News: Northern New England

Malone Commercial Brokers leases 16,355 s/f to Savings Bank of Maine at Two Canal Plaza for new branch and office space

Malone Commercial Brokers negotiated 12 transactions in Portland. * Savings Bank of Maine leased 16,355 s/f at Two Canal Plaza for its retail branch and offices. First established in Gardiner back in 1834, it is the second oldest savings bank in Maine and now has 32 offices throughout the state. Two Canal Plaza is one of three multi-story Class A office buildings located in Canal Plaza at the corner of Middle and Union Sts. Cow Plaza 2 LLC is the landlord and East Brown Cow Management is the property manager. Joe Malone, CCIM represented the landlord. * KB Inspection Services leased 3,000 s/f of office/warehouse at 220 Industrial Way in Portland. Robert Young Sr. is the landlord. David Caron of Malone and Craig Young of CBRE/The Boulos Co. co-brokered the transaction. * Phenix Titles Services LLC will relocate its Portland offices to 119 Middle St. at the Thompson Block. 123 LLC is the landlord and East Brown Cow Management is the property manager. Peter Harrington and John Doyon, CCIM of Malone handled the transaction. * Portland Trails leased 1,820 s/f at 305 Commercial St., Baxter Place LLC is the landlord. Jim Harnden and Matthew Barney of Malone handled the transaction. *Dr. Jane McNally, D.O. leased 935 s/f of medical office space at 650 Brighton Ave. 650 Alpha LLC is the landlord. Doyon and Thomas Moulton, CCIM, SIOR of NAI The Dunham Group handled the transaction. * Aircraft Logix leased 1,045 s/f at 183 Middle St. The company's services include flight planning and logistics. Shoemaker LLC is the landlord. Harrington handled the transaction. * Ronald Treister will relocate his Maine office to 50 Portland Pier. Doyon and Harrington assisted with the transaction. * Health Affiliates of Maine, Inc. leased 657 s/f at 222 St. John St. Cowcatcher LLC is the landlord and East Brown Cow is the property manager. Harrington and Caron brokered the transaction. * JJR 443 Congress LLC purchased 443 Congress St. The 7-story 38,000 s/f office building near Monument Sq. is also known as the historic Clapp Memorial Building. The Mary J.E. Clapp Trust was the seller. Malone, Harnden and Barney brokered the transaction. * Miyake LLC leased 1,389 s/f for its restaurant at 470 Fore St. The company has two other restaurants in Portland, Miyaka and Pai Men Miyake. 468 Fore Street Realty LLC is the landlord. Harrington brokered the transaction. * Emerald City leased 862 s/f at 564 Congress St. Emerald City is a retail shop selling gifts for all occasions, cards, jewelry and uniques. Terbax Realty Inc. is the landlord. Malone brokered the transaction. * Bush Equities, Inc. leased 90,400 s/f at 70 Quarry Rd. J.B. Brown & Sons is the landlord. Harnden and Barney brokered the transaction.
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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