Maine Outlook- Office

February 4, 2007 in Articles

Author: Matthew Cardente
Publication: RE Journal Online
Submitted by Matthew Cardente, broker and owner of Portland, Maine-based Cardente Real Estate. Posted 02-04-07.

What area is your expertise?
• Southern Maine office market.

What trends do you see presently in office development in your area?
• We are currently seeing a mix of new development in the downtown Portland and suburban markets, as well as the redevelopment of commercial buildings into Class B office space.

Please name one or two significant office developments in your area. What impact will these projects have on the market?
• Several new projects to note for the downtown Portland market include:
• Custom House Square: Located in the Old Port area of downtown Portland, this approximately 60,816-square-foot, six-story office condominium tower is currently under construction and offers office condos on the upper levels and retail on the first level.
• Bayside Redevelopment Land: Bayside is located off of Franklin Arterial, Somerset Street and Marginal Way in Portland. The City of Portland recently put several lots in this district on the market for redevelopment of office and mixed-use. Lots range from approximately 0.28 to 1.3 acres and are available for sale for $125,580 to $583,052 per acre.
Another recent development in Downtown Portland was 280 Fore Street which is an approximately 110,000-square-foot office building constructed in 2005. This building's anchor tenant is Baker, Newman, & Noyes.

As for the suburban Greater Portland market, new developments include Stonewood Crossing, which is located on Route 1 in Freeport, Maine. This approximately 22,000-square-foot office building was completed in 2005 and only has approximately 3,000 square feet remaining for lease. Current tenants include MiddleOak and Power Engineers. Another significant suburban office project is Pineland Farms, which is located in New Gloucester. Pineland was originally established in 1908 and was used to facilitate Maine's mentally challenged. Now fully redeveloped into an approximately 258,000-square-foot office campus, Pineland is home to tenants including Energy East and Mountain LTD and offers an onsite cafeteria, a YMCA with a full fitness center and area trails used for running and cross-country skiing.

Where is the majority of development taking place? Why is this area doing well?
• We are continuing to see the majority of the office development and redevelopment in the Greater Portland area of Southern Maine. As noted before, there are several large office buildings that have been built in the financial district of Portland, and there are plans in the Bayside area to build more. The suburban markets are holding strong in areas where there is easy access to Interstate 295 and the Maine Turnpike. The suburban markets can now compete with the financial district of Portland because the suburban markets offer free parking, reasonable lease rates and state-of-the-art telecommunications. Parking in downtown Portland can cost $85 to $110 per parking space per month.

What area do you expect to be the next big development market? Why?
• We anticipate that the next areas of big development in Southern Maine will be on the Route 1 corridor between Falmouth and Freeport, the Haigis Parkway area of Scarborough and the Bayside District of Portland. All of these areas offer mainstream exposure, easy accessibility and fully developable land.

One flew under the Cuckoo's nest: Portland city council approves new "Formula Business"

February 1, 2007 in Articles

Author: Greg Perry
Publication: New England Real Estate Journal
In the early morning hours of November 21st, 2006, Portland's city council narrowly voted to approve a new "Formula Business" ordinance for several sections of the city's commercial district.
THe purpose of the ordinance, as stated by the city council of Portland, was to "regulate the number and location of formula businesses in order to maintain the city's unique character, the diversity and vitality of the city's commercial districts, and the quality of life of Portland residents". (Continued on PDF)
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Percentage Rent Can Make Sense

December 24, 2006 in Articles

Author: Matthew Cardente
Publication: Portland Press Herald/Maine Sunday Telegram

Retail leases should be a partnership between landlord and tenant. One way to help achieve that relationship is percentage rent—a method of compensation in which the tenant pays a percent of annual gross sales to the landlord.

Typically found in large shopping centers, percentage rent can be used for all types of retail, including servicerelated businesses, and smaller properties like a convenience store or restaurant. To date, the rent structure is rare in Maine; but with continued expansion in the state’s retail market, the arrangement is expected to become more prominent. (Continued on PDF)

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Welcome 'Commercial Real Estate' Debuts

December 3, 2006 in News

Publication: Portland Press Herald/Maine Sunday Telegram

Today, the Maine Sunday Telegram introduces its weekly Commercial Real Estate section. The new, broadsheet, section-front feature debuts following months of collaborative planning between the newspaper and Maine’s commercial brokers. Each Sunday the section will be highlighted by two components:
• A Feature Property that is for sale (see left) with photograph and key details of the listing;
• A column, titled “In The Marketplace,” to appear in this space. The 300– word column will be contributed by brokers and other local professionals with ties to commercial real estate.

Both the Feature Property and “In The Marketplace” spaces are offered at no charge. “We’ve listened to the needs of our commercial customers and created a weekly publication to showcase this vital sector of the economy,” said Anton Kaufer, group sales manager for real estate at the Press Herald/ Telegram. “Our goal is to present the premier statewide marketplace to connect commercial REALTORS with their customers.”

Local industry figures welcomed the innovation. “The weekly articles written by Maine professionals will provide readers with commercial real estate tools and insight on local market conditions and area growth,” said Matthew Cardente, designated owner/broker at Cardente Real Estate in Portland. “A well-organized and complete summary of commercial real estate activity on a regular basis makes a great addition to the Sunday Telegram,” agreed Debra Napolitano, president of Paragon Commercial Real Estate, also in Portland.

Going forward, the section is designed not only to become Maine’s key resource for commercial real estate information, but also to serve reader interests, as does the Telegram’s “Home of the Week.”

“Maine is rich in buildings and locations with fascinating histories, and we encourage brokers to suggest to us commercial Feature Properties with interesting backgrounds,” Kaufer said.

“And through ‘In the Marketplace,’ too, we’re excited about engaging readers—and giving our commercial real estate industry a fresh voice.”

Located minutes from the Maine Turnpike and Interstate 295 and just seconds from U.S. Route 1, 6 Lincoln Avenue is ideally suited for manufacturing and/or distribution.
Previously the distribution center for Humpty Dumpty, 6 Lincoln Avenue offers nearly 40,000 square feet of warehouse space and up to 10,000 square feet of professional office space. The flexible floor plan of the building allows subdivisions to 5,000 +/- square feet.
The facility is in the Scarborough Industrial Park, 45 minutes from New Hampshire and less than 2 hours from Boston. Successful nearby operations include Binax, Inc; Michaud Distributors, and Advance Technology. Additionally, 6 Lincoln Avenue is just minutes from “Scarborough’s Professional Gateway.”

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209 Western Avenue, South Portland Makes Portland Press Herald’s Transaction of the Month

November 20, 2006 in News

Publication: Portland Press Herald

The sale of 209 Western Avenue in South Portland is this month’s featured property (See photo below). REJ I, LLC purchased this 15,700 square foot, multi-tenanted retail complex for $4,627,000. This year old retail strip center’s tenants include Costa Vida Mexican Restaurant; Maine Roasters Coffee; Subway; Snip-Its Haircuts for Kids; Pom’s Thai Taste and American General Finance. The seller—Vincent Maietta of V&E Enterprises— built and developed this building. Karen Rich of Cardente Real Estate represented the seller. Steve Baumann of CB Richard Ellis/ The Boulos Company represented the buyer.

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