Claremont, NH NAI Norwood Group completed the sale of 91 Main St., Twin State Leasing and Storage. Joseph Mendola, senior advisor from NAI Norwood Group, represented the seller and assisted the buyer in this transaction. Mendola is also the Argus Self Storage sales network representative of Northern New England. According to the Registry of Deeds, the sale was completed on May 25, in the amount of $2.2 million.
Twin State Leasing and Storage is a conversion of a 5-story mill building in Claremont – the former Bourdon’s building. The 112,000 s/f building sits on 1.18 acres and has 83 portable containers for storage as well. There is currently a commercial tenant in the building, and there is room within the building for future expansion of heated self storage space. The property is just off of the main thoroughfare of the city and offers a convenient location for the city’s residents to store their goods.
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 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.