Impressive Industrial Investment Sold in Greater Portland

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.

Custom Handbag Maker from Brunswick Secures Lease in Old Port's Boyd Block

Brunswick's renowned custom handbag maker, Rough & Tumble, has recently garnered attention from actor Allison Janney and made an exciting move. The company has signed a seven-year lease for a stunning 2,126 square feet of storefront space located at 178 Middle St. in Portland's vibrant Old Port neighborhood. The lease was skillfully brokered by Pete Harrington of Malone Commercial Brokers, and the store is set to open its doors this upcoming fall.

Situated on the ground floor of the historic Boyd Block, which was acquired by East Brown Cow in 2021, the space holds a rich history, having been built back in 1867. Established in 2008, Rough & Tumble specializes in crafting exceptional leather and waxed canvas handbags. Their products have gained national recognition through partnerships with renowned brands like Garnet Hill and Sundance Catalog. Notably, they primarily source their leathers from esteemed regions such as France and Italy.

East Brown Cow acquired 178 Middle St. (known as the Boyd Block) in 2021, and has been actively renovating the retail spaces on the first floor. These spaces are expected to be delivered to Rough & Tumble and Bangor Savings Bank this fall.

This new location at 178 Middle St. will serve as Rough & Tumble's flagship store, showcasing their finest creations. The space was previously occupied by Starbucks before becoming available last year. Joining a series of prominent retailers that have recently flocked to the neighborhood, including Bella Funk, Madewell, Anthropologie, Athleta, Urban Outfitters, and West Elm, Rough & Tumble embraces the high levels of foot traffic that grace the area.

In addition to serving as a retail hub, Rough & Tumble intends to utilize the space as a launching pad for partnerships with other talented Maine makers, designers, and artists. Natasha Durham, the owner of Rough & Tumble, brings a wealth of experience to the brand. Having studied at the Maine College of Art in Portland and spending 17 years in the food industry, owning three restaurants in Portland, she embarked on her journey with Rough & Tumble in 2008. The company's website reveals that it all began when Durham created a handbag for herself, subsequently selling her first two bags on Etsy overnight in 2009.

Durham's commitment to craftsmanship and quality led her to open a storefront in Norway in 2013, where she hired her first employee. Two years later, she established a flagship store in Portland, further expanding her presence in 2017 with a remarkable 32,000-square-foot space in the Fort Andross mill located at 14 Maine St. in Brunswick. Today, Rough & Tumble boasts nearly 40 employees and offers a diverse range of Italian leather products, complemented by their expertise in textile design.

The handbag maker gained significant exposure in 2020 when their products were prominently featured on a 4,000-square-foot billboard in New York City's Times Square and the Disney building at 1540 Broadway. Notably, actor Allison Janney was spotted donning one of their exquisite handbags, generating further buzz for the brand.

Overall, Rough & Tumble's venture into the heart of the Old Port neighborhood is a testament to their success and dedication to providing exceptional handcrafted products. With their flagship store poised to become a focal point of style and craftsmanship, customers can anticipate an unparalleled shopping experience as they explore the diverse range of handbags on offer.

Migis Hotel Group Acquires Saco Dormitory to Address Workforce Housing Challenge

Migis Hotel Group, like many other employers in Maine, has been facing difficulties in recruiting staff due to the lack of affordable housing. In response to this challenge, the company recently acquired a 6,076-square-foot student dormitory located at 95 King St. in Saco. The purpose of this purchase is to provide workforce housing for the professional restaurant employees working at two of Migis Hotel Group's local properties, namely Higgins Beach Inn and Black Point Inn. The dormitory, situated on 0.75 acres, is handicap-accessible and comprises 11 rooms, seven full bathrooms, and one half-bath.

The seller of the property was Thornton Academy listed at $784,000. Cheri Bonawitz and Karen Rich from Malone Commercial Brokers represented the buyer, and Sylas Hatch and TC Haffenreffer of the Dunham Group represented the seller.

Jesse Henry, the director of marketing for Migis Hotel Group, emphasized the significance of affordable housing in addressing the challenges faced by the company in recruiting employees.

Migis Hotel Group, based in Westbrook, is a hospitality management services company that operates various independent hotels, destination resort properties, and dining facilities across Maine. Some of their properties, such as Migis Lodge on Sebago Lake, already provide workforce housing on their campuses. However, Higgins Beach Inn and Black Point Inn, both located in Scarborough, lacked such accommodation options, and the availability of affordable housing in the area was limited.

Consequently, the decision was made to secure affordable housing for the workforce by acquiring the dormitory. Following the completion of the sale, the building quickly filled up with food and beverage professionals primarily employed at the two inns. The investment in workforce housing was necessary to ensure the availability of a professional workforce and the smooth operation of both properties, especially considering the challenges faced during the pandemic and subsequent years.

“For the last couple of years, we’ve been actively putting most of our focus on obtaining the professional workforce we need,” Henry said. “That’s been our No. 1 focus. As we have internally reexamined our recruiting process and what we need to do to distinguish ourselves around obtaining the workforce resources we need, we felt that providing affordable housing made sense.”

To optimize the functionality of the property, Migis Hotel Group has completed a site plan review with Saco's planning board. The building will undergo a conversion process, transforming it from a dormitory with shared bathrooms and a shared kitchen into six independent units, each with its own bathroom and kitchen. The majority of the units will be two-bedroom, with an additional four-bedroom unit in the main house and a one-bedroom unit. The units will initially be available for a six-month period to accommodate the professional workforce of the company, and there is potential for year-round use as well. During the off-season, the units may be opened up to professionals from other industries.

The dormitory plays a crucial role in attracting and retaining industry professionals who come to Maine for the season to work for the company, making it a valuable recruitment and retention tool.

Augusta Real Estate Portfolio Achieves Impressive Turnover: Purchased for $5.75M in 2020, Now Sells for $13M

In a noteworthy off-market transaction, a multi-family portfolio in Augusta that was previously sold for $5.75 million in 2020, has recently changed hands for an impressive $13 million. This sale has attracted attention as it highlights the potential of the properties and the increasing value they hold in a strengthening market.

The buyer of the portfolio, consisting of 219 units across 48 buildings and four vacant lots, is Door Fund Inc., an entity that specializes in real estate investments. They acquired the properties from Capital Properties LLC, with Brandon Mitchell from Malone Commercial Brokers representing the seller and Tyler Hall from Keller Williams Realty representing the buyer. The deal was successfully closed on June 9.

Capital Properties LLC, led by Aaron Walker, was the seller in this transaction. Walker's investor partnership had initially acquired the majority of the portfolio, consisting of 204 units across 44 buildings, from a Maine investor who had painstakingly assembled the properties over a span of 30 years. Under Walker's ownership, improvement projects were undertaken to enhance the value of the properties. Brandon Mitchell had also represented Walker in the previous deal.

The properties are conveniently located within a half-mile radius of each other, primarily on Northern Avenue, Washington Street, Mt. Vernon Avenue, Bridge Street, Green Street, and Chapel Street. These buildings boast an average age of 100 years and vary in size from one to eleven units, with a significant portion consisting of three, four, or five units.

Walker believed that the timing was right to sell the portfolio, as he typically aims to recoup equity within three to five years of acquiring properties. He acknowledged the contributions of Brandon Mitchell and Eleanor L. Dominguez from Ainsworth, Thelin & Raftice, his legal counsel, in facilitating the deal.

On the buyer's side, Tyler Hall, one of the partners involved, initially expressed interest in purchasing 77 units from Walker. However, during their conversation, Hall discovered that Walker owned a total of 219 units in the area. Realizing the potential of the entire portfolio, Hall decided to pursue the entire package, leading to an organic agreement between the two parties.

Hall personally put the deal under contract and then worked with Door Fund Inc., a Massachusetts-based firm led by his friend Michael Marchetti, to structure the remaining aspects of the transaction. They formed a syndicate of approximately 14 investors, including Hall and Marchetti, who collectively supported the deal. Hall and Marchetti, as the largest shareholders, will oversee the day-to-day operations of the portfolio.

Read more HERE

Bella Funk Boutique secures lease for storefront in Portland's Old Port

Bella Funk will open their location at 43, Exchange St, where Peruvian Link used to reside.

Bella Funk, a boutique specializing in clothing and gifts, has recently secured a four-year lease for a street-level retail space at 43 Exchange St. in the Old Port. The lease was brokered by Pete Harrington of Malone Commercial Brokers. The store celebrated its grand opening over Memorial Day weekend.

Originally founded by sisters Katie Stafford and Stefanie Moody, who hail from New Hampshire, Bella Funk first established its boutique in Littleton, N.H., in 2006. The store offers a range of women's clothing, accessories, beauty products, and gifts, with a focus on locally and domestically made, small-batch, handmade items.

Katie Stafford expressed her excitement about the new location, stating, "Portland's Old Port is not only inviting but also vibrant and full of energy, and embodies the essence of our brand."

East Brown Cow, the owner and manager of 43 Exchange St. acquired the property in 2022. Built in 1867 by the Preble family, the building boasts distinctive architectural features such as a mansard roof with dormers and semicircular pediments, unique pseudo-three-centered arch windows, a brick façade, and a storefront adorned with granite, cast-iron, and wood paneling.

Tim Soley, President and CEO of East Brown Cow, expressed his enthusiasm for the addition of Bella Funk, stating, "43 Exchange St. is a building rich with local history, and we are thrilled to introduce a local boutique that honors and showcases Maine artisans." He believes that the store will contribute to the thriving retail scene in Portland.

Local accounting firms merge and prepare to move to new headquarters in South Portland

In an exciting development, two accounting firms located at 22 Free St. in Portland have recently merged and are now making preparations to relocate to a permanent headquarters with a captivating water view in South Portland.

373 Broadway LLC has acquired the property at 373 Broadway from Hornby Zeller Properties LLC for a total of $825,000. The deal was successfully brokered by Tim Millett of Porta & Co. and Peter Harrington and Joe Malone of Malone Commercial Brokers.

The property itself consists of a three-story office building spanning 3,786 square feet. It boasts an exceptional location between the coastal neighborhoods of Ferry Village and Knightville, with close proximity to downtown Portland. Situated adjacent to the South Portland Greenbelt Walkway, the property witnesses a significant daily traffic count of over 14,000 cars. It also offers unobstructed water views of downtown Portland.

Brown & Kelly LLC merged with Dawson and Souter LLC last November. Initially, Dawson and Souter leased a suite at 22 Free St., coincidentally where Brown & Kelly also had their offices. Recognizing their shared values and objectives, the two firms decided it was time to combine their forces. The merged entity, now known as Kelly, Dawson & Souter LLC, specializes in providing tax compliance and planning services to individuals, small businesses, trusts and estates, and nonprofits.

Dawson expressed his satisfaction with the chosen building, stating, “This building was good square footage, a great location — five minutes from downtown Portland. It has off-street parking — we really wanted that for clients. This one checked all the boxes. We wanted to buy and we’re glad we were able to find a building that fit our needs so well.”

Approximately $75,000 has been allocated for renovations, which will involve repositioning a few walls. The firm intends to move into the new premises promptly, even as renovations continue.

With their merger and impending move to a new headquarters, Kelly, Dawson & Souter LLC is poised to provide enhanced accounting services while continuing to prioritize their clients' needs.

Read more HERE

Wicked Pickle brings largest indoor pickleball facility in Maine to South Portland

A new pickleball facility called The Wicked Pickle is coming to South Portland.

The Wicked Pickle has leased a 25,500 square-foot facility scheduled to break ground this month. The location is at 2401 Broadway in South Portland. Tony Miner, the entrepreneur behind this new business states, “It’ll be really cool place where people can just come and relax and play some pickleball.” Miner, a former baseball star, currently coaches softball at Thornton Academy in Saco as well as coaching baseball. Miner is hoping that the facility will give pickleball players an easier way to enjoy the sport in the harsh winter months.

The pickleball craze has recently boomed in the last few years. It is the country’s fastest-growing sport with close to 9 million people paying the game nationwide. Invented in 1965 as a children’s backyard game, pickleball is played with a baseball sized wiffle ball and is described as a mix between tennis, ping-pong and badminton. Pickleball is very user friendly, being slower paced, since there is less ground to cover. It’s easier to learn than tennis. It’s a sport all ages can enjoy and can be as competitive or as casual as you want!

The Wicked Pickle facility will be equipped with six professional courts and two practice courts. It will also include a full-service bar with beer and wine, as well as a smoothie bar and lounge area. Miner states that with a brand-new building, “we can pretty much do whatever we want.” So, stay tuned for more updates on the facility and what they will offer!

Andrew Ingalls of Malone Commercial Brokers brokered the lease. “It’s the weirdest thing, this pickleball phenomenon,” Ingalls states. “My wife and I are one of three couples in Cape Elizabeth who don’t play pickle ball. We feel like outcasts.”

Get your paddles ready, because Wicked Pickle aims to open by November 1st this year!

Read the full MaineBiz article HERE!

The Future of Freeport

0 Depot Street (pictured above) & 45 Depot Street in Freeport are listed for sale

It’s no question that Freeport is one of the most visited places in Maine. L.L. Bean flagship in Freeport is the second most visited attraction in the state behind the ever so popular Acadia National Park. However, with brick-and-mortar retail struggling, especially post pandemic, Freeport needs a new wave of change. Freeport Chamber of Commerce executive director Tawni Whitney and the Downtown Visioning Leadership Team are looking to execute this change. Whitney states, “Many of the towns the consultant groups are dealing with have lost their one main industry, like when a mill closes down, and they’ve got to start from scratch. For us, we have a well-appointed Main Street, we’ve got a great reputation, we have lots of natural resources, and we have a great school system.”

The key to the proposed plan is to bring housing and locally owned businesses back to Main Street. Parking is also on their radar. Current residents are in support of housing, but hope that the proposed apartment buildings have enough parking associated with them. “If you want a vibrant downtown, you have to have downtown living,” Whitney says. “It’s extremely exciting to think about that coming back.” More people living in the center of town would be great for local businesses with the consistency of business year round, and not just tourist season.

MCB has some exciting opportunities in Freeport, including a residential redevelopment site that is on a 1.11± AC lot with a parking lot and a 1,440± SF rental property. For more information about this opportunity, contact Mark Malone!

Click HERE to view this listing.

Read more about the future of Freeport by clicking HERE!

Fork Food Lab acquires larger space in South Portland for their expanding business

Fork Food Lab bought 95-97 Darling Ave in South Portland from East Brown Cow for $5.9 million. Fork Food Lab is Maine’s only non-profit food business incubator and shared commercial kitchen. According to their website, their mission is to “support a just, diverse, and sustainable food economy in Maine, where food entrepreneurs are supported in their quest to produce high quality and sustainable products utilizing locally sourced ingredients.” Fork Food Lab is owned by a Yarmouth-based nonprofit and is currently located at 72 Parris St in Portland. Darling Ave is about eight times the size of their current location.

“Our ability to purchase the property hinged on our partnership with East Brown Cow and they were willing to grant us an unusual amount of time to put all the pieces together to make this a reality for our members,” said Bill Seretta, executive director of Fork Food Lab, indicating that the deal had its roots in 2021.

The property consists of two single-story office buildings, on 3.18 acres. Originally separate structures, the two buildings later merged into one by an enclosed walkway. Construction is already underway at the 42,000-square-foot space to convert it into a kitchen and food business incubator.

Seretta stated that the move is expected to happen on or around June 1.

East Brown Cow was represented by Joe Malone and Jennifer Small of Malone Commercial Brokers in the transaction and Brice O’Connor at the Boulos Co. represented the buyer.

Read more HERE.

Cong Tu Bot to open second restaurant, this one in Old Port

Owners of the popular Vietnamese restaurant Cong Tu Bot on Washington Avenue in Portland plan to open a new eatery in the Old Port by the end of the year.

Chef and co-owner Vien Dobui said they leased the space at 30 Market St., formerly home of Pat’s Pizza, which closed in early April. Dobui said his new restaurant will be called Lido’s 2, a reference to a former nightclub he frequented some years ago when he lived in San Jose, California.

The new space will seat as many as 70 people, considerably more than the 40-seat Cong Tu Bot, which in March became the state’s first independent unionized restaurant in more than 40 years. The larger venue, located in the bustling Old Port, “will allow us to reach a bigger audience,” Dobui said, noting that the space also will have a full bar.

The transaction was brokered by Peter Harrington of Malone Commercial Brokers.

To read the full article from The Portland Press Herald, click HERE.