Maine Mall retail space nearly full

August 9, 2012 in Articles

Publication: MaineBiz

The Maine Mall is closing in on 100% occupancy with the addition of new tenants J. Crew and Lush Handmade Cosmetics this month. The South Portland shopping mall has more than 1 million square feet of retail space and will be fully occupied once temporary retailers open for the holiday season, the Portland Press Herald reported.

Craig Gorris, the mall's manager, told the newspaper the two retailers will occupy a total of 6,000 square feet and will have a positive impact on sales and merchandising.

Nationally, the average vacancy rate for regional shopping malls in the United States was 8.9% in the second quarter of this year, according to the real estate research firm Reis Inc. That compares with an 11-year high of 9.4% in the third quarter of 2011 and a low of 4.9% in the second quarter of 2001, according to Reis.


Former Press Herald building eyed as boutique hotel

August 3, 2012 in News

Author: MaineBiz
Publication: www.MaineBiz.biz

 

Two developers have signed a purchase-and-sale agreement to buy the former Portland Press Herald Building at 390 Congress St. The building is near the historic Old Port District and across the street from City Hall.

Jim Brady, former president of the Olympia Cos., and Kevin Bunker, a downtown redevelopment advocate and developer, plan to convert the now-gutted building into a 100-room boutique hotel with a first-floor restaurant, according toPortland Press Herald. The two are buying the building from John Cacoulidis, president of Grand Metro Builders of New York Corp., who purchased it and the newspaper's printing plant for $6.2 million in 2009 from parent company MaineToday Media Inc., and initially had planned to renovate the building into office space.

The developers said they plan to begin construction in the spring of 2013 and be open for business a year later, the newspaper reported.

Brady told the newspaper that the Portland market is strong, and that there will be adequate demand for a new boutique hotel – notwithstanding the proposed $105 million hotel, restaurant and event center on Thompson's Point approved by the planning board in June.


Commercial RE in Maine for the first half of 2012 has continued to slowly but steadily improve

July 27, 2012 in Articles

Author: Karen Rich
Publication: NEREJ

At the beginning of 2012, it was predicted that we would continue to see a fairly flat market in the downtown and suburban office market and that has proven somewhat true throughout the first 7 months of this year. We are experiencing some movement from office tenants, large and small, that have previously been in Class B and C spaces as they look to improve their positioning by gravitating to some of the vacant Class A spaces. Several large Portland area office tenants relocated to newer redeveloped waterfront spaces within the past year; creating some rather large vacancies that are very attractive to office tenants who are moving into and benefitting from aggressive landlords looking to fill their buildings. Downtown office space is leasing typical in the $12-$14 per s/f modified gross range with some of the higher end buildings able to achieve numbers greater than that.

 


 

 

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Bull Moose to open 11th store in South Portland

July 12, 2012 in News

Author: Jessica Hall
Publication: Portland Press Herald

Retailer Bull Moose, which sells new and used music, movies, video games and books, said it plans to open a store in South Portland this fall, marking its 11th location.

 

 

 


The store will be located in the former Blockbuster location in South Portland's Mill Creek neighborhood. Bull Moose plans to expand the building by about 50 percent to 11,000 square feet. The renovations will create 60-75 construction jobs, and the store will have 15 permanent retail jobs once it opens in the fall, the company said.

 

Green Crossing Blue, a sister company of Bull Moose, bought the former Blockbuster store for $1.12 million in March, according to city tax records.

Bull Moose had tried to open in South Portland last year at the former Border's Books & Music location at the Maine Mall, but the store was bought by Books-A-Million.

Bull Moose was started in 1989 in Brunswick by Bowdoin College student Brett Wickard. The company now has more than 100 employees. Bull Moose operates eight stores in Maine and two in New Hampshire.

Correction: This story was revised at 12:55 p.m., July 12, 2012, to correctly name the company Green Crossing Blue. Also, the company is a sister company of Bull Moose, not a holding company.


Retail Landlords Sigh in Relief as Leasing Activity Gains Momentum

July 9, 2012 in Articles

Author: Elaine Misonzhnik
Publication: Retail Traffic Magazine

Retail Landlords Sigh in Relief as Leasing Activity Gains Momentum

Reprint of article by Elaine Misonzhnik, Senior Associate Editor for Retail Traffic Magazine, May 21, 2012.

After several years of concentrating on portfolio consolidation, retailers are coming back to the negotiating table ready to talk new deals, according to leasing brokers, property managers and landlords. What’s more, growth is coming from a variety of sectors, including dining, specialty apparel and department stores, which means that the recovery that up till now has been occurring on a selective basis is starting to become market-wide.

 

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