Malone Commercial Brokers is thrilled to share the exciting news of the successful sale of 421 and 429 Warren Avenue, an investment opportunity comprising three industrial buildings. The transaction was skillfully brokered by Joe Malone, CCIM, and Jennifer Small, showcasing their dedication to delivering exceptional commercial real estate services. The sale represents the thriving industrial market in the Greater Portland area and highlights the immense potential of the Warren Avenue corridor.
The key highlight of this sale is the inclusion of 429 Warren Ave, boasting two fully leased buildings covering an impressive 18,000± SF and 19,500± SF, both occupied by local tenants. Additionally, the third building, 421 Warren Ave, stands as a massive 26,840± SF property situated at the front of the complex, currently fully occupied by Safelite AutoGlass.
This investment portfolio's strategic location in the highly sought-after Warren Avenue corridor has proven to be a hot spot for a variety of service industrial users. Jennifer Small points out, "The industrial market continues to be one of the strongest sectors of the Greater Portland commercial real estate market."
The $9.6 million dollar deal was secured by the Ram Companies, which holds a local office in Scarborough. Ram Companies boasts a vast portfolio spanning three continents and comprising more than 55 projects.
With all buildings fully occupied, the Ram Companies can look forward to a seamless transition to their new ownership role. This acquisition promises to be a valuable addition to their already expansive portfolio, further solidifying their position in the market.
The success of this transaction exemplifies Malone Commercial Brokers’ commitment to delivering exceptional commercial real estate services and highlights the continued growth and potential of Greater Portland’s property market.