News: Northern New England

Auburn’s Kitty Hawk Business Park to be site of new trucking center

AUBURN, ME The city council has approved an enhanced infrastructure development agreement with Hartt Transportation Systems, Inc. to enable Hartt’s development affiliate to move ahead with the development of the Kitty Hawk Business Park, near Exit 75 of the Maine Turnpike (I-95). The business park covers 32 acres and provides 8 new business development lots. Hartt anticipates that it will develop a $3.8 million trucking facility, including a 30,000 s/f terminal building and commercial truck wash for its own use at the site on the north side of the access road, off Kittyhawk Ave.  The remaining lots offer visual exposure on I-95 and are located about a 3 minute drive from Exit 75.  These sites are well suited for hotel, office, transportation and light manufacturing uses. The agreement will allow the city to formalize a Tax Increment Financing (TIF) plan in support of the proposed infrastructure improvements on site and along Kittyhawk Ave. Under the agreement, anticipated infrastructure costs of $1.2 million will be recovered via from the city of Auburn by Hartt’s development affiliate over a 20-year period based on the anticipated increment in property tax assessed values. Rob Baldacci and Tony Armstrong of the Baldacci Real Estate Group advised Hartt Transportation on the TIF project and are the brokers for the project. Hart Transportation Systems, Inc. is based in Bangor, Maine and operates over 400 tractors and 2000 dry shipping vans.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Ask the Electrician:  How do I prepare my commercial building for a disaster?

Ask the Electrician: How do I prepare my commercial building for a disaster?

New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary