York County's Commercial Real Estate Boom by Brandon Mitchell

York County in Maine is experiencing a significant surge in commercial real estate development, with major projects underway across various sectors, including mixed-use, retail, multi-family, and industrial properties.

One of the most prominent developments is the Pepperell Mill, a 655,000-square-foot mixed-use campus in Biddeford. This massive project has breathed new life into the historic mill complex, creating a vibrant hub for businesses and residents alike. Adjacent to the Pepperell Mill, the city's first parking garage, the Pearl Street Parking Garage, is now complete, providing much-needed parking infrastructure to support the area's growth.

Another noteworthy addition to Biddeford's skyline is The Lincoln Hotel and Lofts, a 33 room boutique hotel and 148-residential development. Around the corner from The Lincoln lies The Levee. This campus-like redevelopment along the Saco River includes retail and residential components, and an onsite self-storage facility, further contributing to the city's revitalization efforts.

Beyond Biddeford, other major projects are underway in the region. In Ogunquit, The Dunes on The Waterfront resort is under construction with completion scheduled this May 2024, promises to be a premier destination for visitors. Meanwhile, in Saco, the Clover Leaf Development is adding 120 new apartments to the housing market. Additionally, a 50,000-square-foot industrial facility is in the works on 955 Portland Road.

The region's commercial real estate boom extends beyond construction sites, with several notable companies and businesses contributing to the economic landscape. Ready Seafood, Hancock Lumber, Pack Edge, Colliers Engineering, Brickyard Hollow Brewing, Spurwink Medical, and Batson River Brewing are among the newer businesses driving growth and creating job opportunities in York County.

Looking ahead, the pipeline of projects in the planning stage promises to further transform the region's commercial landscape. In Wells Beach, the Camp resort is in the works. Saco is also preparing for the Park North Development, which will feature 84 apartments and 79 residential lots. Biddeford continues to thrive as well with the Pearl Street Riverfront District, which 1st phase will provide 160 apartments and additional commercial space for restaurants and supporting retail. The 1 Diamond Development, a massive 500-unit apartment complex, is making its way through the planning phase, and Building 11 of the Pepperell Mill complex is slated for conversion into 76 apartments.

With such a robust lineup of developments, York County will become a thriving hub for commercial activity, offering a diverse range of opportunities for businesses, residents, and visitors alike. As the region continues to evolve, it will undoubtedly attract further investment and attention, solidifying its position as a prime destination for economic growth in Maine.

Popular Portland Restaurant Moving to Larger Location in Deering Center

Malone Commercial Brokers is pleased to announce the sale of 476 Stevens Avenue in Portland to Ryan Carey, founder of Noble Barbecue. Mike Anderson of Malone Commercial Brokers, Justin Lamontagne and Bryan Plourde of The Dunham Group brokered the transaction.

Noble Barbecue will rebrand as Noble Pizzeria & Barbecue at their new location. The spacious 4,091 square foot facility will feature a full dining room, an 18-seat bar, and a patio with seating for up to 50 guests. Noble’s famous barbecue will remain on the menu alongside their new selection of coal-fired pizzas. The restaurant will also debut a tempting array of milkshakes.

Noble founder Ryan Carey hopes to benefit the surrounding community and mentioned that Deering Center has been without a restaurant for over a year and having a gathering space for people to create memories is important for a community.

Carey expressed his enthusiasm for the expansion, “Noble Pizzeria & Barbecue is the culmination of my team’s culinary passions. We’re thrilled to bring our craft barbecue and wood-fired pizzas together under one roof in this incredible new space.”

A deal like this always requires a collaborative effort. Carey praised Mike Anderson for his role in the deal stating, “Mike was phenomenal. He represented the seller and was very prompt and professional with all questions.”

Mike Anderson of Malone Commercial Brokers, who represented the seller in the transaction, commented: “476 Stevens Ave was shown to numerous restaurateurs both local and from away over the past year and a half. I’m glad to have helped facilitate yet another local Maine business expand and believe Noble will do exceedingly well in Deering Center. It was a pleasure working with Ryan Carey and his team as well as Justin Lamontagne and Bryan Plourde from The Dunham Group.”

The new Noble Pizzeria & Barbecue location is scheduled to open in July 2024, with the original Noble Barbecue on Forest Avenue remaining open until that time.

Malone Commercial Brokers Professionals Reach New Career Milestones

Malone Commercial Brokers is pleased to announce Jennifer “Jenn” Small, Partner at Malone has earned the prestigious CCIM (Certified Commercial Investment Member) designation, a recognition awarded by the CCIM Institute to real estate professionals who demonstrate expertise in the disciplines of commercial and investment real estate.

Small joined MCB in 2000 as an intern, launching her successful career in commercial real estate. She has since risen in the company and industry to become a top producing broker in the Maine market.

Carly Saunders has been promoted to Broker Assistant on the Joe Malone Team after earning her Associate Broker’s License. Carly joined Malone in July 2021 as a Broker Assistant, her dedication and industry expertise have led to her swift career advancement.

Alexia Fornaro has earned her Sales Agent License and has been promoted to Broker Assistant role supporting the Karen Rich & Cheri Bonawitz team, and Mike Anderson. Alexia joined Malone in August 2023 as an Operations Assistant. She has quickly made an impact and proven herself as a valuable member of the team.

“We are incredibly proud of Jenn, Carly, and Alexia for their exceptional achievements,” said Molly McGuire, Designated Broker and Operations Manager at Malone. “Their dedication, hard work, and commitment to excellence have been instrumental in our continued success, and we look forward to their contributions in their new roles.”

Malone Commercial Brokers Honored with Two CoStar Impact Awards

Malone Commercial Brokers is proud to announce that their team has been honored with two prestigious CoStar Impact awards. The company was recognized for its exceptional work in two categories: Sale of the Year and Lease of the Year.

The Sale of the Year award recognized MCB's work in the acquisition of 95-97 Darling Ave. by Fork Food Lab from East Brown Cow. This transaction exemplified innovative solutions across various elements, including design, public-private partnerships, and creative financing. The deal showcased resilience and creativity in contributing to the revitalization of South Portland and the growth of Fork Food Lab's mission-driven organization. Joe Malone and Jennifer Small of MCB represented East Brown Cow in this transaction.

In the Lease of the Year category, MCB was honored for its role in the establishment of Coastline Direct Primary Care at 144 US Route One in Scarborough. This transaction highlighted the ability to navigate key challenges and generate innovative solutions to create a patient-centered, community-driven healthcare facility. Coastline Direct Primary Care is poised to redefine primary care delivery and improve the health and well-being of individuals in the Scarborough community and beyond. This lease deal was brokered by Andrew Ingalls of MCB.

The CoStar Impact awards recognize exemplary commercial real estate transactions completed in 2023 with significant influence in 128 international markets. We are so proud of our team for the role they played in these important transactions!

Howell Laboratories, INC. Acquires ODAT Machine INC. and Industrial Facility in Gorham

20 Sanford Drive, Gorham

Malone Commercial Brokers is pleased to announce the successful sale of ODAT Machine INC., including the 40,000± office and industrial building at 20 Sanford Drive in Gorham Industrial Park. The transaction was brokered by Karen Rich and Mike Anderson of Malone Commercial Brokers and closed on March 29, 2024.

ODAT Machine is a full-service machine shop with over 30 years of experience providing precision machining, fabrication, welding, injection molding and more. They service a range of industries such as Defense, Aerospace, Semiconductors, Microwave Technologies and Optics.

Howell Laboratories, INC. engineers, manufactures and tests fluid processing equipment for military, aerospace and other demanding commercial applications. Howell Labs brings 60 years of experience, priding itself on rigorous design, prototyping and manufacturing processes to deliver the highest quality solutions that lower total ownership costs and environmental impact.

The expansion of Howell Laboratories, Inc. marks an exciting chapter for both companies. They plan to hire ODAT’s invaluable employees with its acquisition. Howell Laboratories, Inc. is an ESOP, meaning they are owned 100% by their employees. Joe McDonnell, President and CEO of Howell stated, “We are very happy to report that we were able to retain all the current employees and make them part of our Employee Ownership team. Our focus will be growing the submarine portion of their business as well as supporting ODAT’s customer base.”

Richard Pratt, former owner of ODAT expresses his excitement for the transition, “I feel very comfortable with Howell Laboratories acquisition of ODAT, they are a great fit. I think this will be very good for the longevity of ODAT and the employees.”

Karen Rich stated, “We’re pleased to facilitate this transaction that provides a promising future for the company, its employees and the community.”

Anderson added, “The package sale of ODAT’s real estate and business was certainly not for everyone. I’m pleased that Karen and I were able to locate who we feel was the best buyer for this unique opportunity. As a broker, I enjoy assisting with and witnessing the process of one successful Maine-based business acquiring another.”

The deal was a full collaborative effort between both local Maine businesses, as well as the two talented brokers at MCB, and even more behind the scenes. We are excited to see HLI carry on ODAT’s legacy!

Rock Row's Medical Campus Grows With New Surgery Center

Medical Campus inside the Rock Row “Innovation District’ in Westbrook, Maine

The booming Rock Row mixed-use development in Westbrook continues to attract top-tier medical tenants. Plastic and Hand Surgical Associates P.A. has signed a long-term lease for 32,842 square feet at the Rock Row Medical Building on Main Street. Mark Malone of Malone Commercial Brokers played a crucial role as the sole broker in facilitating the deal. The practice plans to open a surgery center accredited by the Accreditation Association for Ambulatory Health Care, as well as a medical-grade skin care facility called Skin Solutions.

"This unique concept will significantly benefit people across the region by making high-quality surgical and skincare services easily accessible with concierge-level patient amenities unmatched in Maine," said Dr. Sirish Maddali, president of Plastic and Hand Surgical Associates. The group's eight board-certified plastic surgeons offer advanced cosmetic and reconstructive procedures along with specialized hand surgeries.

Josh Levy, owner of developer Waterstone Properties Group, welcomed the tenant: "Plastic and Hand Surgical Associates enhances the growing roster of forward-thinking providers at our Medical & Research Campus who embrace our vision for next-generation healthcare in Maine."

Rock Row's $600 million first phase delivered the Market Basket grocery store plus retail like REI, Chase Bank, Starbucks, Chick-fil-A and Cowbell. Subsequent phases will add residences, offices, hotels, and additional mixed-use components.

Other major tenants already committed to the 2024 campus opening include anchor New England Cancer Specialists, the Dempsey Center, Saco Bay Physical Therapy, and Rayus Radiology. Approximately 70% of the campus is now pre-leased. Contact Mark Malone if you are interested in joining these fantastic tenants!

Read MainBiz Article Here!

Portland's First Board Game Bar "Another Round" Coming Soon

If you're a fan of board games, coffee, local brews, or just seeking a novel hangout spot, you'll want to mark your calendar for the late May opening of Another Round on Congress Street.

Owner Harry Sultan is preparing to unveil Portland's first board game bar and cafe at 549 Congress St. in Portland, Maine. In our recent discussion, it was clear he has put tremendous thought and effort into making this a truly unique space.

Sultan worked with Cheri Bonawitz and Karen Rich of Malone Commercial Brokers to secure the lease. “Cheri was there every step of the way,” Sultan explains, “I never really thought I would end up owning the space, and Cheri kind of helped me understand what it would take to go through that whole process and spelled everything out in a very demystifying way.”

Originally from New York, Sultan first discovered his love for Maine after attending the Salt Institute here in 2017. When the pandemic allowed him to relocate full-time, he identified an opportunity to fill a niche in Portland's hospitality landscape.

"We're aiming to create a space where you can swing by for great coffee or local craft beer, with a community board game focus at the core - something currently missing in Portland," explained Sultan.

From the layout to the amenities, every aspect has been strategically designed with community board gaming in mind. Sultan is working with Woodhall Architects and Construction to entirely transform the former downtown office space.

A centerpiece will be the massive, modular pegboard shelving system lining one wall to house Another Round's staggering collection of over 200 board games.

"We're making this custom pegboard shelving," said Sultan. "So, as we get new games or rotate the selection, the entire system is adjustable."

Sultan wants something there for everyone, from families, to board game enthusiasts, and anyone in between. Spanning the timeless classics like Monopoly and Guess Who, to the newer classics like Catan and Ticket to Ride, to the more advanced like Wingspan and Twilight Imperium, the pegboard shelving will artfully display the diverse library.

The layout will feature a handcrafted wooden bar serving espresso drinks and local beers, with seating for solo guests to enjoy a quick game while waiting to meet others. But the focus is on maximizing space with larger tables that can accommodate even the biggest board game setups.

"For me personally, I don't have a great place to play board games at home. That's a key reason why I felt a dedicated space like this was needed," noted Sultan.

Placards will be available for patrons to display at their table, signaling their interest in joining a game or having others join them in an intuitive way.

While groups like the local "FriendCon Alliance" exist, Sultan wanted to establish a physical hub to foster the existing board gaming community that had a little more flexibility with its hours, something he missed when first moving to Portland.

Following a soft opening around Memorial Day, Another Round plans to operate Wednesday through Sunday, 8am to 9pm initially to cater to tourists and those with flexible schedules. These hours and days are subject to change as they iron out operational details.

Longer-term, Sultan has ambitious plans to expand with a roastery and coffee carts once the board game bar concept is proven successful.

"This is the proof of concept I'm putting my full effort behind," said Sultan. "I'm hoping we can demonstrate that there's strong demand for spaces like this in Portland."

Based on the amount of thought poured into every detail, it's hard to imagine board game aficionados and novelty-seekers alike not embracing Another Round when it opens its doors at 549 Congress Street in late May. Sultan concludes, “as excited as I am to see it myself, I'm more excited for everyone else to come see it.”

The Greater Portland Retail Forecast for 2024 by Peter Harrington

On February 29th, 2024, Peter Harrington of Malone Commercial Brokers presented “The Greater Portland retail forecast for 2024” at the Maine Real Estate Development Association’s (MEREDA) 2024 Conference. The following is a review of what Harrington presented.

Looking back at 2023, the retail scene in the greater Portland area remained resilient though we did see a slight uptick in the overall vacancy rate from 4.23% to 4.33%. A large portion of the vacancies in the market can be attributed to a few spaces. In Portland, where the vacancy rate stood at 3.9%, lease rates displayed quite a range, spanning from $8 to $40 per s/f for triple net spaces and $25 to $35 per s/f for modified gross spaces. Notably, the Old Port, which can be difficult to track due to the number of retail spaces, showed a vacancy rate of around 2%, with lease rates ranging from $40 to $75 per s/f on a modified gross basis.

There weren’t as many retail buildings sold in 2023, but one notable transaction was the sale of the West Elm building on Middle St. for $5.2 million, which included approximately 3,700 s/f of unfinished space on the lower level.

Scarborough stood out with an impressively low vacancy rate of 0.9%. Scarborough also saw the opening of the first Costco in Maine. Additionally, the ongoing development of the town center at the Downs project promises an enticing blend of retail, dining options, and recreational facilities.

In South Portland, a 5.1% vacancy rate persisted, primarily attributed to the former Sears space. However, the Maine Mall managed to achieve pre-pandemic sales levels despite operating with reduced hours. New tenants such as Box Lunch, Peapod Jewelry, Carters, and Miniso added vibrancy to their retail landscape.

Westbrook had seemingly high vacancy rates at 14.7%, which is mostly due to the former Shaw’s vacancy. The Rock Row development has continued to captivate interest, buoyed by attractions like REI, Market Basket, Chick-fil-A, and Cowbell Rock Row. On the downtown front, Westbrook exhibited strong occupancy and ongoing residential expansions.

Meanwhile, Falmouth maintained a steady vacancy rate of approximately 2%, with ongoing construction at the shops at Falmouth Sq. — a 20,980 s/f retail space that has already secured substantial interest, alongside plans for upper-floor condos ranging from $550,000 to $1 million.

Southern Maine is still a strong destination for tourists as well as locals. We’re seeing tremendous demand for space on the peninsula in Portland. Madewell opened at 75 Market St. a little over a year ago, it’s one of the top stores they have. Construction is underway to convert former retail banking and office space at One Canal Plaza to high-end retail offerings.

There are two ongoing historic rehabilitation projects by East Brown Cow, which will help contribute to the vibrancy of retail offerings in the area. One is on the corner of Middle St. and Exchange St.; all retail spaces at this location have been leased. The other rehab is at 121 Middle St. Both will be stunning properties when completed. A few weeks ago, we orchestrated a lease with Free People at 121 Middle St., which will be their first store in Maine. A 2,470± s/f retail space still remains next to this exciting new tenant. We are continuing to see the best-of-breed retailers realizing the value of Portland and continuing to expand here, complementing the locally-owned, award-winning restaurants, shops, and breweries.

One potentially adverse factor that could impact retail in 2024 is that interest rates are still high. This could lead to a slowdown in some of the retail that’s directly related to housing in the U.S. Weather has been another factor. There have been major weather events coast to coast which have affected retail a little bit since the beginning of the year.

Despite these factors, we think 2024 will be another good year for retail. It’s, as always, based on the U.S. consumer. Due to the strong wage growth, and additional jobs being added, the U.S. economy continues to expand. Without new retail space being added, overall vacancy rates will remain low.

Retail is a sector that everyone thought would no longer be as viable with the onslaught of online shopping. This has proven to be incorrect. People are still going out and shopping in physical stores. I don’t see that trend ending in the U.S. anytime soon. Frankly, it’s what a lot of people like to do, it’s about the experience.

Alice Yardley, Founder of Vibrant Handbag Brand, Opens New Storefront on Exchange Street in The Heart of the Old Port

Alice Yardley standing proudly in front of her new Exchange Street space

Malone Commercial Brokers is pleased to announce that Alice Yardley, the creative force behind a unique handcrafted leather bag brand in Maine, has leased space at 99 Exchange Street in the Old Port. Peter Harrington of MCB brokered the transaction. Yardley ultimately outgrew her previous space on Washington Ave prompting the move. The new space marks a significant milestone for the designer's flourishing brand as she eagerly introduces her unique and colorful designs to the Exchange Street community.

Yardley's brand began as a passionate hobby while teaching high school in Atlanta and New York City. In 2019, she honed her love for leatherworking, transforming her hobby into a thriving business with a commitment to sustainability and creativity at its core. "I wanted to create something that brought joy and brightness into people's lives," Yardley explains.

Despite the challenges posed by the COVID-19 pandemic, her dedication to her craft remained unwavering. "The initial quarantine allowed me to focus even more on my business and creations," she reflects. Her approach caught the attention of industry insiders, leading to her participation in New York Fashion Week's "Ones to Watch" showcase in September 2020.

Yardley's philosophy revolves around sustainability and vibrancy. "I handcraft every leather bag myself, using predominantly leather remnants to minimize waste and reduce my carbon footprint," she emphasizes. Her designs are a kaleidoscope of colors that exude playfulness and charm.

The new store on Exchange Street embodies Yardley's vision of a welcoming and vibrant space. Renovations include exposing original brick walls, adding warmth and character to the ambiance, as well as creating an immersive boutique experience for customers. "I love the concept of having my studio open to the public to allow people to watch me while I work, see the machinery, touch the leather scraps, and feel inspired. My studio space will be open in the back of the store, with the retail section in the front,” Yardley shares.

Expressing her gratitude for the support received during the move, Yardley praises her experience with Pete Harrington and Malone Commercial Brokers. "It was a seamless process that happened so quickly and efficiently," she acknowledges. "Everyone has been so helpful in answering my questions, supporting my small business, and cheering me on through this transition."

As Yardley prepares to welcome customers to her new space, she conveys her excitement and enthusiasm. "I can't wait to share my youthful, colorful, and energetic handbags with the shoppers of Exchange Street!" For more information about Alice Yardley's handcrafted leather bags and the grand opening of her new store, visit https://aliceyardleymaine.com/ or follow her on social media @aliceyardley.maine.

Free People Lands in Maine at Historic Thompson Block: A Milestone in Portland's Retail Landscape

121 Middle Street

East Brown Cow and Malone Commercial Brokers are pleased to announce that Free People, a renowned fashion brand known for its eclectic and bohemian-inspired clothing, is set to make a significant mark in the heart of Portland, Maine. With the recent acquisition of a lease at 121 Middle Street, the retail enterprise will occupy 4,401 square feet in the Historic Thompson Block building. Originally completed in 1867, 121 Middle Street is a four-story, 37,847 square foot Second Empire style building that was designed by Architect George M. Harding. The deal was brokered by Peter Harrington of MCB and Tim Duffy of The McDevitt Company.

121 Middle Street offers Free People an ideal storefront with high visibility, foot traffic, and a dynamic retail environment. The new space will showcase Free People's latest collections, providing customers with unique shopping experience.

 “We’ve been working closely with our partners at Malone Commercial Brokers to carefully curate the growing retail mix in our properties throughout the Old Port,” says Tim Soley, President and CEO of East Brown Cow. “Based on our current mix of both local and national retail tenants, and their success in these locations, we’re extremely confident that Free People will only continue this exciting trajectory and further activate the vibrant urban fabric of Portland’s unique downtown. We look forward to welcoming them to Maine.”

Peter Harrington, a seasoned commercial real estate broker with a proven track record of successful transactions, especially in Portland, played a pivotal role in securing this prime location for Free People. Harrington expressed his enthusiasm for completion of the deal, stating, “It’s great to have Free People signed at 121 Middle Street. Urban Retail will now have three stores on Middle Street, along With Anthropologie and Urban Outfitters. They are one of the best retail groups in existence. I can’t think of any better tenant to have anchor the first floor.”

Harrington’s deep understanding of both the brand's vision and the local market dynamics ensured a beneficial deal for all parties involved. He reflects on the experience, expressing, “Working with the team from East Brown Cow and Tim Duffy, from McDevitt, was a great experience. The collaborative nature of this deal highlights the strength of partnerships, creating mutually beneficial outcomes in the world of commercial real estate.”

As Free People prepares to set up shop at 121 Middle Street, both the brand and the local community anticipate a positive transformation in the retail landscape. Harrington remarked, “When its historic rehabilitation is completed this spring, 121 will be an even more stunning building.” The new location is scheduled to open its freshly renovated doors in August.