Strategic 1031 Exchange Leads to Successful Office Building Sale in Oakland

Not every commercial real estate transaction is just about selling a property. Often, it's about positioning an owner for what's next.

We're pleased to announce the sale of an 11,760± SF office building in Oakland, Maine. The property sold to Sn'P Properties, LLC for $2,150,000. Mike Anderson of Malone Commercial Brokers represented the seller, Maine Exchange Services, LLC as Qualified Intermediary for Sims, LLC, while Emily Theriault of Portside Real Estate represented the buyer. The transaction closed on May 18, 2026.

This sale was part of a larger investment strategy utilizing a 1031 tax-deferred exchange. By reinvesting the proceeds into a replacement property, the seller was able to defer capital gains taxes while transitioning into an investment that better aligned with their long-term goals.

In this case, the exchange allowed the owner to move from a multi-tenant office building that required active management into a net leased Dollar General property, providing steady cash flow with significantly less day-to-day oversight. It's a great example of how thoughtful planning can help investors reshape their portfolios without sacrificing performance.

At Malone Commercial Brokers, we work with clients to look beyond the transaction itself. Whether it's identifying replacement properties, coordinating a 1031 exchange, or developing a long-term investment strategy, our goal is to help clients make decisions that support their financial objectives for years to come.

Congratulations to everyone involved in another successful closing.

After 150 Years With the Same Owner, Historic West End Property at 87 High Street Sells for $2.5 Million

Some buildings become part of a neighborhood's identity, and 87 High Street is one of them. After serving Portland families as a daycare and preschool for many years, the historic West End property has sold and is slated for a new future as a boutique hotel.

The 13,248± square foot commercial building was purchased by Lafayette Club LLC from Saint Elizabeth's Roman Catholic Asylum for $2,500,000. Joe Malone, CCIM, and Luke Malone of Malone Commercial Brokers brokered the transaction, which closed on June 23, 2026.

Originally constructed in 1873, the brick building has remained a familiar presence in Portland's West End for more than 150 years. Its historic architecture, highly visible corner location, and redevelopment potential made it one of the more unique opportunities to come to market in the city. Located within the RN4 zoning district, the property offered flexibility for a range of future uses while preserving the character that has long defined the neighborhood.

The Buyer plans to transform the former daycare into a boutique hotel, bringing a new hospitality option to one of Portland's most walkable neighborhoods. As visitors continue to seek authentic places to stay, projects like this highlight the value of reimagining historic buildings while maintaining the architectural character that makes Portland unique.

Historic redevelopment opportunities in Portland remain limited, particularly in established neighborhoods like the West End. Transactions like this demonstrate the continued demand for well-located properties that offer both history and the potential for a new vision.

Malone Commercial Brokers was proud to represent the Seller in the successful sale of this landmark property and wishes both parties continued success as the project moves forward.

Malone Commercial Brokers Completes $7.5 Million Sale of Stroudwater Crossing

Malone Commercial Brokers is pleased to announce the successful sale of Stroudwater Crossing, a 32,134± square foot Class A office building located at 1685 Congress Street in Portland, Maine. The property sold to WR Realty for $7,500,000 and closed on June 30, 2026.

John Doyon of Malone Commercial Brokers represented the seller, 1685 Congress Street LLC, while Charles Day of The Porta & Company represented the buyer.

Located in Portland's Stroudwater neighborhood, the fully leased office building has established itself as a premier destination for medical and professional office users. At the time of the sale, the property was 100% occupied by a strong roster of long-term, triple-net tenants, including Maine Plastic Surgery Center, several national healthcare companies, a regional medical consulting firm, and a local medical group.

Over the past several years, ownership invested significantly in maintaining and improving the asset. Recent capital improvements included multiple HVAC unit replacements, a new rubber membrane roof, a rooftop make-up air handler and heater, and updated life safety systems. In addition, two tenant spaces were completely built out in late 2025, further enhancing the property's long-term value and appeal.

On an 8.92± acre site, Stroudwater Crossing offers approximately 160 parking spaces, providing an exceptional parking ratio for tenants and visitors. Its location offers convenient access to Portland International Jetport, Interstate 95, Interstate 295, the Maine Mall area, and downtown Portland, making it an attractive location for healthcare and professional office users.

"There is continued investor confidence in well-maintained, fully leased medical office properties throughout Greater Portland," said John Doyon. "Stroudwater Crossing is an outstanding asset with a strong tenant base, quality ownership history, and a location that continues to attract long-term demand."

Congratulations to both the buyer and seller on a successful transaction and we appreciate the opportunity to assist in bringing this sale to a successful close.

Malone Commercial Brokers Represents Seller in $14.5 Million Sale of Five-Building Industrial Portfolio

Malone Commercial Brokers is pleased to announce the successful sale of a five-building industrial portfolio located in Portland, Auburn, and Bangor. Capital Properties, LLC sold the portfolio to SwingPoint, LLC for $14,500,000 in a transaction that closed on April 2, 2026.

Brandon Mitchell of Malone Commercial Brokers represented the seller, while Jon Rizzo of The Boulos Company represented the buyer.

The portfolio includes properties at 392, 400, and 420 Warren Avenue in Portland, 80 Kittyhawk Avenue in Auburn, and 35 Godsoe Road in Bangor. Together, the five buildings total approximately 152,757 square feet on more than 12 acres and are fully leased to a single credit tenant. Located near Interstate 95, the properties provide efficient distribution access to Southern, Central, and Northern Maine.

The portfolio consists of a diverse mix of warehouse, office, showroom, and cold storage space, making it a valuable industrial asset with long-term functionality. The combination of stable tenancy, locations, and opportunities for future improvements attracted strong investor interest.

This transaction also marks Brandon Mitchell's second time representing Capital Properties, LLC in the ownership of this portfolio. After assisting with the firm's acquisition of the properties in 2023, Brandon was again selected to represent the ownership in the successful disposition just under three years later.

Industrial properties throughout Maine continue to see strong demand from investors seeking well-located assets with dependable income and long-term upside. Multi-market portfolios of this scale remain relatively uncommon, making this sale a notable investment transaction within the state's industrial market.

Congratulations to Capital Properties, LLC, SwingPoint, LLC, and everyone involved in bringing this transaction to a successful close.

Read MaineBiz Article HERE.

Downtown Biddeford Portfolio Sold for $7.1 Million

Commercial real estate transactions don't always follow a traditional path.

In downtown Biddeford, a portfolio consisting of 180 Main Street, 234 Main Street, 265 Main Street, and 14 Jefferson Street recently sold to Fournier Properties for $7,100,000. The portfolio includes 44,445± square feet of commercial and residential space along with a 31-space parking lot.

Brandon Mitchell of Malone Commercial Brokers represented the transaction, which closed on June 9, 2026.

What makes this sale particularly interesting is how it came together.

Rather than purchasing the properties outright from the beginning, Fournier Properties entered into a lease-to-purchase agreement with 4A Property, LLC. Over time, that arrangement allowed the company to transition from managing the portfolio to ultimately owning it.

A lease-to-purchase agreement is exactly what it sounds like. A buyer leases and operates a property while securing the option to purchase it in the future. It can be an effective solution when both parties are looking for flexibility and a gradual transition of ownership.

In this case, it provided the opportunity for the future owner to gain firsthand knowledge of the buildings, tenants, and day-to-day operations before completing the acquisition. The buildings contain a diverse mix of retail, office, residential, and service-oriented tenants, creating activity throughout the day.

"Downtown Biddeford has changed tremendously over the last decade, and it's been exciting to watch these properties grow alongside the city," said Mitchell. "I think Fournier Properties recognizes the long-term opportunity that comes with owning well-located assets in the center of downtown."

Located within walking distance of restaurants, shops, housing, and community amenities, the properties have remained active and well occupied while preserving the historic character that makes downtown Biddeford, a former mill town, unique.

Creative deal structures can help bridge the gap between buyers and sellers, creating opportunities that may not have been possible through a conventional sale. We’re always happy to walk you through your options!

Casco Bay EyeCare Completes Construction at New Location

Construction is now complete at Casco Bay EyeCare’s new Scarborough location, reflecting the steady growth the practice has experienced in recent years.

Casco Bay EyeCare began in 1998 when a group of Maine optometrists came together with a shared commitment to exceptional vision care and patient service in the Greater Portland area.

After several years at 7 Portland Farms Road, the Scarborough office had reached its capacity. The layout no longer aligned with the practice’s operational goals, prompting a search for a new location that would allow for continued growth while remaining rooted in the community they serve.

Amy McQuarrie, Practice Administrator of Casco Bay EyeCare, led the transition on behalf of the practice, working closely with all parties to ensure the new space would support both patient experience and long-term operational goals.

Andrew Ingalls of Malone Commercial Brokers represented Casco Bay EyeCare in the transaction. Having partnered with the group on multiple locations throughout the region, Andrew brought both long-term market insight and a deep understanding of their operational needs. “Casco Bay EyeCare has been intentional about each phase of their growth,” said Andrew. “Our role was to find a property that not only solves today’s space challenges but also positions them well for the future. It’s been rewarding to work alongside a team so focused on delivering an exceptional patient experience."

Casco Bay Eyecare worked collaboratively with the building owner, Oak Hill Holdings LLC, and the leadership team at Alpha Management throughout the process to support the extensive buildout and Casco Bay’s plans for long term tenancy.

The new office is designed to be bright, open, and welcoming. A large portion of the building features floor to ceiling windows, bringing in natural light and drawing attention to the optical retail area and frame collections. The design was led by Callender + Delaney Architects, with construction managed by DeStefano & Associates. The project was completed in early May.

For the Casco Bay EyeCare team, the new space represents more than additional square footage. As they shared:

“We feel incredibly excited and proud of what this new space represents for Casco Bay EyeCare. It reflects our commitment to growth and to delivering the best possible experience for our patients. This move allows us to care for our community in a more thoughtful, comfortable, and efficient way while staying true to who we are,” said Ms. McQuarrie.

At Malone Commercial Brokers, supporting established Maine businesses as they plan for what’s next is part of the mission. When a company outgrows its space, it signals momentum and vision. Securing the right environment to continue that growth sets the stage for continued success.

Northern Light Mercy Hospital Expands at Rock Row Health Campus in Westbrook

Rock Row Health Campus

Rock Row continues to grow as a healthcare destination in southern Maine, with Northern Light Mercy Hospital planning an expansion at the Rock Row Health Campus in Westbrook.

The hospital has leased approximately 10,408± square feet on the second floor, where it will bring together primary care and cardiology services in one location. The space will also include on-site echocardiography and cardiac stress testing, making it easier for patients to access multiple services without traveling between providers.

“Our goal is to make care more accessible and better connected for the people we serve,” said Marie Vienneau, President of Northern Light Mercy Hospital. “For many patients, especially those managing heart conditions, care doesn’t happen in just one place. Bringing primary care and cardiology services together at Rock Row means fewer trips, better coordination, and care that fits more easily into people’s lives.”

Located just off I-95 with access from two exits, Rock Row continues to attract healthcare providers serving Greater Portland and the surrounding area.

“Welcoming Northern Light Mercy Hospital to Rock Row strengthens the synergy of our health campus and advances our vision of a more connected, patient-centered care environment,” said Josh Levy, Principal of Waterstone Properties Group.

The new location is expected to open in 2027.

Mark Malone and Jennifer Small of Malone Commercial Brokers facilitated the transaction.

Read more HERE!

The Next Chapter for a Rockport Landmark: 680 Commercial Street Begins a New Era

Along Route One in Rockport, Maine, the Downeast Building at 680 Commercial Street has long been an iconic feature in the Midcoast landscape. With its historic architecture and prominent location, the property has been part of the community for generations. Now, the landmark is beginning a new chapter.

Midcoast Habitat for Humanity has purchased the 24,779± SF mixed-use property from Sally Fernald and the Estate of H. Allen Fernald for $1,450,000. The transaction closed on March 31, 2026. Cheri Bonawitz, Karen Rich, and Joe Malone of Malone Commercial Brokers represented the seller, and Scott Horty of Camden Real Estate Company represented the buyer.

Originally constructed around 1900, the property reflects the historic character that defines much of the Midcoast region. Over time, the site evolved into a multi-building campus that includes a 15,387± SF office and retail building, a 6,800± SF warehouse, and a 2,592± SF building on 6.88± acres. Its visibility along Route One and ample parking have made it a functional and well-known property within the Rockport community.

“This property offered a unique opportunity for an organization like Midcoast Habitat for Humanity,” said Cheri Bonawitz of Malone Commercial Brokers. “Its size, visibility along Route One, and flexible mix of spaces make it well suited to support their expanding operations and long-term mission.”

The organization plans to relocate its offices to the property while expanding its ReStore operations, a key fundraising initiative that helps support Habitat’s mission of building safe, permanently affordable homes throughout the Midcoast region.

“This is a tremendous opportunity for our organization and an integral part of our plan to increase our impact, growing with the needs of our community,” Tia Anderson, Executive Director of Midcoast Habitat for Humanity said in a news release. “We are happy to preserve this local landmark as a space dedicated to connection, collaboration, and community impact.”

The new facility will allow Midcoast Habitat to expand its retail space for the ReStore, increase its capacity for donations, and provide additional room for staff, volunteers, and operations. The organization also envisions the building becoming a hub for collaboration among local nonprofits and service providers.

“In a rural region like ours, organizations are often spread out and not always connected,” Anderson said. “By bringing partners together under one roof, we can strengthen communication, reduce duplication of services, and better support the people we collectively serve.”

With its long-standing presence in the community and a renewed purpose ahead, the Downeast Building will remain a meaningful part of Rockport’s landscape for years to come.

Malone Commercial Brokers Closes Sherwin-Williams Lease in South Portland

We love days when we get to share good news, and this is definitely one of them. Malone Commercial Brokers’ Karen Rich recently brokered a major lease at 2325 Broadway in South Portland. The new tenant is The Sherwin-Williams Co.

Sherwin-Williams has signed on for 13,100± square feet of warehouse and office space at 2325 Broadway, a well-appointed commercial building owned by 2325 Broadway, LLC. The property is located just off I-295, minutes from the Maine Mall and Portland International Jetport, and offers the kind of flexible, functional space that a company like Sherwin-Williams needs to operate efficiently.

Warehouse clearance of over 15 feet, a drive-through overhead door, ample parking, and strong visibility with both pylon and building signage. It’s definitely a solid fit.

“We are proud to have assisted this transaction and to welcome Sherwin-Williams to 2325 Broadway,” said Karen Rich, broker at Malone Commercial Brokers. “This is an excellent location for a company of Sherwin-Williams’ caliber, and we look forward to seeing them thrive in this space.”

Transactions like this one are a sign of a healthy, active commercial real estate market in Greater Portland. South Portland continues to attract high-quality tenants, and properties like 2325 Broadway which are well-located, well-built, and versatile are at the heart of that activity.

For property owners, it’s a reminder of what strategic, relationship-driven brokerage can accomplish. For tenants, it’s a testament to the quality of space available right here in Maine. Malone Commercial Brokers is always here to help. We know this market inside and out, and we’re proud to put that knowledge to work for our clients every day

Lenny's at Hawkes Plaza Gets a Second Act in Westbrook

If you've ever caught a live set or shared a round at Lenny's at Hawkes Plaza in Westbrook, you know it's the kind of place that feels like it's been there forever, even though Bill Umbel only opened it in 2016. That's a testament to what he built: a genuine neighborhood bar, restaurant, and live music venue that quickly became a community anchor.

We're glad to have played a role in keeping it going.

Cheri Bonawitz and Joe Malone of Malone Commercial Brokers represented the Seller in the sale of 10 & 16 Hardy Road, a 6,189± SF retail building that has been home to Lenny's since its opening. Ed Dickhaut of Landmark Realty represented the Buyers — new co-owners Jill Murphy Piker and Adam Steinman, who purchased the real estate in a transaction that closed February 27, 2026. Piker, Steinman, and third co-owner Susan Ericson also acquired the business itself.

After about two months of transition, Lenny's relaunched on March 11 under its new ownership team. Ericson, the executive chef, is keeping the pub-style menu that regulars have come to love. Piker, who previously worked as a wellness instructor at UNE and as a school counselor, is embracing the role of innkeeper-of-sorts for a space that's meant to bring people together. The music will continue, with a few new flavors.

"We're pretty much following what Bill was doing before he transitioned ownership," Piker said to Portland Press Herald. "It's been a really friendly, happy transition."

Lenny's at Hawkes Plaza is open Wednesday through Saturday, 4–10 p.m. Stop in and welcome them.