Malone Commercial Brokers is proud to have represented Maine Medical Center in their acquisition of One Riverfront Plaza in Westbrook, the largest office building in downtown Westbrook. The 134,000 SF building was purchased for $10,750,000 and it will house Maine Medical Center (MMC) information services team and other administrative employees (400-500) who are currently spread across eight office locations. (New England Real Estate Journal, 7/7/2017) Mark Malone, Joe Malone and Jennifer Small worked on the project with the MMC team over the last several months.
Mougalian Rugs opened quietly back on November 21, 2016 at 175 Anderson Street in Portland. Earlier this month the company held an open house/cocktail party to celebrate the new Mougalian Rugs store.
Mougalian Rugs has been in business for three generations, starting with Robert & Ruth Mougalian who first began selling rugs from a store in the back of their home in Buxton in the early 1970s. In 1988, their son Randall, built a store for his parents in Scarborough.
Randall decided to move the store to downtown Portland to be in close proximity to the many new residential building projects and developments underway on the peninsula. Mark Malone of Malone Commercial Brokers represented Mougalian Rugs in finding the new location at 175 Anderson Street. He also represented Mougalian Rugs in the sale of its Scarborough property. Read more...
L-R: Brett Mougalian (3rd generation), Beth & Randall Mougalian, Mark Malone
Family Crisis Services (FCS) held their 2017 Gala fundraising event on May 11th at the Portland Harborview Hotel. Their goal was to raise $30,000. John Doyon of Malone Commercial Brokers presented a $3,200 check on behalf of the Maine Association of Realtors (MAR) Foundation and Maine Commercial Association of Realtors (MCAR) to FCS Director Rebecca Hobbs in conjunction with the gala. John has raised funds for FCS for over 20 years, and most recently worked in conjunction with the Women’s Council of Realtors with the MAR Foundation providing a matching contribution. FCS paid tribute to the Women’s Council of Realtors which raises funds every year for FCS. MCAR received an honorable mention.
Diversified Partners LLC and Fancy Sauce LLC have purchased a portion of the Portland Elks Lodge for $1,250,000. The entire property included a 23,090± SF lodge building on nearly 7 acres at 1945 Congress Street. Portland Lodge #188 BPOE of USA was the seller. In a unique sale arrangement, the purchasers formed a three property condominium and acquired the development rights to the excess land on two of the condo units, while also reducing the Elks Lodge to 13,500+/- square feet and leaving the Elks Lodge in place, in soon to be renovated building. The property went under contract in 2014 and closed April 20, 2017, after a long permitting process.
Northland Enterprises will be developing the property into offices for Clark Insurance and a medical office building. The lodge building will also be completely renovated for the Elks #188 Lodge.
Mark Malone, CCIM of Malone Commercial Brokers represented the Elks Lodge and Greg Boulos of CBRE/The Boulos Co. represented the buyers in the sale transaction. Portland Press Herald 4/26/2017
Simon Pearce opened its Portland store at 111 Commercial Street. The company's other locations include Boston, Greenwich and Westport CT, Burlington and Quechee VT and Hanover NH.
Peter Harrington of Malone Commercial Brokers represented the landlord, Blanchard Block LLC, and Tim Duffy of The McDevitt Company represented Simon Pearce in the leasing of the 2,075 SF retail space in Portland's Old Port.
“Business is booming and it’s exceeding our wildest expectations…we’re thrilled and we’re busy.”
--Jeff Buckwalter, General Manager – The Holy Donut
The Holy Donut opened earlier this month at 398 U.S. Route 1 in Scarborough. General Manager Jeff Buckwalter was tasked by The Holy Donut owner and founder Leigh Kellis with finding space for a new store. Mark Malone, CCIM and Marie Gresik helped The Holy Donut in its search for the best space and location for its 3rd store.
The new Scarborough store is located at the lighted intersection of U.S. Route 1 and the Haigis Parkway and less than 5 minutes from the Maine Turnpike.
The 3,080 SF former Tim Horton’s building was a great match for the Portland-based company. Jeff indicated that this store will also serve as the main baking facility for The Holy Donut’s other Greater Portland locations.
Founder Leigh Kellis was recently awarded Maine’s Small Business Person of the Year. In an interview about the SBA award with WCSH’s Beth McEvoy, Kellis indicated that on a busy Saturday we’ve sold nearly 10,000 donuts.
Jeff, when asked about further expansion plans, said “I’m not even thinking about that right now. We’re going to digest this place and then we’ll take it from there.”
“This location we picked because of its exposure to Route 1 and its ability to challenge our staff. I can’t thank Mark and Marie enough for finding this space.” added Jeff.
Malone Commercial Brokers brokered the transaction, Mark Malone, CCIM of Malone Commercial Brokers represented The Holy Donut and Kevin Fletcher, CCIM of Malone Commercial Brokers, CCIM represented the landlord in the lease negotiations.
On Thursday, January 19th, leaders from Maine's real estate, construction, architectural, banking and legal communities will gather to learn about economic projections for the industry. Check out the agenda, and please join us at MEREDA.
Malone Commercial Brokers will be exhibiting at MEREDA's Annual Member Showcase, so stop by our Booth #3 on January 19th at the Holiday Inn By the Bay in Portland.
Mark Malone attended this year’s ICSC (International Council of Shopping Centers) New York National Deal Making conference held at the Jacob Javits Center in New York City, December 5 & 6th. The conference’s key note presentation was given by Kevin Plank, Founder and CEO of Under Armour. It was reported there was record attendance this year with some 10,000 developers, retailers, brokers and other retail real estate professionals attending.
Kevin Fletcher, CCIM, Associate Broker for Malone Commercial Brokers, has accepted an appointment to the National Association of Realtors®’ Commercial Committee. Kevin will begin his one-year term in November 2016 at the conclusion of the REALTORS® Conference & Expo in Orlando, Florida.
The committee works to identify, review, analyze and recommend policies addressing commercial real estate industry issues and trends.
“I’m excited and honored to serve on the Commercial Committee in 2017 to contribute to the decision-making process and help shape the direction of the association and its policies,” said Kevin. “I’m grateful for the opportunity to take on this leadership role.”
Kevin’s role on the committee will help bring value and benefit to the association’s 1.2 million members, the nation’s 75 million real property owners and the individuals striving to achieve homeownership,” said 2017 NAR President Bill Brown of Oakland, California, who made the appointment. “I know Kevin cares deeply about our profession, industry and the clients we serve and will help guide us forward; I am proud to have him serve.”
Peter Harrington, Partner & Associate Broker for Malone Commercial Brokers, has been elected Vice President of the Maine Association of Realtors (MAR). Peter was inducted during MAR’s 2016 Convention & Trade Show held October 4-6, 2016 at the Sunday River Grand Summit Hotel in Newry, Maine.
It was highly acknowledged and recognized throughout the convention that Peter is the first commercial realtor to serve in this capacity in Maine. Peter has over 25 years of experience in Maine commercial real estate. He focuses on leasing and sales in the Greater Portland market.