News: Northern New England
Posted: December 8, 2023
Cobb of Colliers facilitates three sales
Saco, ME Mike Cobb of Colliers represented 1031 Portland Road, LLC in three transactions. The Maine-based investor sold a land parcel in the first quarter of 2023 and then bought two properties in the second quarter as part of a 1031 exchange.
First, 1031 Portland Road, LLC sold its 3.75-acre parcel in Saco for $1.1 million to Bomarc Commercial Properties. Next, the investor purchased the duplex at 14 Union Ave. in Old Orchard Beach for $1.27 million and the duplex at 9 Pond Ave. in Saco for $1.252 million, according to the York County Registry of Deeds.
The buyer purchased the properties to create cashflow with a focus on short-term rentals. These sites were ideal due to the proximity to the ocean and public beaches.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
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
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 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