News: Northern New England
Posted: October 6, 2017
Kane and Skaff of The Kane Company sell 8 Bow Street for $1.475 million; Skaff also sells 824 Central Avenue in Dover for $350,000
Portsmouth, NH Jean Kane and Jody Skaff of The Kane Company have sold 8 Bow St., a 3,969 s/f mixed-use building built in 1810.
The brick building was formerly owned by Lee and Lois Kupersmith, owners of the Not Just Mud Gallery, purveyors of fine contemporary art glass for 25 years. The gallery, with its expansive windows overlooking Penhallow, Ceres, Bow, and Market Sts., was located on the first floor while the upper floors had apartment units.
Simchik-McGovern III LLC purchased the property for $1.475 million.
Kane represented the seller and Skaff represented the buyer.
In another transaction, Skaff sold a property at 824 Central Ave. in Dover to Tropic Star Development for $350,000.
The property, a 2,600 s/f former residence and office located across from the Hannaford and Shaw’s Supermarket Plazas on Central Ave., will be razed as part of a multi-parcel retail development which will feature a bank and other retail businesses.
Tropic Star Development, founded in 2007 by Scott Mitchell and now joined by his son Jim Mitchell, develops retail properties throughout New England.
Tags:
Northern New England
MORE FROM Northern New England
Northern New England
November 2024 NH CIBOR president’s message: 10 tips for commercial real estate investors - by Ethan Ash
While many Realtors will tell you what you need to do in order to sell your residential property at the highest price (clean out the junk, update bathrooms and kitchens, paint, etc.) most people don’t get easy to follow guidance on what to do to help your commercial real estate sale. Other than that advice that I
Quick Hits
Columns and Thought Leadership
Interest rates and inflation - by Matthew Bacon
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The Greater Portland industrial mid-year market update - by Nate Roop
The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Residential is here to untie the office space doom loop - by Thomas House
The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.