News: Northern New England

Greenstein and Paszyc of CBRE | The Boulos Company broker $14.7 million sale

CBRE | The Boulos Company has completed the sale of 15 Enterprise Dr. brokered by Dan Greenstein and Chris Paszyc, CCIM. This two-story, 51,000 s/f medical office building on 3.68 acres is leased in its entirety to MaineGeneral Medical Center. The property was developed as a build-to-suit project for MaineGeneral in 2011 by Lot 18 LLC, an Augusta-based developer, and is known as the MaineGeneral Musculoskeletal Center. The center provides general orthopedic surgery, X-ray assessment, treatment and rehabilitation services, sports medicine and rehabilitation therapists all under one roof. It is located off Civic Center Drive near MaineGeneral Medical Center, a $322 million hospital which opened in November 2013. After listing the property for sale in the fall, Greenstein and Paszyc utilized CBRE's marketing platform to reach both local and national investors. According to Greenstein, there was significant interest upon initial marketing. "The investment offering was well-received in the national marketplace. There is a strong appetite for single tenant net-leased investment properties both locally and nationally, and we identified several interested parties." MMAC Acquisition Corp, a Florida corporation, ultimately purchased the building for $14.7 million. The buyer was represented by Eric Tompkins of CBRE | Global Investors.
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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