It’s official. The ribbon has been cut at WEX’s waterfront headquarters! WEX will bring 400 new jobs to the city and the headquarters will accommodate the corporate office as well as the company’s global fleet, corporate payments and technology teams. The 102,000 SF office building, by developer Jonathan Cohen, was built by Cianbro. Read Mainebiz story… » Read more
A new Belgian-inspired brewery, Brewery Extrava, will join the hopping brewery scene in East Bayside this spring! The 5,000 SF space at 66 Cove Street will house the brewery as well as a 1,000 SF tasting room. Justin Lamontagne, CCIM, SIOR, Chris Craig, and Greg Hastings, SIOR brokered the lease. Read the full story… » Read more
Bangor Savings Bank’s newly built flagship campus has added another building to the home base. On February 11th, the bank purchased 36 Pleasant Street, a 28,780± SF waterfront office building from Gopher Hill Communications, LLC. TC Haffenreffer from NAI The Dunham Group represented the seller. David Hughes from Epstein Commercial Real Estate and David Latulippe… » Read more
In case you missed the MEREDA Annual Forecast Conference, Maine Real Estate and Development Association has posted all the video content on YouTube. Here is Justin Lamontagne‘s industrial forecast!
WEX’s new 105,000 SF waterfront headquarters is expected to be move-in ready by late January. The company will bring about 400 employees to the impressive building, which broke ground back in October of 2017. The new headquarters will bring WEX back to the city where the company started. Read the Portland Press Herald story here.
Historic waterfront site next to South Portland’s Bug Light Park has passed from one family of developers to another. Thomas Moulton and Katie Millett brokered the sale. Read the Mainebiz story here.
The rapidly growing outdoor and lifestyle brand, Flowfold, has acquired 16 Sanford Drive in Gorham. This 7,500-square-foot multi-tenant industrial building will serve as the company’s new headquarters. The move was prompted by consistent year-over-year growth and a need to keep up with expanding sales. Justin Lamontagne, CCIM, SIOR assisted in Flowfold’s site search and brokered… » Read more
The Greater Portland Office market has continued at a steady pace in the first half of 2018; there are currently 1.5± MM square feet of office space available for lease. Rental rates have plateaued or dipped slightly depending on asset class and parking costs continue to rise, but when will tenants say enough is enough?… » Read more
The Southern Maine investment market remains robust. Out of state investors, 1031 tax deferred exchange transactions and historically low interest rates have all contributed to the continued strength of investment sales over the past year. CAP rates appear to have somewhat plateaued but remain historically low. Although the investment market sector remains strong, it is… » Read more
After 20+ quarters of shrinking vacancy rates and rising lease prices, the Southern Maine industrial sector finally saw signs of slight market correction. Vacancy rates have risen for the first time in almost six years, albeit marginally. My current estimation is that the overall Greater Portland industrial vacancy rate is hovering near 2.5%, up from… » Read more