News: Northern New England

Day of CBRE|Boulos sells Maine Bank & Trust building and Public Market Garage; financed by Camden National Bank

CBRE|The Boulos Co. has negotiated one of Maine's largest investment sales of 2009. CBRE|Boulos secured the buyer, L.E. Springer, Inc. and represented the seller, GRE Congress Canal, LLC, in the transaction that included The Maine Bank & Trust building at 465 Congress St. and the Public Market Garage at 315 Cumberland Ave. L.E Springer, Inc. is wholly owned by Lawrence E. Springer of Bangor, and has long history of real estate ownership in Maine. "Given the limited supply of quality investment properties in downtown Portland as well as the current tolerance for risk in the marketplace, this was a perfect opportunity to match buyer and seller objectives in a challenging marketplace. The acquisition will be a tremendous long term investment for the buyer and will allow the seller to redeploy capital," said Charles Day, broker at CBRE|Boulos. Day was the broker of this transaction. 465 Congress St., a ten-story office building, is an historic landmark featuring marble architectural details and a first-floor banking lobby. Current tenants in the 67,567 s/f building include; Maine Bank & Trust, MaineHealth and MaineHealth Associates, Applied Materials, Compass Health Analytics, Cloutier Barret Cloutier & Conley, Richardson Whitman Large and Badger, and Legg Mason Wood & Walker. The Public Market Garage, a 586 space parking structure, located at 315 Cumberland Ave., is connected by skybridge to the former Portland Public Market, which is being renovated into offices for its new owner, PowerPay, LLC. Financing was provided by Camden National Bank, and was arranged by Steve Thomas, vice president/commercial loan officer.
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Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

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<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