Cool Benefits of Solar-Reflective Surfaces for Shopping-Center Owners and Society Energy‐Efficient Pavement Creates Savings and Customer Appeal

August 16, 2012 in Articles

Author: Sheri Roese
Publication: ICSC - RETAIL PROPERTY INSIGHTS VOL. 19 November 2, 2012
This article by Sheri Roese discusses the "cool pavements" and they can positively affect shopping centers in times where temperatures are rising. Click the link to read the article.
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CIvic Center groundbreaking next week

August 16, 2012 in Articles

Author: Staff
Publication: Portland Press Herald

Civic Center groundbreaking next week

From staff reports

 

PORTLAND – The ceremonial groundbreaking for the renovation of the Cumberland County Civic Center will be held next Wednesday, Aug. 22 at 11 a.m.

 

click image to enlarge

An artist rendering of the exterior of the Cumberland County Civic Center, which is expected to undergo a $33 million renovation beginning in August.

 


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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