Office Market Update – Summer 2018

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

Investment Market Update – Summer 2018

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

Industrial Market Update – Summer 2018

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

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‘Layered’ Deal at Foden Road in South Portland

‘Layered’ deal at Foden Road in South Portland results in a commercial condominium agreement for Agren Appliance and Bedderrest. Read the summary by Mainebiz here. We are also listing the 10,500 SF former Thatcher’s space for lease!

Annual Forecast Conference & 2018 Industrial Market Survey

Here is a summary of the talking points from MEREDA’s annual Forecast Conference yesterday; 900 people were in attendance! Justin Lamontagne delivered his annual Southern Maine Industrial Forecast and unveiled our 2018 Industrial Market Survey. Download your own copy here!

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Richardson Allen Building Manufacturing Facility in Mill Brook Business Park

Richardson Allen, high-end outdoor furniture makers, purchased a 3.81 acre lot in Mill Brook Business Park in Saco to construct a new manufacturing plant. They are expected to move into their new facility in January. Greg Hastings, SIOR brokered the sale. Read the Mainebiz story here.

385 Congress Street

385 Congress Street – Former Press Herald Print Building – Sold

This highly visible part of downtown encompasses an entire city block, right next to City Hall. The 2.2± acre property consists of an industrial building (formerly the Press Herald print building), 2 parking lots, and another industrial building. Tom Moulton, CCIM, SIOR and Katie Millett brokered the sale on behalf of the seller, Metro Media… » Read more

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WEX and Cohen Break Ground on Portland Headquarters

WEX was welcomed to Portland by city officials and developer Jonathan Cohen in a groundbreaking ceremony held this morning. 1 Hancock Street is the site of the company’s new world headquarters. (Read Mainebiz story here). The WEX development project received final planning board approval from the City on October 4th. This one-of-a kind building will be Portland… » Read more

Justin Lamontagne to Speak on NEREJ Summit Panel

On June 29th, New England Real Estate Journal will hold their 2017 Summit – Northern New England State of Commercial Real Estate at the Portsmouth Harbor Events & Conference Center. Justin Lamontagne will a part of the panel of speakers at this event! Register here. 

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Maine Medical Center Purchases One Riverfront Plaza in Westbrook for $10.75 Million

Exciting news for downtown Westbrook! MMC purchased One Riverfront Plaza for $10.75 million. NAI Dunham Group’s Charlie Craig and NAI Hunneman represented the seller. Maine Medical Center plans to use the 131,000 square foot office building to house its integrated information services team and other administrative functions that are currently spread across eight office locations. Read… » Read more

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Developer Making Changes to Former Wharf Street Nightclub Space

New owner/local developer, Fore Street Partners, is happy to welcome Higher Grounds Café to 45 Wharf Street. In January of 2016, the owner and its affiliated companies purchased approximately 50,000 SF of space on Fore and Wharf Streets and are committed to diversifying the tenant base and upgrading this block. Known as a popular street… » Read more

Barrelled Souls Brewing Co. Leases New Brew Operations Space

Justin Lamontagne, CCIM and Greg Hastings, SIOR recently negotiated a 7,600 SF lease at 11 Mill Brook Road in Saco. Barrelled Souls Brewing Company leased the space to house their brewing operations. Customers can still enjoy their tasting room at 743 Portland Road, but the bigger space at 11 Mill Brook Road allows them to… » Read more