The southern and central Maine retail markets remain healthy in 2017, although there is substantial future uncertainty in the anchor store sector. Overall vacancy continues to decline, averaging around 3.5%. This has been a steady trend as shopping center overdevelopment from the 2000’s has finally been absorbed. As a result of this vacancy, lease rates… » Read more
Overall, the Greater Portland Office market remains stable. There are currently over 1.5MM square feet of office space available for lease in the Greater Portland market. While this sounds like a large number, the vacancy is primarily concentrated into several large buildings located along the Congress Street corridor. The approximate average asking lease rate for… » Read more
The industrial market has continued its very strong pace this Spring, and there looks to be no slowing it down this Summer. We are working diligently to find new inventory to work with and create some opportunities for both landlords and tenants. The high demand and low inventory levels in the greater Portland area has… » Read more
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.
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
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
Justin Lamontagne, CCIM will moderate the panel at this MEREDA event “Darkness into Light : Cannabis and its Impact on Commercial Real Estate in the Post-Prohibition Era” Originally held in Portland last February, this event will be held at the Cross Insurance Center in Bangor – June 13th! Register here.
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
We would like to share the info below about Four Springs Capital Markets and their customized tax deferred exchange solutions for real estate investors: Four Springs TEN31 Xchange (FSXchange) is a real estate firm that provides customized tax deferred exchange solutions for real estate investors. As a subsidiary of Four Springs Capital Trust (FSCT), it… » Read more
Tom Moulton and Katie Millett from NAI The Dunham Group recently negotiated the sale of 82 Running Hill Road in South Portland on behalf of the buyer. This 114,017± SF, 4-story Class A office building sits on 12.37 acres and is located in the Maine Mall area of South Portland. New York investors, John and… » Read more