News: Northern New England
Posted: June 3, 2022
Small and Malone of Malone Commercial Brokers arrange $3.7 million sale
Gorham, ME Malone Commercial Brokers completed the $3.7 million sale of 37 Bartlett Rd. to Roundstone Realty, LLC. This 44,870 s/f brick and metal-framed industrial building was built in 1985 and sits on 8.3 acres in an area used for industrial usage and development.
Owner American Tool Companies decided to consolidate their Gorham operations out of state, leaving an opportunity for a local investor. Stanley, Black & Decker previously occupied the building located in Gorham Industrial Park.
The new owners have already secured a long-term undisclosed tenant for the building. At a time when the industrial market both in Maine and nationwide has been especially tight, Gorham Industrial Park and nearby Gorham Industrial Park West are sought after for immediate occupancy and development.
“This investment opportunity came at the perfect time for our buyer,” said Jennifer Small.
The transaction was co-brokered by Small and Joe Malone of Malone Commercial Brokers and Joseph Sedita of Cushman&Wakefield on the seller side and TC Haffenreffer of The Dunham Group for the buyer. The transaction was finalized as of May 10th.
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.
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.
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