum is swinging the other way. While the year-end numbers are not yet complete, I am predicting vacancy rates will increase 200 to 300 basis points from our historically low 2017 rate of 1.25 percent. Let’s say, conservatively, our market increases to 3 percent overall vacancy. That is still what I would call a landlord’s market. However, what concerns me is that our added industrial …
PORTLAND, MAINE — HFF has brokered the sale of a hotel development site at the former Rufus Deering Lumber Co. in Portland. The sales price was not disclosed. The planned six-story, 112,439-square-foot, Aloft-branded hotel will feature 155 rooms as well as restaurants, meeting space and a fitness center. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops. The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Reger Dasco Properties, in the transaction. The buyer and developer was Norwich Partners.
HAMILTON, N.J. — Cushman & Wakefield has brokered the sale of Ibis Plaza, a two-building office complex in Hamilton. The price was not disclosed. Located at 3525-2525 Quakerbridge Road, the 119,000-square-foot property is currently 88 percent occupied by approximately 75 tenants. The building also features a 6,700-square-foot event venue available for rent to both tenants and off-site organizations. Cushman & Wakefield’s New Jersey capital markets team represented the seller, a private ownership entity, in the transaction. The buyer was IBIS Realty LLC.
FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be used for the construction of a two-story expansion to the assisted living portion of the campus, as well as renovations to the existing common areas. A $5.5 million loan will refinance the memory care portion of the campus, extending the loan term and converting from a floating rate to a fixed rate. The memory care wing was built in 2014 and has maintained 100 percent occupancy with a waiting list since its construction.
STANDISH, MAINE — Marcus & Millichap has negotiated the $6.4 million sale of Colonial Marketplace, a retail center in Standish. Located at 111 Ossipee Trail, the property is approximately 17 miles west of Portland. Preet Sabharwal, Zachary Weiss and Richard Dorfman of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was undisclosed. Hannaford Supermarket has anchored the retail center for more than 25 years.
FALMOUTH, MAINE — Cardente Real Estate has brokered the $1.1 million sale of a 6,085-square-foot office property in Falmouth. Located at 19 Northbrook Drive, the tenant roster includes Goldman Financial Planning, Maine Laser, Edward Jones and Joshua Rent. Matthew Cardente of Cardente Real Estate represented the seller, Mark Richards. The buyer was CPM-19 Northbrook Drive LLC.
YARMOUTH, MAINE — Cardente Real Estate has arranged the $5.4 million sale of Lower Falls Landing, a 40,931-square-foot office and retail building in Yarmouth. The five-acre property also includes a 7,800-square-foot restaurant and 26 boat slips. Cardente represented the seller, Lower Falls Landing Associates, in the transaction. Jennifer Yilmaz of Applewood Realty represented the buyer, SEKA Properties. Originally constructed as a cannery, the owners redeveloped the property into office space with ground-floor retail.
VERNON, CONN., WELLS, MAINE. — Fantini & Gorga has secured a $2.1 million refinancing for two newly constructed Dollar General Stores in Wells and Vernon. The properties are leased on an initial long-term triple net basis to Dollar General. The Vernon location opened in July of 2017 and the Wells location opened in January of 2018. Chris Miller and Lindsay Feig of Fantini & Gorga represented the New England-based client and arranged the financing with a regional financial institution. Terms of the non-recourse loan included a thirty-year amortization schedule.
BANGOR, MAINE — Out of the Box Ventures LLC, a subsidiary of global real estate development firm Lionheart Capital, has signed Furniture Mattress & Moreto a 150,000-square-foot lease at a former Macy’s location in Bangor. The transaction includes an option to purchase the property. Furniture Mattress & More will backfill the anchor space that previously housed Macy’s at the 650,000-square-foot Bangor Mall. The longtime Bangor-based retailer offers a wide selection of furniture, home furnishings, mattresses and home décor. Out of the Box acquired the former Macy’s in an online auction conducted by Ten-X in December 2017 for $750,000, according to the Bangor Daily News. Other anchor tenants at the Bangor Mall include Dick’s Sporting Goods and JCPenney.
FALMOUTH, MAINE – NKF Capital Markets has arranged the sale of Falmouth Shopping Center, located along U.S. Route 1 in Falmouth. Private investors purchased the shopping center from JPA Management for $21 million. At the time of sale, the property was 89 percent leased to a diverse tenant roster, including Shaw’s Supermarket, Ocean State Job Lot, Goodwill, Sullivan Tire, and Bank of America. Geoffrey Millerd and Justin Smith of NKF, along with Mackenzie Simpson of Porta & Co., represented the seller in the deal.