News: Northern New England

North Broadway Crossing welcomes three new tenants; Levy of MEG Cos. is excl. leasing agent

A new upscale shopping center on Rte. 28 had three new businesses open recently. North Broadway Crossing, one of the area's newest shopping centers, features four unique buildings and a wide assortment of tenants. The shopping center is located at a new signalized intersection on Rte. 28, just north of Rockingham Rd. Chris Capozzoli, who also built nearby Burlington Self Storage, developed the property. Andrew Levy, director of brokerage services for the MEG Companies is the property's executive leasing agent. The center is anchored by McKinnon's Market & Super Butcher. The store consists of 26,000 s/f of custom designed space. McKinnon's features meat, seafood, produce, bakery items, wine and cheese, and prepared foods. Also in the Crossing is Pentucket Bank, which has opened in a separate, stand-alone, two-story brick facility with multiple drive-through lanes. The second floor offers a community room for functions that can be used for various events. Adjacent to the bank is a new Irving Oil Blue Canoe Convenience Store with a Quizno's inside, and a covered canopy with eight gas pumps. Stores that have opened in the front retail building include Act One Beauty Lounge, a hair salon; Elizabeth Grady Skin Care Salon, which offers body treatments, skin care, nails, and make-up; Maddie's Bagel & Eatery offer an breakfast menu and sandwiches, salads, wraps, and other light fare for lunch and Fitness Together, a personal trainer service.Three new tenants are: Audrey's Sew & Vac will offer vacuum cleaners, sewing machines, accessories, fabric, and sewing classes; Jeanie's Dry Cleaners, and Coco's Fashion Jewelry & Accessories which carries fashion Jewelry made from sterling silver cubic zirconium, rhodium plating and other costume jewelry material, as well as designer and fashion handbags.
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The Greater Portland industrial mid-year market update - by Nate Roop

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
Interest rates and inflation - by Matthew Bacon

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.

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

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. 

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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