Cardente Real Estate is pleased to offer for lease the Hathaway Creative Center. This landmark property was fully renovated in 2009, complete with office, retail, and fully leased luxury apartments on the fourth and fifth floors. Major tenants include MaineGeneral Hospital, HealthReach Network, TD Insurance, Unique Designs and Maynard’s Chocolates. Remaining availability includes 1,000 to 10,000 square feet of retail/restaurant space at the first floor arcade mall, and 100-40,000 square feet of office space on the upper levels. Spaces, aggressively priced, can be provided turnkey. There are also potential Pine Tree Zone benefits. Ideal uses include all types of retail, restaurants, professional office, governmental offices, and medical.

When the retail market was really struggling in the first quarter of 2009, approximately 60,000 square feet of retail space was available for lease in Portland’s Old Port (the area from Franklin Street to Temple, and Middle Street to Commercial).

One year later, vacancies in the Old Port dropped by almost 20 percent to less than 48,000 square feet of available space. The good news has continued throughout the first half of 2010. Currently, there is less then 40,000 square feet available for lease in this area. And of that total, more than 25 percent comprises only one vacancy: the former Pavilion space at 188 Middle St.

Of note are the new restaurants that have opened since the start of 2009: Havana South, Pat’s Pizza, Shima, Joe’s New York Pizza, and Linda Bean’s Perfect Maine Lobster Roll. Walter’s moved to a location within the Old Port, and Siano’s Pizzeria, Sonny’s, Salt Exchange, and The Corner Room opened on its immediate periphery. Additionally, Canelli’s and G’Vanni’s are under construction and will be opening soon on Exchange Street. (Continued on PDF)

Cardente Real Estate is pleased to offer for sale the Bank Block Building. Consisting of more than 46,000 square feet, the building has an excellent group of commercial tenants including Androscoggin Bank and NortheastBank Insurance Group. In addition, the property has 21 residential units with a very low vacancy rate. Amenities and improvements include an elevator, ample onsite parking, a modern efficient heating system installed in 2009, and a rubber membrane roof installed in 2008. Ideally suited for an investor seeking a property with a good tenant mix and excellent cash flow.

How did you get started?

As an intern for The Boulos Company, in 2000. My father and grandfather have been developers in Maine for more than 50 years and were my mentors when I started. In 2005, I founded Cardente Real Estate. We now have six commercial brokers and represent all aspects of the sale and leasing of commercial real estate in Maine. Last year my brother Michael and I started Cardente Property Management, and now manage almost 250,000 square feet. Michael was also with me from the beginning of CRE.

What skills are essential to your job?

You must know your market and understand your clientele’s needs,  especially in this soft economy. Investment transactions require specialized skills in mathematics and financing. Other skills include negotiation strategies, understanding real estate documentation, and being able to cold call. However, if you are not a people person and are unwilling to listen, you won’t make it. You must always put your client first.
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Maine was certainly not immune from the well documented market collapse. All major sectors of the commercial real estate industry were affected. The retail vacancy rate in Greater Portland rose from a modest 6.05 to 10.8%*. The office market, especially in suburban areas, saw significant increases in vacancy as companies began to layoff employees and downsize.

The industrial sector experienced a slashing of lease rates as Landlords fought to retain tenants and attract the few prospective tenants that were available. Overall, the downturn certainly represented the worst collapse for the Maine commercial real estate market since September 11, 2001. (Continued on PDF)