Cardente Real Estate Featured Listings & Transactions - August 10, 2021

Cardente Real Estate is pleased to provide our Featured Listings & Transactions for August 10, 2021.

Southern Maine’s commercial real estate market - A look back and now

In early February of 2020, I wrote an article stating that “While several sectors may see a slight uptick in va- cancy rates, the leasing market should remain competitive... through year end 2020.” Several months later, the world found itself in the midst of a pandemic and my forecast was wrong. No one could have predicted the global health crisis that would follow for the next 1 1⁄2 years. However, even during the complete shutdown, there remained demand for commercial real

estate in the Southern Maine market; it just depended on the type of use. In the spring of 2020, Federal Express executed a long-term lease for their 34,000 s/f distribution facility in Portland. Without distribution, people staying at home wouldn’t receive packages. Manufacturing facilities required commercial space for pro- duction. Those grocery and full-ser- vice retailers that remained open, still needed a physical structure to house and sell their product. Hospitals, pharmacies, banks, post offices, and many other types of uses, all needed a commercial footprint even during the pandemic.

to read the full article, please go to the attached.


PREMIER PORTLAND SITE JUST LISTED FOR SALE

Cardente Real Estate is pleased to offer for sale / ground lease this premier property located just off I-295 on the corner of Franklin Arterial, Fox Street, and North Boyd Street. Consisting of two contiguous lots totaling 1.03 +/- acres, 129-139 Fox Street offers a level site that is ideal for redevelopment plus, a 6,112 +/- square foot flex / office building with ample onsite parking. One of the last development sites on the Peninsula, amenities include unbeatable accessibility (seconds from I-295 & Marginal Way), highly visible signage, and mainstream exposure on some of the busiest streets in Portland. This is an ideal location for all types of users looking for one of the most signature locations Portland has to offer. For further information, please click below for brochure.


Purchase Requirements - August 2, 2021

Greg Perry with Cardente Real Real Estate has the following client purchase requirements. Please click on the below link:

Edward Jones Leases at 19 Northbrook Drive in Falmouth, Maine

Cardente Real Estate is pleased to announce that Edward Jones has leased 1,350 +/- square feet at 19 Northbrook Drive in Falmouth, Maine. A long standing Tenant of the complex, Edward Jones is a leading financial advisor firm with over 15,000 locations in the United States and Canada and has been in operation for almost 100 years.  Amanda Stetson opened this Falmouth, Maine branch in 2014 offering premier financial guidance with a specialty in advising women who are going through transitions in life. For further information on how Amanda can help you, please go to:

https://www.edwardjones.com/us-en/financial-advisor/amanda-stetson


Cardente Real Estate's Latest Commercial Leasing Transactions

Cardente Real Estate is pleased to announce our latest commercial leasing transactions!

Lighthouse Bikes, LLC has leased 1,500 +/- square feet of commercial space from Point Break Properties, LLC at 72 Ocean Street, South Portland, Maine. This transaction was brokered by Greg Perry of Cardente Real Estate.

Learning With Fun has leased 3,000 +/- square feet of commercial space from 25 NexGen, LLC at 25 Yarmouth Crossing Drive, Yarmouth, Maine. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

Johnson Paint, Inc. has leased 4,920+/- square feet of retail space from 412 US Route One, LLC at 412 US Route One, Yarmouth, Maine. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

Eric Dube has leased 1,500 +/- square feet of office space from 189 Main Street Associates, LLC at 189 Main Street, Yarmouth, Maine. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

Primo Glass has leased 1,200 +/- square feet of retail space from M.Thomas/KFIVE, LLC at 103 Pleasant Street, Brunswick, Maine. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

 

FOR MORE INFORMATION ON THESE TRANSACTIONS OR OUR OTHER LISTINGS, PLEASE CONTACT CARDENTE REAL ESTATE AT 207-775-7363.


Cardente Real Estate Featured Listings & Transactions

Cardente Real Estate is pleased to provide our featured offerings and transactions for April 27, 2021.
Click Below!

Cardente Real Estate Featured Listings- March 18th, 2021

Cardente Real Estate is pleased to provide our new & featured listings for March 18th, 2021. Please click on the following link to view: https://conta.cc/38Xq3Ca

NEW LEASE LISTING | 25 Yarmouth Crossing | 3,000 +- SF Single Story Freestanding Commercial Building

Cardente Real Estate is pleased to offer for lease this 3,000 +/- square foot single story freestanding commercial building located at 25 Yarmouth Crossing in Yarmouth, Maine. Located in the Village just off of Main Street, the demised premises includes an open area currently used for production, a showroom, a meeting room, a corner office, plumbed room with sink and floor drain, two bathrooms, storage and much more. With up to 10 parking spaces, 25 Yarmouth Crossing offers a driveway in the back of the building that provides delivery access to a double door entrance. Other amenities include a freestanding storage shed, multiple egress points around the building, outdoor areas for green space, signage on Main Street pylon as well as by building, and a sheik interior design. Just minutes from US Route One and I-295, this is an ideal location for general business, flex, production, and other commercial uses.

Click here to view: https://conta.cc/392QFlX


Carente Real Estate Transacts 25 Winter Green Way in Brewer, Maine

Cardente Real Estate is pleased to announce that 25 Wintergreen Way in Brewer, Maine a single family home sold to The Morrison Center by Stephen Grant Dirksen and Thitnu Wai Dirksen, for $400,000. This transaction was brokered on behalf of Greg Perry of Cardente Real Estate, and by Jennifer Cammack of NextHome Experience.


Steward Partners Holdings, LLC Leases 8,488 +/- SF of Class A Office at 145 Maplewood Avenue in Portsmouth

Cardente Real Estate is pleased to announce that Steward Partners Holdings, LLC has leased 8,488 +/- square feet of Class A office space located at 145 Maplewood Avenue in Portsmouth, New Hampshire. This transaction was brokered on behalf of the Tenant by Demetri Koutrouvelis & the Savills Inc. team and Matthew D. Cardente. The Landlord, 145 Maplewood Ave LLC, was represented by Margaret O’Brien of Bow Street, LLC.


NEW SALE LISTING SPOTLIGHT: Freestanding Portland Peninsula Commercial Building On Visible Corner

Cardente Real Estate is pleased to offer for sale/lease 34 Portland Street located in Portland, Maine. This freestanding building consists of 3,724+/- square feet with two main floors plus attic with windows and basement area. The prior set up was a community hub with an in-house coffee shop, bar and library. Other amenities include back driveway for loading access and several employee parking spaces, usable storage/flex in basement and top level, and open layouts on main level and second floor; each with a footprint of 1,064 +/- square feet. Located on the corner of Portland Street and Alder Street, this brick building offers unbeatable exposure and great signage opportunities. This would be an ideal location for an owner/occupant, retailer, restaurateur or general business.


For more details about this listing please contact Matt@cardente.com


CARDENTE REAL ESTATE FEATURED LISTINGS- DECEMBER 3, 2020

Cardente Real Estate is pleased to provide our new & featured listings for October, 2020. Please click on the following link to view: https://conta.cc/2VAYtUs

Cardente Real Estate Transacts 3,000 +/- Square Foot Lease to BamBam Bakery

Cardente Real Estate is pleased to announce that TLC Baking, LLC d/b/a BamBam Bakery has leased the remaining 3,000 +/- square feet of commercial space at 148 Anderson Street in Portland, Maine. Owned by Trophy Building, LLC, this transaction was brokered by Matthew Cardente of Cardente Real Estate in November of 2020

Cardente Real Estate Reps Maine Needs In Lease in Portland

Cardente Real Estate is pleased to announce that Maine Needs has leased

1,960+/- SF of retail space located at 332 Forest Avenue, Portland, Maine. This

transaction was brokered by Katelyn Rice of Cardente Real Estate and Katie

Allen of Dunham Group which closed October 16, 2020. Maine Needs is a

grassroot nonprofit, powered by a growing collective of volunteers. Noted as an

official 501c3 in October, they strive to help individuals and families in Maine help

meet their basic, material needs by providing donated clothing, hygiene products,

household items, and other necessities. Partnering with Maine schools,

caseworkers, nurses and other nonprofits, Maine Needs is a community effort to

make a difference during these unprecedented times.

https://www.maineneeds.com


NEW LISTING SPOTLIGHT: HIGH END MEDICAL OFFICE/OFFICE CONDO IN PORTLAND FOR SALE

Cardente Real Estate is pleased to offer for sale this 3,045 +/- square foot medical office / office condominium located at 535 Ocean Avenue in Portland, Maine. Completely renovated over the last several years, this unit offers a large open waiting room adjacent to large reception with built-ins & glass slider, nine exam rooms with plumbing, six private offices, a full kitchen, bathrooms (including handicap accessible bathroom), and high end finishes throughout. Other amenities include speciality flooring, wired WiFi hot spots and speakers in ceiling, ample onsite parking, deeded elevator access from adjacent structure, and potential to add an elevator within room built originally for an elevator shaft. This is a must see for any medical office looking for a turnkey set up, all general businesses owner occupants, and investors. Condo is also available for lease.


Click Here for brochure


For further details contact Matt@cardente.com


NEW LISTING SPOTLIGHT: One Unit Remaining at Yarmouth's Landmark Sparhawk Mill

Cardente Real Estate is pleased to offer for lease two premier professional office/ general business spaces at the Sparhawk Mill located in Yarmouth, Maine. Built in 1857 by the Royal River Manufacturing Company, the Sparhawk Mill is truly a landmark property. Situated right on the Royal River, this four-story historic building has undergone extensive renovations. During the property’s redevelopment into office space suites, the owner was careful to preserve the property’s character and historic features including the hardwood floors and the famous bell tower. Amenities include newly paved ample on-site parking, amazing views of the Royal River, easy interior & exterior egress, and direct access to US Route 1 and I-295. Located in the Village of Yarmouth, the Sparhawk Mill is within walking distance to many restaurants and shops as well as paths that run adjacent to the Royal River & Park.


Click Here for brochure



For further details contact Matt@cardente.com


NEW LISTING SPOTLIGHT: Freestanding Portland Peninsula Commercial Building On Visible Corner

Cardente Real Estate is pleased to offer for lease 34 Portland Street located in Portland, Maine. This freestanding building consists of 3,724+/- square feet with two main floors plus attic with windows and basement area. The prior set up was a community hub with an in-house coffee shop, bar and library. Other amenities include back driveway for loading access and several employee parking spaces, usable storage/flex in basement and top level, and open layouts on main level and second floor; each with a footprint of 1,064 +/- square feet. Located on the corner of Portland Street and Alder Street, this brick building offers unbeatable exposure and great signage opportunities. This would be an ideal location for a retailer, restaurateur or general business.

Click Here for brochure


For more information contact Matt@cardente.com


NEW LISTING SPOTLIGHT: Two Unit Commercial Owner/ User Investment Property

Cardente Real Estate is pleased to offer for sale this two unit commercial property location on the highly visible corner of 114 Hancock Street & Route 2 in Rumford, Maine. Recently renovated, the Hancock Street unit is currently a doggy day care & the lower unit off of Route 2 is an Engine Repair shop with an 8 foot loading door & mechanic pit. Amenities include an open layout on the main floor, exterior staircase between both units, onsite parking, highly visible facade & pylon signage, and mainstream exposure. 114 Hancock Street offers high traffic counts in the heart of downtown and is within minutes of Route 2. This is an ideal property for owner occupants & investors.

Click Here for Brochure

For more details please contact Matt@cardente.com




CARDENTE REAL ESTATE FEATURED LISTINGS- OCTOBER 8, 2020

Cardente Real Estate is pleased to provide our new & featured listings for October, 2020. Please click on the following link to view: https://conta.cc/2SHiJC4

FREESTANDING PORTLAND PENINSULA COMMERCIAL BUILDING ON VISIBLE CORNER

Cardente Real Estate is pleased to offer for lease 34 Portland Street located in Portland, Maine. This freestanding building consists of 3,724+/- square feet with two main floors plus attic with windows and basement area. The prior set up was a community hub with an in-house coffee shop, bar and library. Other amenities include back driveway for loading access and several employee parking spaces, usable storage/flex in basement and top level, and open layouts on main level and second floor; each with a footprint of 1,064 +/- square feet. Located on the corner of Portland Street and Alder Street, this brick building offers unbeatable exposure and great signage opportunities. This would be an ideal location for a retailer, restaurateur or general business.

View 34 Portland Street Here

Contact Matt@cardente.com for further details.

CARDENTE REAL ESTATE FEATURED LISTINGS- SEPTEMBER 18, 2020

Cardente Real Estate is pleased to provide our new & featured listings for September 18, 2020. Please click on the following link to view: https://conta.cc/3ktpAeh

TWO UNIT COMMERCIAL OWNER/USER INVESTMENT PROPERTY IN RUMFORD MAINE

Cardente Real Estate is pleased to offer for sale this two unit commercial property location on the highly visible corner of 114 Hancock Street & Route 2 in Rumford, Maine. Recently renovated, the Hancock Street unit is currently a doggy day care in the lower unit off of Route 2 & the lower unit is an Engine Repair shop with a 8 foot loading door & mechanic pit. Amenities include an open layout on the main floor, exterior staircase between both units, onsite parking, highly visible facade and pylon signage with mainstream exposure, other features included. 114 Hancock Street offers high traffic counts in the heart of downtown and is within minutes of Route 2. This is an ideal property for owner occupants & investors.

View 114 Hancock Street Here

Contact Matt@cardente.com for further details.

1,549-1,971+/- SF OF PREMIER OFFICE/GENERAL BUSINESS SPACE NOW AVAILABLE FOR LEASE AT SPARHAWK MILL IN YARMOUTH

Cardente Real Estate is pleased to offer for lease two premier professional office/general business spaces 1,549-1,971+/- square feet at 81 Bridge Street, Yarmouth, ME at the Sparhawk Mill. Situated right on the Royal River, this four-story historic building has undergone extensive renovations. Amenities include newly paved ample on-site parking, amazing views of the Royal River, easy interior & exterior egress, and direct access to US Route 1 and I-295.

Contact Matthew Cardente for more information.
Matt@cardente.com

CARDENTE REAL ESTATE FEATURED LISTINGS- AUGUST 13, 2020

Cardente Real Estate is pleased to provide our new & featured listings for August 13, 2020. Please click on the following link to view: https://conta.cc/2CsmFCs

Cardente Real Estate Featured Listings- July 28, 2020

Cardente Real Estate is pleased to provide our new & featured listings for July 28, 2020. Please click on the following link to view: https://conta.cc/3jYGn9U

Cardente Real Estate Leases 33,973 Distribution Center to Federal Express

Cardente Real Estate is pleased to announce that Federal Express has leased 33,973 +/- square feet of to Federal Express at 95 Hutchins Drive in Portland, Maine. Located in the Distribution Hub of Portland, the transaction including a freestanding building consisting of distribution, warehouse, and office space, as well ample onsite parking on over 4 acres of land. This transaction was brokered on behalf of the Landlord, Arrow Realty, by Matthew Cardente of Cardente Real Estate and on behalf of the Tenant by CBRE & The Boulos Company.

4,035 +/- SF NOW AVAILABLE AT 40 MANSON LIBBY ROAD IN SCARBOROUGH

Cardente Real Estate is pleased to offer 4.035 +/- square feet of office space for sublease at 40 Manson Libby Road in Scarborough, Maine. Conveniently located in the popular Scarborough Industrial Park, this unit is part of the 16,000+/- SF fleet building with a unique blend of appointed office space and modern warehouse space. 


Cardente Real Estate Leases 2,310 +/- Square Feet of Office Space

Cardente Real Estate is pleased to announce that ALCOM has leased from Fore Street Investments, LLC, 2,310+/- square feet of office space located on the 2nd floor of 322 Fore Street in Portland, Maine. This transaction was brokered by Matthew Cardente of Cardente Real Estate.


Cardente Real Estate COVID-19 Resources & Policies

As we reopen for business here at Cardente Real Estate, here are some resources to stay safe during this ongoing Pandemic:
CDC Guidance Documents- HERE
FAQ for COVID-19- HERE
COVID-19 Restarting Maine's Economy- HERE
Public Health Considerations For Re-Opening Maine- HERE
Stay Safe. Stay Vigilant. We Will get through this together.

Cardente Real Estate Featured Listings- June 2, 2020

Cardente Real Estate is pleased to provide our new & featured listings for June 2, 2020.
Please click on the following link to view:

Cardente Real Estate Brokers 33,973 +/- Square Foot Lease To Federal Express in Portland, Maine

Cardente Real Estate is pleased to announce that Federal Express has leased 33,973 +/- square feet of distribution space located at 95 Hutchins Drive in Portland, Maine.

Cardente Real Estate Featured Listings - February 26, 2020

Cardente Real Estate is pleased to provide our new & featured listings for February 26, 2020. Please click on the following link to view:

UP TO 34,230 +/- SF AVAILABLE AT PORTLAND'S PREMIER DISTRIBUTION FACILITY

Cardente Real Estate is pleased to offer for lease Portland's premier distribution/warehouse facility ideally located right off of I-95 Maine Turnpike and in close proximity to the Portland International Jetport, , I-295, & major retailers & distributors. Property includes a 34,000± square foot single story commercial building and two parcels of land totaling 4.889± acres that allows for ample parking and expansion to existing structure. Approximately 30,000 square feet of the facility is currently used for distribution, warehouse, and mechanical repair with the balance of the building utilized for office. Other property amenities include 16 foot ceilings with easy access to multiple overhead doors and loading docks on all three sides of the warehouse portion of the building, a 1,600± square foot mechanics shop with lifts & 20 foot± ceilings, an attractive retail entrance at the front of the premises with parking for the Tenant’s customers, and a cafeteria and employee bathrooms with showers & lockers . The 4.889± acre parcel of land provides over 100 parking spaces for employees and customers, a large back parking lot utilized for storage and parking for box trucks & 18 wheelers (back parking lot is well lit with pole lighting), and beautiful landscaping around the premises. Current signage offers facade and pylon entry signage. Sub-dividable to 10,000 +/- square feet, this is an ideal location for all types of distribution, manufacturing / production, and other operations looking to be minutes from all major routes and air transportation.

CARDENTE REAL ESTATE SELLS SABLE OAKS REDEVELOPMENT SITE IN SOUTH PORTLAND

Cardente Real Estate is pleased to announce that Confluent Development, LLC, has purchased 6.27+/- acres of commercial land at 165 Running Hill Rd & 200 Country Club Rd in South Portland, Maine. Located at the entrance to the subdivision, the property was purchased for $2,603,443 on January 27, 2020 from Running Hill Real Estate Development, LLC. This transaction was brokered by Cardente Real Estate and Jeffrey Hyman of Colliers International.


Cardente Real Estate Wishes All A Happy Valentine's Day!

322 Fore Street Valentine's Day 2020

Cardente Real Estate Featured Listings - February 7, 2020

Please click the following link to see Cardente Real Estate's featured listings for February 7, 2020:

To Additional Tour Dates Added for Portland Investment Portfolio To Accommodate Interest

Two additional tour blocks have been added so to accommodate interested parties. Deadline for sealed bid offers has also been extended to December 6, 2019. Block tours will be held on Tuesday, November 19 and Thursday November 21 from 1-5 PM. All parties planning on touring next week, must pre-register with Cardente Real Estate to attend. Click below for updated marketing package for this premier Downtown Portland investment portfolio.

BROCHURE FOR PREMIER INVESTMENT PORTFOLIO RELEASED

Cardente Real Estate is pleased to release the public marketing brochure for this premier commercial investment portfolio sale offering in Downtown Portland, Maine. The commercial real estate package consists of a 130,000 +/- square foot Class A Office Tower with two retail / general business wings known as Ocean Gate Plaza and located at 511 Congress Street, Portland Maine and, the abutting 256 vehicle Arts District Parking Garage (Built in 2019). For further information, click on on the below link to access the general marketing brochure.

PREMIER COMMERCIAL PORTFOLIO FOR SALE IN DOWNTOWN PORTLAND, MAINE - 130,000 +/- SF OFFICE TOWER & NEWLY BUILT 256 VEHICLE PARKING GARAGE

Ocean Gate Plaza & Arts District Garage Sale Flyer

CARDENTE REAL ESTATE LEASES 1,626 +/- SF OLD PORT RETAIL SPACE

Prime Retail Space Leases in Portland’s Old Port

Cardente Real Estate is pleased to announce that Underneath, LLC has leased of 1,626 +/ -square feet of retail space from Mainescape Properties, LLC at 92 Exchange Street in Portland, Maine. This transaction was brokered on behalf of the Landlord by Matthew Cardente of Cardente Real Estate and on behalf of the Tenant by Dave Tucci of KW Commercial.


 

 

 


CARDENTE REAL ESTATE SELLS LANDMARK PAYNE ELWELL PROPERTY IN YARMOUTH, MAINE

Landmark Payne Elwell House Sells in Yarmouth, Maine

Cardente Real Estate is pleased to announce that sale of the Payne Elwell House located at 162 Main Street in Yarmouth, Maine. Consisting of 3,891 +/- square feet of commercial space with onsite parking, this multi-tenanted investment property sold for $450,000 on October 2, 2019.   This transaction was brokered on behalf of the Seller, One Kenwood, LLC by Matthew Cardente of Cardente Real Estate and on behalf of the Buyer, 162, LLC, by Charlie Craig of the Dunham Group.


CARDENTE REAL ESTATE WEEKLY COMMERCIAL LISTINGS UPDATE 9.28.19

Cardente Real Estate is pleased to provide our weekly listings update for September 28, 2019.

To view our newest listings and property updates, please click on the below link:

3,550 +/- SF LEASED AT FOX STREET BUSINESS CENTER

Cardente Real Estate is pleased to announce that Portland Mattress Makers has leased a 3,550+/- square feet of prime commercial space at the Fox Street Business Center located at 107 Fox Street in Portland, Maine. Only one unit consisting of 1,950 +/- square feet remains available at this complex. Located at the gateway to Portland’s Peninsula and just off of Franklin Arterial and Marginal Way, Portland Mattress Makers joins Rising Tide and others at this premier location. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

CARDENTE REAL ESTATE REPRESENTS MORRISON CENTER IN PURCHASE OF 31 CENTRAL STREET IN WESTBROOK, MAINE

Cardente Real Estate is pleased to announce that The Morrison Center has purchased 31 Central Street located in Westbrook, Maine. Consisting of a 3,300 +/- square foot office building, the property was bought  from Double Agents, LLC for $570,000 on September 20, 2019. This transaction was brokered on behalf of the Buyer by Greg Perry of Cardente Real Estate and on behalf of the Seller by Justin Lamontagne of NAI Dunham Group.


Cardente Real Estate Weekly Listings Update

Cardente Real Estate is pleased to provide our weekly listings update. To view our newest listings and property updates, please click on the below link:

JOE DIONNE JOINS THE CARDENTE REAL ESTATE BROKERAGE TEAM

We are pleased to announce that Joe Dionne has joined the Cardente Real Estate commercial brokerage team as a licensed Sales Agent.
Joe was born and raised in Lewiston, Maine before relocating to the Portland-area where he attended the University of Southern Maine. He stayed in Portland after he began working as an on-air talent for Maine radio station WBLM. For the last 14 years, Mr. Dionne has been a mainstay on Maine's radio station WCYY and has spent two decades as a mobile DJ doing projects throughout Northern New England. Mr. Dionne specializes in all aspects of the sale and leasing of commercial real estate in the State of Maine.

Joe Dionne's contact information is provided below:

Office: 207.775.7363
Direct Line: 207.558.6118
Cell: 207.576.9407
Email: joe@cardente.com
Company Address: 322 Fore Street, Portland, Maine 04101



CARDENTE REAL ESTATE LEASES 4,000 +/- SF RETAIL UNIT AT 301 FOREST AVENUE

Cardente Real Estate is pleased to announce that The Higher Concept, LLC has leased the remaining 4,000 +/-  square feet of retail space at the William Rowell Building located at 301 Forest Avenue in Portland, Maine. Now fully leased, this complex is also home to Bradford Rug Gallery, The Bier Cellar, and Catholic Charities.

Bayside Psychology Leases Office Space at Lower Falls Landing in Yarmouth

Michael Cobb, Broker / Partner at Cardente Real Estate, is pleased to announce that Bayside Psychology has leased 1,300+/- square feet of office space from SEKA Properties at Lower Falls Landing located at 106 Lafayette Street in Yarmouth, Maine. This transaction was brokered by Mr. Cobb on behalf of the Landlord and Tenant. For further information regarding opportunities at Lower Falls Landing, please contact Mike at cobb@cardente.com - (Direct Line) 207.558.6118 (Office) 207.775.7363

 


5TH ANNUAL MCAR CHARITY GOLF TOURNAMENT Benefiting the Morrison Center - Sign Up Now!

5TH ANNUAL MCAR CHARITY GOLF TOURNAMENT
Benefiting the Morrison Center - Sign Up Now!


WHEN: Tuesday, September 17, 2019

WHERE: Prouts Neck Country Club


TO REGISTER A TEAM: Please go to the below link:
https://files.constantcontact.com/…/a289e169-1432-4b2d-80bd…

 

SPONSORSHIP OPPORTUNITIES: Please go to the below link:
https://files.constantcontact.com/…/ced42e76-a4f4-4c61-af40…

FOR ADDITIONAL INFO / QUESTIONS:

Contact:
Greg Perry | Senior Partner/Broker
Cardente Real Estate 
Direct Line: 207-558-6116 | Cell: 207-838-8146
Email: greg@cardente.com


CARDENTE REAL ESTATE SELLS 221 UNIT SELF STORAGE FACILITY IN PORTLAND


Cardente Real Estate 221 is pleased to announce the sale of Portland Self Storage located at 76 Warren Avenue in Portland, Maine.

This 221 unit self storage building  was sold to McInMitchell LLC  by 80 Warren Avenue, LLC for $2.215 million. Matthew Cardente and Robert Tragemann of Cardente Real Estate represented the Seller and Michael Anderson of Malone Commercial Brokers represented the Buyer in this transaction that closed on March 29th, 2019.

CARDENTE REAL ESTATE SELLS 24,510 +/- SF RETAIL CENTER IN PORTLAND

Cardente Real Estate is pleased to announce that All-American family, LLC purchased the 24,150 +/- square foot retail center  located at 1041 Brighton Avenue in Portland, Maine from 1041 Brighton Ave., LLC  for  $2,991,443 on July 16, 2019. This transaction was brokered on behalf of the Purchaser by Greg Perry of Cardente Real Estate and on behalf of the Seller by Charles Day of Porta & Co.


Now Offering For Sale By Auction - 477 Congress Street, Portland, Maine

We are pleased to offer for sale by auction the Time & Temperature Building located at 477 Congress Street in Portland, Maine.

 


Upcoming Pre-Auction Showing Dates

 

Thursday, September 6th - 12 PM - 3 PM

Friday, September 7th - 9:30 AM - 11:30 AM

Wednesday, September 12th - 12 PM - 3 PM

Thursday, September 13th - 9:30 AM - 11:30 AM

 

Please contact us if you plan to attend so we can put you in the calendar for the time and date of your choice. More showing dates for later in September to be announced. As a reminder, the real estate auction starts on October 9th, 2018. For additional information regarding the auction and registration, please see below.

 


RECENT TRANSACTION: Lower Falls Landing sells for 5.4 million


Apartment Project Envisioned as Bayside Centerpiece Appears Dead

Find out why Portland's multimillion dollar Bayside Development project went stagnant:continued on pdf:

ALCOM, LLC Joins Fore St Offices in the Old Port

ALCOM, LLC Joins our 322 Fore Street Offices in the Old Port:

Former Siano's Pizzeria Sells

Cardente Real Estate Brokers $1.1M Sale of Restaurant Property in Portland, Maine

Cardente Real Estate has arranged the sale of a restaurant property located at 476 Stevens Ave. in Portland. Rock Properties sold the property to 476 Stevens Ave LLC for $1.1 million. Siano’s Pizzeria formerly occupied the 4,091-square-foot restaurant building. Cheri Bonawitz of Cardente Real Estate represented the seller, while Mike Anderson of Malone Commercial Brokers represented the buyer in the deal. 


Historic Downtown Bangor Building Sells for $1.9 Million

A historic building on Bangor's Main Street was sold for nearly $1.9 million last week to a Colorado developer.

 


Cardente Accepted to Forbes Council

Matthew Cardente of Cardente Real Estate Accepted into Forbes Real Estate Council

Portland, Maine – December 7, 2017 - Matthew Cardente has been accepted into the Forbes Real Estate Council, an invitation-only community for executives in the real estate industry. Mr. Cardente joins other Forbes Real Estate Council members, who are hand-selected, to become part of a curated network of successful peers and get access to a variety of exclusive benefits and resources, including the opportunity to submit thought leadership articles and short tips on industry-related topics for publishing on Forbes.com.

In 2005, Matthew founded Cardente Real Estate in Portland, Maine.  Over a decade later, Cardente Real Estate has grown into a leading commercial real estate brokerage in Northern New England.

Forbes Councils combines an innovative, high-touch approach to community management perfected by the team behind Young Entrepreneur Council (YEC) with the extensive resources and global reach of Forbes.

“I look forward to collaborating with other Real Estate Council Members and Forbes.com.” Says Matthew Cardente, “Being accepted into the Forbes Real Estate Council sets a new milestone for my real estate career.”

Scott Gerber, founder of Forbes Councils, says, “We are honored to welcome Mr. Cardente into the community. Our mission with Forbes Councils is to curate successful professionals from every industry, creating a vetted, social capital-driven network that helps every member make an even greater impact on the business world.”

About Forbes Councils

Forbes partnered with the founders of Young Entrepreneur Council (YEC) to launch Forbes Councils, invitation-only communities for world-class business professionals in a variety of industries. Members, who are hand-selected by each Council’s community team, receive personalized introductions to each other based on their specific needs and gain access to a wide range of business benefits and services, including best-in-class concierge teams, personalized connections, peer-to-peer learning, a business services marketplace, and the opportunity to share thought leadership content on Forbes.com.

For more information about Forbes Real Estate Council, visit https://forbesrealestatecouncil.com. To learn more about Forbes Councils, visit www.forbescouncils.com.





3rd Annual MCAR Golf Tournament Raises $12,000 for The Morrison Center

Greg Perry, tournament organizer, is proud to announce that more than $12,000 was raised to benefit The Morrison Center at the 3rd Annual MCAR Charity Golf Tournament on September 19 at Prouts Neck Country Club. The Morrison Center provides comprehensive programming, individualized supports, and employment services for people of all ages with disabilities. This year's Cardente Real Estate team included (pictured left to right):
Mark Sandler, Cheri Bonawitz, Michael Cobb and Kirk Mullen (of The Rowley Agency).
A huge THANK YOU to all players, sponsors and volunteers!


Cardente Real Estate Is A CoStar Power Broker Award Winner

Cardente Real Estate is pleased to be the recipient of the 2016 CoStar™ Power Broker Award. CoStar™ researches, verifies and tallies transaction data to determine the highest transaction volume in commercial property sales and leases in a given market. Since 2010, Cardente has been recognized by CoStar™ as among the top real estate firms in commercial property leasing and sales in Portland, Maine.


Why Seek a Commercial Broker?


Downtown Bangor Building Sells For $3.1 Million


Seaside Inns Find New Investors


Expanding Dental Practice Adds Portland Office


Growth spurs The Morrison Center's expansion in Wells

Growth spurs The Morrison Center's expansion in Wells

Photo courtesy The Morrison Center
PHOTO COURTESY THE MORRISON CENTER
The Morrison Center, a nonprofit whose mission is to help people of all ages with disabilities, has purchased an office building at 2250 Post Road in Wells for $300,000 to facilitate its expansion.

WELLS — Demand for the services of The Morrison Center, a nonprofit whose mission is to help people of all ages with disabilities, has prompted the expansion of its facilities in Wells.

The Morrison Center purchased an office building at 2250 Post Road for $300,000 to facilitate its expansion. John Downing of The Downing Agency represented seller Douglas Merrill and Greg Perry of Cardente Real Estate represented The Morrison Center in a deal that closed Jan. 4.

"The community is wonderful," said Executive Director Mark Ryder. "We love being part of Wells."

The Morrison Center incorporated in the 1950s in Portland. The organization today operates three campuses — its headquarters in Scarborough, a smaller facility in Portland and its first facility in Wells, at 526 Post Road.

Rapid growth

Specializing in complex and involved developmental disabilities, the center's programming includes a preschool and childcare program, a K-12 special-purpose grade school, adult day community support programs, case management services for children and adults, and an integrated therapy clinic for all ages. Its support team includes educators, therapists, direct care professionals, and a full-time registered nurse. New this year, the center partnered with the Maine Educational Center for the Deaf and Hard of Hearing on Falmouth's Mackworth Island to help advance educational services for the K-12 program there. Morrison also is in its second year of partnering with School Administrative District 55 to provide specialized preschooler services within South Hiram Elementary School.

Client numbers overall have tripled in the past five years, Ryder said. On the children's side, the organization had six K-12 students overall five years ago; today it serves over 30.

The adult side doubled in the past five years. Case management, a new program as of five years ago, now serves over 100 individuals. The organization also runs nine residential group homes, and there's a waiting list.

Increased clientele, said Ryder, reflects both increased need and the "build it and they will come" scenario — families with members previously in need simply didn't have a place to go for highly specialized services.

Four years ago, the organization decided to establish a facility in Wells and bought the 526 Post Road property — the former Mainiax restaurant — gutted it and reproduced a facility similar to Scarborough's, but on a smaller scale, for adult, pre-school and K-12 programs. That program filled up within a year.

Ryder and his board of directors decided to search for a second facility in Wells, a community that's proved supportive of the organization. The goal was to find a nearby property to relocate the adult program, thus also allowing the children's program to expand in the existing facility.

What the new expansion accomplishes

"That's where the 2550 Post Road building comes into play," Ryder said.

The 2,300-square-foot building, formerly a chiropractor's office, is just down the street from the existing facility.

The agency expects to invest about $200,000 in refitting the space. The exterior will remain the same. The interior will be gutted and reconfigured with small treatment rooms, a large activity space with a culinary corner (clients love to cook and it develops independent life skills), a therapy room with specialized equipment, and personal care space with mobility equipment used to support clients.

Work was expected to start mid-January. The goal is to be operational by March 15.

The staff will also grow, he said.

The agency currently employs about 250; about 20 of them are in Wells. The Wells expansion will result in more hiring, probably an initial six to 10, depending on how quickly space is filled.

For the future, said Ryder, "We hope to expand the Wells program even more — creating a state-of-the art school building as well as developing additional adult programming facilities. This is our first step in our Wells strategic expansion plan."

What makes the property perfect, Ryder said, is its location in the heart of town.

"Our folks can be in close proximity to what's happening, so we can integrate them into the community," he said.

The current Wells space serves approximately 20 adult clients and about 30 preschoolers. The new space will be able to serve between 40 and 50 adults. Capacity for preschoolers at the older Wells facility will become 55-60.

Mix of financing

As a 501c3 nonprofit, the purchase and rebuild are financed through existing capital funds, new lending, donations, and fundraising.

Two fundraisers were spearheaded by Morrison Center broker Perry. In fact, that's how Perry ended up working with the agency to find a property. Perry is on the board of directors of the Maine Commercial Association of Realtors, which does at least two volunteer events per year. In 2015, the MCAR board selected Morrison as a beneficiary. Perry, with the board's help, organized a golf tournament at Prout's Neck Golf Course as the fundraiser, which raised about $8,000. MCAR's second golf tournament fundraiser last fall for Morrison raised about $11,000.

"It's a really good place to contribute to," said Perry.

The Maine Commercial Association of Realtors board recently voted to stick with Morrison for its next event.

"We feel so fortunate to have their support," said Ryder.


Broad Street luxury apartment building fetches $3.12 million in sale

BANGOR, Maine — A longtime Broad Street sporting goods store converted into luxury apartments has been sold to an out-of-state developer for $3.12 million.

The 18 luxury units at 28 Broad St. were sold by 28 Broad St. LLC to another limited liability corporation, New Hampshire-based Broad Street LLC, on Jan. 13, said Michael Cobb, a broker at Cardente Real Estate of Portland.

Friday’s closing capped 6½ months of negotiations, Cobb said Wednesday.

“It is an out-of-state investor who was interested. He liked the tenant mix and income ratios coming in from that. That’s where the number [sale price] comes from,” Cobb said. “On this type of property, in Bangor, I haven’t seen any other properties sell for this kind of price point.”

Former building owner Roy Hubbard said he and his partners were tempted to hang onto the building but the sale made sense.

“We certainly got a healthy per-unit price, which we are very happy about,” Hubbard said Wednesday. “I have mixed feelings about selling, but at the end of the day, I am not a landlord. I am a developer. My job is to bring something back to life. Then I find something else to bring back to life.”

The 27-year-old, who splits time between Connecticut and Maine, invested about $2 million and two years in renovations on the former Dakin Sporting Goods building. Hubbard bought the building for about $650,000. He opened three ground-floor apartments to public viewing in March 2016 during the Downtown Bangor Artwalk.

The building is currently fully occupied, and there is a tenant waiting list, according to Cardente Real Estate.

The site had been largely vacant since the late 1990s, when it briefly housed a coffee shop, cafe and TCBY yogurt shop. It also served as temporary headquarters for political campaigns.

Tanya Emery, the city’s director of community and economic development, said the sale price seemed about right.

“We knew it was for sale and it seems like a solid price for an exceptionally renovated building with strong occupancy numbers,” Emery said Wednesday.

Bangor is changing to accommodate people gravitating toward urban centers and a growing entertainment corridor, but still needs affordable rentals, officials said.

Hubbard is interested in continuing to rehabilitate buildings in Bangor, if he finds the right deal. Bangor’s market is growing, he said.

“It is scarce to find unused square footage downtown. When I got started, downtown the vacancy rates were incredible. It’s just not the case now,” Hubbard said. “I would be more inclined to do lower-rent apartments. I think with the higher-rent per-square-foot apartments, it’s hard to find space for that which could work. I think there is still a demand for that, but you need to get more people in there. It is easier for more developers to go lower-scale, to something more moderate.”

“I like Bangor,” Hubbard added. “It’s too expensive in Portland. Bangor is the only place I am really comfortable investing in. It is quieter and a lot more personal to me.”

Bangor Daily News writers Nick McCrea and Darren Fishell contributed to this report.


MEREDA conference highlights 'worker gap'

MEREDA conference highlights 'worker gap'

COURTESY / MEREDA
COURTESY / MEREDA
Cover of the latest MEREDA Index, a biannual economic indicator measuring the health of Maine's real estate sector.

​The Maine Real Estate and Development Association's bi-annual economic indicator measuring the health of Maine's real estate sector, The MEREDA Index, shows a significant "worker gap" that is driving up the cost and increasing the timeline of construction projects, according to a release about the index.

Unveiled at Thursday's sold-out annual MEREDA forecast conference, the index showed strong growth in the residential construction sector.

"Overall, The MEREDA Index has grown in the last years, though we are seeing the first plateau since the post-2007 recovery," Paul Peck, MEREDA president, a real estate developer and an attorney at Drummond & Drummond, said in a statement.​ ​"The second quarter of 2016 saw​ ​us reach the​ ​highest level ​in 10 years​, led by a 10% growth in the residential component."

All told, The MEREDA Index, which covers the middle two quarters of 2016, came in at 93​.

The second quarter of 2016 saw The MEREDA Index reach its highest level since 2006, led by a 10% growth in the residential component. But the second quarter's gains were not sustained into the third quarter, and at the end of the third quarter the index was just below its highest level since 2006.

The third quarter drop occurred primarily in the residential sector but also in the commercial sector. Over the past six months, the index grew 1.2% and over the year by 0.9%. Overall, the index indicates that recovery from the real estate recession continued, but slowed over the past year.

"​​The​ ​gains of the​ ​second quarter of 2016​ ​were not sustained into the third quarter, with a 4% drop relative the second quarter," said economist Charles Colgan of the University of Southern Maine, who compiled the report for MEREDA.​

Tackling the 'worker gap' ​

The lack of qualified candidates available to fill electrician, plumbing and other subcontractor positions that might be driving up the cost and increasing the timeline of construction has spurred MEREDA to launch a subcommittee with the Associated General Contractors of Maine to address the worker gap.

"The worker gap issue must be address if Maine is to benefit from continued economic investment, an expanded tax base in our neighborhoods and communities and a robust tourism economy," Peck said.

MEREDA's annual forecast conference featured more than half a dozen forecasts of future market activity by property type and geography, from top experts in the following categories: Maine's vacation and hospitality industry; southern Maine industrial, office, retail and residential; plus specific forecasts for the midcoast, Bangor area and central Maine markets respectively.

The new edition of The MEREDA Index was underwritten by Eaton Peabody, with support from CBRE | The Boulos Company, Wright-Ryan Construction and The Press Hotel.


City of Portland prepares to put prime Bayside land on the market

Four acres of land with significant development potential near Portland’s downtown could be available for sale by the end of the year, according to the city’s economic development director.


Greg Mitchell said city officials will likely choose a real estate broker in the coming weeks for land used by the city’s Public Works Department in Bayside, launching a process that could alter the course of one of Portland’s long-struggling neighborhoods. The only restrictions placed on the sale would be the current zoning, Mitchell said, and the city is open to selling all of the land to one buyer, or selling it by the parcel.

Given the property’s location and zoning, which permits a wide range of uses, Mitchell expects that some sort of mixed-use development – including residential, office, retail and possibly a fitness center – could replace the current industrial-scale uses.

“I think this is an opportunity of a lifetime,” Mitchell said. “I think it would have a dramatic impact on spurring more investment in that area. Four acres is quite a piece of real estate in a downtown area. The redevelopment of that area could have a dramatic impact on setting a direction in an area.”

Moving Public Works out of Bayside has been a goal of the city since the 1990s. After toying with potentially moving the department out to Riverside Street, among other options, the city in 2013 began securing a 13-acre site at 212 and 250 Canco Road, an industrial area in the geographic center of the city.

Over the last year, the city focused more attention on the Bayside neighborhood, which is home to a multitude of social service groups, including the homeless shelters and soup kitchens. Last summer, the city directed more police attention to the area to deal with unruly behavior and made more of an effort to pick up litter, sweep the streets and rebuild sidewalks. It also has begun to rethink the way the city provides emergency food and shelter.

Given that the “midtown” project, including more than 400 apartments, has stalled and is possibly being revised again, residents in Bayside hope that the city’s effort to sell and redevelop the public works properties will go more smoothly, said Bayside Neighborhood Association President Steve Hirshon. He noted that after five years of planning for the midtown development, no shovel has hit the ground.

Hirshon suggested that residents are cautiously optimistic about the future.

“We understand there’s a lot of potential for development in the neighborhood, and obviously that’s exciting, but there’s the issue of: How do you maintain a neighborhood that managed to survive the fire of 1866?” Hirshon said, referring to the fire that destroyed a third of the city’s downtown area. “I think we’d like to maintain a semblance of what we have, and at the same time, welcome whatever new comes along.”

The estimated cost for relocating the Public Works Department is $15.5 million, with about $8.4 million already appropriated. On Monday, the City Council allocated $1 million from the recent sale of 3½ acres of land on Somerset Street to Federated Cos. for the midtown project toward upgrading facilities at Canco Road, leaving about $7 million in remaining costs.

Mitchell said most of the public works operations, except for its fleet services at 44 Hanover St., have been moved to Canco Road. Administrative offices at 55 Portland St. will remain for now, but that building may be put on the market at a later date.

Moving fleet services would require a new building at Canco Road, so that would not occur until funding is secured, either through a bond or using revenue from the sale of the land, or a combination.

The city expects to open bids from potential real estate brokers Tuesday, Mitchell said. “I would expect we would make decisions quickly in hiring a broker,” he said.

The city is looking to immediately list four properties and may list an additional three properties, all of which are scattered throughout the area generally bordered by Portland, Alder and Kennebec streets and Forest Avenue, according to a request for proposals for commercial real state brokers. The properties to be listed are 56 Parris St.; 82 Hanover St.-158 Kennebec St.; 65 Hanover St.-52 Alder St.; and 44 Hanover St.

The properties are split between two business zones, which in some cases allow for 105-foot-tall buildings. Two parcels – a nearly 1.3-acre site at 82 Hanover St. and a nearly 1-acre site at 44 Hanover St. – could potentially be combined, according to the RFP, which also contemplates extending Somerset Street to Hanover Street and realigning Kennebec Street to Forest Avenue. Other properties, namely 55 Portland St., 178 Kennebec St., and 181 Forest Ave., may also be put up for sale.

Mitchell said he suspects that existing brick buildings could be renovated and incorporated into any new development plan, while open lots and a metal shed at 44 Hanover St., which houses fleet services, could be remade from scratch.

Mitchell declined to say how much he believed the city could get for the property, other than to say it could be a “significant” amount.

He said the real estate market is strong, the property is close to downtown, and there is already development going on in Bayside, including the new Chipotle and Bangor Savings Bank locations on Marginal Way, the expansion of Bayside Bowl on Alder Street and the conversion of the Schlotterbeck & Foss building on Portland Street into market-rate housing consisting of a mix of 56 studio and one-bedroom apartments.

“I feel there is a very high level of interest,” Mitchell said. “We’re continuing to see development in Bayside and we’re in the center of that.”


Three solid quarters in 2016 and counting for southern Maine's commercial real estate market

Heading into the 4th quarter of 2016, the commercial real estate market in Southern Maine remains strong with no immediate signs of a slowdown. Several key indications of the ongoing market strength include low / declining vacancy rates, high buyer demand, and limited supply of investment grade properties.



Office

Year to date, the leasing market for higher end office has performed well for landlords in Portland and the surrounding municipalities. One prime example is Ocean Gate Plaza located at 511 Congress St. in Port- land. Approximately 100,000 s/f of this 130,000 s/f complex consists of nine stories of class A office space that is currently 100% leased. At the time the property was purchased in March of 2014, the office vacancy rate for the office tower was closer to 9%. CBRE, The Boulos Co. produces an annual office market survey based on approximately 12 million s/f of class A and B office in Greater Portland. “The overall office vacancy in Greater Portland continues to trend downward and is likely in the 5% range heading into the 4th quarter”, said Drew Sigfridson, managing director & partner of CBRE the Boulos Company, “ We have witnessed a flight to quality over the past year with class A office vacancy rates likely below 4% for both suburban and downtown buildings. However, class B and lower quality product continue to experience prolonged vacancies.”

Retail

Southern Maine’s retail market is flourishing as well. In March, the 13-acre Falmouth Plaza was pur- chased by developer Matthew Orne for $11.55 million on Feb. 2, 2016. Located approximately 10 minutes from downtown Portland, the purchase chase of retail complex included a 92,000 s/f Wal-Mart and the adjacent vacant Regal Cinema. Later this year, Flagship Cinemas leased the former cinema and is now open for business after the 15,000 s/f unit was vacant for four years. Steve Baumann of Compass Commercial Brokers handled the sale and cinema lease for the new owner. Other positive signs for the market is the lack of inventory for lease in the major retail districts of Greater Portland. According to the New England Commercial Property Exchange database, as of mid-October 2016, there were a total of 40 retail listings for 1,000 – 3,000 s/f in Port- land and South Portland combined. These cities includes Portland’s Old Port and the Maine Mall district. The same database indicated that there were a combined total of thirteen retail units ranging from 5,000 – 10,000 s/f and four 15,000 – 200,0000 s/f retail boxes available in total for Portland and South Portland.

Industrial

Greater Portland’s industrial mar- ket is seeing increased price points, low inventory, and tenant/buyer com- petition. In part, this is due to high de- mand from marijuana cultivators and breweries that have been expanding into the marketplace. “Over the last six years, industrial lease rates and sales prices have consistently trended and vacancy rates have dropped,” said Justin Lamontagne, partner at The Dunham Group out of Portland. “We anticipate a 3-4% vacancy rate for Greater Portland industrial space by year end 2016.”

Investment & Owner Occupant Sales

Southern Maine’s commercial sales for investment and owner occupant properties is arguable the hottest market. Owner occupants continue to take advantage of the historically low vacancy rates. Formerly tenants, these new owner occupants are often paying less on their mortgage than they were on their former lease rate. For Maine investors, the continuation of low interest rates combined with the state’s attractive capitalization rates has made investment properties scarce within the region. Capitalization rates for higher end office, retail, and industrial properties are currently trending between 8-9.5% in the prominent marketplace; 7-8% for premium multi-units and properties offering long-term leases from high credit tenants. Investments sales in secondary markets and higher risk properties are offering capitalization rates 9.5% to above 10%. These types of capitalization rates are not as prevalent in other states in New England making Maine a prime target for local and national investors.


Green Clean moves from leased space to new $425K Portland HQ

PORTLAND — A gung-ho cleaning service, Green Clean Maine, has been skyrocketing since its founding in 2007.


That's why founder and CEO Joe Walsh decided to buy larger quarters to house the business.

Walsh purchased the 4,768-square-foot, three-level office building at 583 Warren Ave. in Portland, just west of the Maine Turnpike/I-95 overpass, from Casey & Paige LLC for $425,000. The deal closed Sept. 16.

Amenities include 25 onsite parking spaces plus a two-bay garage and deck. Walsh was represented by Matthew Cardente and Mark Sandler of Cardente Real Estate. Mark Malone of Malone Commercial Real Estate represented the seller.

"Joe and I had been searching for properties over the past year," said Sandler. "This property fit perfectly into our mix of an owner/user investment property. Joe has the option to use a portion of the property to grow other aspects of his business or lease it out for extra income."

Reached by phone after attending the Goldman Sachs "10,000 Small Businesses" program in Boston, Walsh said the new space is about six times larger than the current leased space.

"We're moving out of an 800-square-foot space. It's tiny," he said. "I can't even believe we've been there that long."

The new building and grounds will allow for continued growth. That includes space for equipment for the field staff, supplies like low-moisture mop systems, high-performance commercial backpack vacuums, all-natural handmade cleaning formulas, cleaning trays, microfiber cloths, cotton cloths for glass, terrycloth mops for floors and microfiber dusters to get up high and down low.

There's now also more space for the growing administrative and customer service office staff and a laundry plant with washers and dryers. The crew launders 1,500 to 2,000 cleaning cloths per day, a production line where the company produces cleaning supplies and will eventually package them for consumer sales. Outside is a fleet of environmentally friendly electric hybrid or fuel-efficient vehicles.

The building is about 40 years old and in good shape, requiring minimal renovations such as paint and carpeting.

"It was already laid out in a way that, when I walked in I knew it would be great for us," said Walsh.

The move was planned for Oct 22-23.

Non-toxic cleaners can't keep up with demand

Walsh's entrée into cleaning services was a surprising turn from his previous career as an advertising salesman for the Sunrise Guide, a Westbrook-based publication about healthy and sustainable resources. He was approaching environmentally friendly residential cleaning services about advertising.

"Everyone I talked with who was doing it in a nontoxic way said they couldn't advertise because they already couldn't keep up with demand," he recalled.

The popularity of the service and the promise of good money meshed with his personal predilection for a clean and tidy home. He received a $5,000 grant from the Libra Future Fund and got his first client, a friend with a condo, in October 2007. He hired his first employee in January 2008. Now he has 30 employees and, he said, the company is the largest residential cleaning service in Maine, with about 400 subscribers, from Saco to Freeport, who register for an average of 3.5 to 4 years, with the average client signing up for bi-weekly service.

Recently, he was a finalist in the Maine Center for Entrepreneurial Development's "Top Gun" program, developing a vision for the company's future. Plans include additional services such as helping homeowners with other aspects of their lives, such as dog-walking, carpet-washing and concierge services.

Walsh plans to expand the commercial cleaning side. And he plans to increase production of natural cleaning supplies, which use baking soda, vinegar, essential oils and other plant-based ingredients. Customers often ask to buy his supplies, so he's developed product labels and is finalizing packaging for sales.

"This building will make room to add divisions and service lines as we grow," he said.

Also, the property is over two acres, so there's enough land and buffer to add at least another 5,000 square feet of space.

"That's part of the property's appeal as well," he said.

So why does he like to clean?

"I'm a little bit of a perfectionist," he said. "It's the satisfaction you get from making something just right, starting off with something dirty or chaotic and making it clean and neat. But what I didn't like was the chemical part. I was interested in creating an environmental benefit and making money at the same time."

Editor's note: Green Clean Maine cleans the Mainebiz offices.


UMaine trustees launch initiative to create $150M graduate center

UMaine trustees launch initiative to create $150M graduate center

The University of Maine System's trustees in a special meeting on Sunday unanimously approved the first phase of a $15 million fund-raising effort for an ambitious $150 million plan to create a new graduate center for business, law and public policy in Portland.

The resolution approved by the trustees doesn't fully commit the University of Maine System to the $150 million capital investment that would be required to fulfill the business plan for the proposed Maine Center, which calls for a new $93.6 million building and a $45 million endowment. At this point, it simply authorizes UMaine Chancellor James Page to seek additional funding from private foundations and other funding sources, including the Harold Alfond Foundation, which contributed more than $2 million to the planning process that led to the development of the business plan.

"The Maine Center plan is aspirational, exemplifying our 'One University' commitment to move our state forward with innovative programing and stronger engagement with Maine's business, legal and community leaders," Page said in a statement announcing the initiative.

Maine Center CEO Eliot Cutler, an unsuccessful Independent candidate in Maine's 2010 and 2014 gubernatorial races and a founding partner of the environmental law firm Cutler & Stanfield LLP, led the 18-month assessment of UMaine's graduate programs that culminated in the graduate center's business plan. That effort included the establishment of a 100-member advisory board, discussions with faculty and more than 400 meetings in town halls, board rooms, law offices, judicial buildings and college campuses.

"The willingness of so many people inside and outside the university to engage with us shows how necessary everyone recognizes these changes and reforms are for the rebirth and growth of Maine's economy," Cutler said in a statement. "By breaking down the walls and silos in graduate programs that already are vanishing from the real world of work, the Maine Center will breed the kinds of collaborative, relationship-building, analytic and communications skills that are increasingly valued by Maine and national employers."

Why now?

The proposed Maine Center will bring under one roof in Portland the UMaine system's single, merged MBA program, the Maine Law School and the Muskie School of Public Service with its graduate programs in public health and public policy and management. It also calls for a conference center and an incubator/accelerator and would house the Cutler Institute for Health and Social Policy.

The business plan explicitly states that the initiative is in response to the needs of Maine businesses for workers with higher-level skills: "Increasing numbers of jobs in the new economy require a higher level of educational attainment, and the levels of bachelor, graduate and professional degree attainment in Maine are substantially below the national median."

"In this time of global connectivity and competition the professional education provided by our public universities must be irrevocably linked to the firms, businesses and organizations that are creating opportunity across our state and building our economy," Sam Collins, chairman of the UMaine System board of trustees, said in a statement.

The business plan also seeks to turn around recent trends of declining enrollments among all the graduate programs in the UMaine System, in part due to increased in-state competition: "The growth rates for MBA degrees conferred by Husson University, Thomas College and the UMaine System institutions for the period 2002 to 2014 illustrate a considerable loss of market share for the University of Maine and University of Southern Maine," the business plan states.

Next steps

Stage 1 of the plan will begin in January 2017 and will carry a timeline of two to three years to meet fund-raising milestones. It also calls for the UMaine and USM MBA programs to be integrated by the fall of 2017; the establishment of the Maine Center Ventures; and development of new programs designed to meet the business plan's objectives. The UMaine universities will also continue to support the business, public policy and legal professional graduate programs at current funding levels of approximately $3.2 million annually.

Once Stage 1 benchmarks have been met, Stage 2 envisions consulting with foundation partners, Maine's professional community, the universities and the UMaine board to make sure the financial support and essential programs are in place to proceed with building a new $93.6 million Maine Center facility in Portland.

If all goes according to the business plan's timetable, the Maine Center building would open in 2021. It is expected to achieve a 600-student enrollment in its graduate programs by 2024.

"The center will host a score of executive education and certificate programs and will be financially self-supporting," the business plan states. "By the middle of the following decade [i.e. 2035], the $150 million capital investment in the center will be returning billions of dollars in direct and indirect benefits to Maine communities."


MRRA welcomes public to picnic

BRUNSWICK

The Midcoast Regional Redevelopment Authority held its annual open house and picnic Wednesday night, providing the public a chance to talk with MRRA officials and get to know a little more about the base redevelopment.

The event drew members of the public and tenants as well as town officials, offering them a chance to speak with MRRA Executive Director Steve Levesque and take a guided tour via Maine Bus Rentals.

The event was catered by New Beet Market, with owner Nate Wildes touting the many Maine-made and in-house creations.

Maine-made red hot dogs, Maine-grown corn on the cob, black bean burgers and pulled pork sandwiches with Maine-grown pork were served along with an array of salad sides. Even the buns used were locally baked, according to Wildes.

“The exciting thing about (Brunswick) Landing is everybody’s growing together,” Wildes said. “The Landing is doing a good job of working together and grow.”

 MRRA Executive Director Steve Levesque talks with Town Council Chairwoman Sarah Brayman at the annual MRRA open house and picnic.  DOUGLAS MCINTIRE / THE TIMES RECORD MRRA Executive Director Steve Levesque talks with Town Council Chairwoman Sarah Brayman at the annual MRRA open house and picnic. DOUGLAS MCINTIRE / THE TIMES RECORD Wildes said Brunswick Landing has become a very “complementary community” where everyone is working in each other’s best interest by branding and marketing the area as “a cool place to come.”

“Every day we get people in the restaurant who say, ‘I haven’t been out here since it was an active Navy base — I can’t believe how much has changed,’” Wildes said.

 

Douglas Cardente is one of the developers at Brunswick Landing. He purchased the American Bureau of Shipping building on Leavitt Drive. The property was once part of the Navy Survival Evasion Resistance and Escape school program.

“It’s a new building and I think one of the best ones out here,” Cardente said.

Besides ABS, Cardente said Harpswell Coastal Academy is moving in from its former location in the same building as Seeds of Independence. Cardente said that since the building was formerly used for educational purposes, it’s a natural fit for HCA.

Cardente said that with his purchase, there came an additional 12 acres that he may develop down the road into office buildings.

“(Levesque) has been a great promoter of this area and even tonight, he just wants to make sure that every base is covered in terms of letting everyone know what’s here and what’s available,” Cardente said.

Levesque said the event has drawn in mostly members of the community, curious about MRRA and how the former base is being developed.

“It’s really just to open the place up to the community and let them know what’s going on — a lot of people don’t know,” Levesque said.

To get word out, Levesque said they sent out mass mailings and put notices in the newspapers.

Levesque said it gives MRRA a chance to dispel misinformation that people might hear. One story Levesque tries to set straight is the misconception that the town isn’t receiving property taxes from the former base. The home page of the MRRA website notes more than $2.5 million in taxes paid to the town.

Brunswick Downtown Association Director Deb King was also present at the event. King said that besides MRRA, there are many businesses at Brunswick Landing who are part of the association.

“We are really excited about the growth out here,” King said.

King said the BDA has a definite interest outside of the immediate downtown area and will continue reaching out to tenants as they arrive, such as Wayfair.

“I’m absolutely thrilled with the efforts of MRRA and the accomplishments — as everyone knows, they’ve far surpassed the expectations at an award winning pace,” King said — something that bodes well for the entire community.


Duffy's makes long-term commitment to Old Orchard Beach

OLD ORCHARD BEACH — Duffy's Tavern and Grill of Kennebunk paid $1.7 million for a site it had been leasing in Old Orchard Beach.


The deal gives Duffy's a second location and visibility on a road that is populated by numerous campgrounds and is also the road most visitors use as they exit Interstate 295 to go into Old Orchard Beach. Duffy's offers American comfort food and pub fare.

Located at 168 Saco Ave., the 5.2-acre property also includes a 1,904-square-foot, two-unit apartment building and a 2,552-square-foot, single-family home. The transaction, which closed July 20, was brokered by Mark Sandler of Cardente Real Estate, who represented the sellers, brothers Michael and Gregory Mezoian.

David "Duffy" Cluff, representing himself, paid $1.7 million for the property.

The Duffy's in Old Orchard Beach had operated under a lease arrangement since June 15, 2015. Cluff signed a purchase and sale agreement with the Mezoians in May 2015, then worked on nailing down a financing package.

"We did a lease with the owner so we could get it up and running while we were waiting for the financing package, working with our local bank and the Small Business Administration," Cluff said, speaking by phone.

He invested $200,000 in a complete modernization of the dining room, including adding a new bar.

"The restaurant was dated," he said. "It needed to be brought up-to-date with a little TLC."

Prior to Duffy's taking over a year ago, it was the Captain's Galley Restaurant.

The Old Orchard Beach site was attractive, he said, because of its high-traffic location and the fact that the second location — a restaurant and connected banquet center totaling 11,749 square feet — is larger than the original Duffy's and better suited to larger events. The function space in Duffy's Kennebunk seats 50; Duffy's in Old Orchard Beach seats up to 200.

"We're doing weddings, bridal showers, anniversary parties — and that's what I was looking for," he said.

He plans to rent out the two-unit apartment building and house.

Cluff came into the restaurant business as a second career. He was with the Kennebunk Fire Department for 25 years, retiring as assistant fire chief. He enjoys cooking, so in 2008, he and a partner, Shawn Spencer, started Duffy's in the Lafayette Center on Main Street in Kennebunk.

"Then I decided to open a second restaurant. And that's enough restaurants," he laughed.

In actuality, there's not much in the way of retirement in this second career. He cooks five or six nights per week, and both restaurants are year-round. Plus there's been the work of getting the second restaurant going.

"I often think back to my fire department days and think, 'Well, I thought I was busy then, but I'm really busy now,'" he said.

The OOB property was originally a motor lodge with cottages, said Sandler. The Mezoian brothers' grandfather bought in 1954, and the family built the cabins and motor lodge. The brothers started a small restaurant, the Captain's Galley, in 1987, and kept enlarging it. In 1995, they dismantled the cabins and filled in the pool.

Sandler, the broker, knew the Mezoian brothers from when he owned and operated a food distribution company, Biddeford-based Sandler Brothers. Three years ago, he got out of the business and went into commercial real estate. In January 2015, when the Mezoians decided to close the restaurant in order to focus on residential development, they turned to Sandler to market the property.


Former Owners of Paul's Food Center take on Yarmouth Retail Center

YARMOUTH — In 1975, Paul and Annamarie Trusiani purchased 585 Congress St., a mixed-use building in downtown Portland where they owned Paul's Food Center.


With the passing of Paul last September, the Trusiani family made a difficult decision to sell the property.

Enter Michael Cardente of Cardente Real Estate, who found a buyer for 585 Congress St., and then found for Annemarie Trusiani, now in her 80s and known as Momma T, a 1031 exchange property — a 13,800-square-foot retail strip center at 374 U.S. Route 1 in Yarmouth — for $1.9 million, in a deal that closed June 15. The latter property will allow Trusiani to defer capital gains taxes otherwise due on the Congress Street property — and, it's conveniently near her home.

"Mike did an amazing job in creating this opportunity for my mother," said Trusiani's son, Paul "Buzzy" Trusiani. "It was in everyone's interest to sell the Congress Street property. The way Mike was able to do that and then follow up and find another property for my mother was great."

The Yarmouth property was not on the market, said Cardente. But the seller, Fogg Farm LLC, decided to take advantage of the market's low capitalization rate and move on, Cardente said.

The strip center includes two buildings and dates to 1979. The property was perfect for Trusiani for a number of reasons, the broker said. She lives nearby and was looking for a stable investment. The center is located at the southern gateway to Yarmouth with convenient access to Interstate 295. It's extremely well-maintained and has excellent signage and visibility, and plenty of on-site parking, Cardente said.

Buzzy Trusiani agrees the purchase works well for his mother: It's low-maintenance with existing tenants and will provide a diversified base of income.

"We have a wonderful Chinese food restaurant that we greatly enjoy, a yoga studio, mortgage broker, hair salon, nail salon, model train store, Casco Bay Home Care, which provides services for people requiring care in their homes — it's a wide-ranging group of people serving the community," said Buzzy Trusiani.

Other tenants include Funeral Alternatives, Music Together of Greater Portland and Impawsible Impressions Dog Salon.

Cardente will manage the property with Trusiani's assistance.

The Yarmouth property consists of a dozen units ranging from 700 square feet to 12,000 square feet, and is almost fully tenanted, with one unit currently available.

"What's nice is the diversity and scale of the property," said Trusiani. "It's an inviting place for smaller businesses to get established in a small community like Yarmouth. One of the reasons we're excited about being part of the Yarmouth community is that we've lived in Cumberland and Falmouth all our lives, so we're familiar with Yarmouth. And we're excited about Yarmouth's future."


Cardente Real Estate: Through The Years.. A Decade and Counting

In 2015, Cardente Real Estate celebrated its 10-year anniversary. A full-service real estate & investment brokerage out of Portland,



the company specializes in all aspects of the sale and leasing of commercial real estate throughout

Maine and New Hampshire. Starting out as a “small shop” brokerage, the company grew into a leader in the industry, with six commercial brokers, an “in-house” Architectural Designer & Sales Agent, and support staff. The company’s full-service commercial management division, Cardente Property Management, was founded in 2007.

In the summer of 2005, Cardente Real Estate was created by Matthew Cardente to provide clients with a better alternative to their commercial real estate needs. For five years prior, Cardente worked at CBRE|The Boulos Company, starting as an intern and departing as a commercial broker.

“I learned a lot from Joe Boulos and his team,” Cardente re- flects. “But with time comes change.”

Cardente Real Estate opened in 800 square feet of open office space next to World Gym at 34 Diamond St. in Portland. Owned by Cardente’s father, Douglas, the warehouse/office building was once occupied by Portland Transmission, established by Douglas and his father, Thomas.

“My brother Michael acted as the initial General Manager and my father shared office space with us,” says Cardente. “I was in my 20s and thoroughly enjoyed starting what was supposed to be a very small business.”

Cardente received a call from Joe Malone of Malone Commercial Brokers shortly after opening.

“Joe called to congratulate me on my new endeavor, and said to call him if I ever needed help. That meant a lot to me, coming from somebody so well-established.”

The initial vision was to be a one- to two-broker company. But the “small shop” concept quickly changed. Greg Perry became the first broker to join, six months after the company’s creation. Shortly after, Karen Rich, a leading commercial broker in Maine since the 1990s, came onboard.

“I was in absolute shock, at the time, that Karen Rich came on- board,” says Cardente. “She was a big name in Maine commercial brokerage. One second, I’m hustling to get a couple of listings. The next, we have three brokers, a general manager, an administrative assistant, and my father, all in 800 square feet of cubicles.”

To accommodate expansion, in 2006, Cardente moved to a 2,200-square-foot retail unit, primarily funded by an equity line Matthew took out on personal property. Located at 299 Forest Ave., Portland, the new location provided onsite parking, space for future growth and, most importantly, highly visible signage to market the name.

“We always talk about the importance of having signage on properties we market for lease and sale,” says Perry, now Partner and Senior Broker. “It seemed like a good idea to have a big sign on Route 302 to promote our name.”

The next three years were significant for Cardente’s growth and market share.

Major transactions included:

Rich’s $4.627 million sale of Western Avenue Crossing, a 15,700-square-foot retail complex in South Portland

Perry and Rich’s sale of 3 Eastview Parkway in Saco to Ira Rosenberg (owner of Prime Motors)

Cardente’s $4 million sale of 482 Congress St., a 65,000-square- foot multi-tenanted office building with surface parking, owned by JB Brown & Sons

Vinny Maieta and JB Brown & Sons proved key clients. With Rich’s help, Maieta developed the Western Avenue retail cor- ridor in South Portland. JB Brown & Sons used Cardente for lease listings and the sale of their Congress Street building. They helped build Cardente’s foundation.

With the economy in recession, late 2008 through 2009 proved tough.

“We questioned every deal we had under contract,”says Partner/ Broker Michael Cardente. “Until a lease was signed, there were always reservations that things would fall apart.”

In 2009, Mark Richards, owner of The Richards Group in Vermont, used Cardente as a Buyer Representative for the purchase of 19 Northbrook Drive, a Class A office building in Falmouth. Richards then gave Cardente management of the property, then management of a Cooks Corner property in Brunswick.

“Working with Mark Richards has been a blessing since I met him,” says Matthew Cardente. “You don’t meet many people in the business world who are as smart, level-headed, humble and kind as Mark.”

Client Peter Thompson, owner and founder of Peter Thompson & Associates, also kept the company going through the tough years. Thompson writes on a Google review in March of 2016:

“I have invested in commercial and residential real estate in the Portland area for more than 20 years. Over the last 10 years, I have used Cardente Real Estate to handle several commercial and residential real estate transactions. Matthew Cardente has consistently provided excellent service, working diligently to find me properties that fit my needs and get me the best possible deals. Prior to hiring Matthew in 2006, I used other brokers in Portland, so I am able to compare the services CRE provides to those other firms. Matthew Cardente is, in my mind, the hardest working broker in town and I would recommend him highly.”

In 2010, Cardente Real Estate purchased and moved into a 2,908-square-foot office condo at 322 Fore St. in the Old Port of Portland, where the company remains today. Being near the Financial District and in the Heart of Portland opened the door to compete on a larger scale. In 2013, Rich—the Maine Commercial Association of Realtors Broker of the Year in 2012—represented the seller of 465 Congress St., Portland. The 85,000-square-foot office building and parking garage sold for $5.55 million. That year, Michael Cobb II joined Cardente after doing residential brokerage out of Gray, then became Partner in 2015.

“I think he might have made a record in commercial real es- tate when he came onboard,” says Cardente, “After telling him it would take a while to get his feet wet, within days he found a buyer for our 959 Congress St. listing, closing the $1,287,500 transaction three months later.”

In 2014, Michael Cardente teamed up with Cassidy Turley and auction.com to sell the Old Port Portfolio for $5,617,500. One of

the most significant packages in the Old Port, that sale included 50,000 square feet of retail, res- taurant, and mixed use space.

To close out 2014,both Cardente brothers joined with Turley again to sell 511 Congress St.,Portland.The 130,000-square-foot office tower and adjacent surface parking lots sold for $12.45 million. Purchased by Ed Gardner, also the Principal of Portland-based residential firm Ocean Gate Realty, Gardner re- branded 511 Congress into Ocean Gate Plaza and gave Cardente the leasing representation. As of June 2016, Ocean Gate Plaza’s vacancy rate was 3.48%, down from 9% at the time of the purchase.

“Mr. Gardner has always been meticulous with every detail of the properties he’s developed over the years,” says Cardente “With the significant changes he made to Ocean Gate Plaza, he trans- formed a notable office building on Portland’s skyline into a vibrant masterpiece that offers incredible synergy—and is now considered the Gateway to Portland’s Arts and Financial District.”

Perry—Cardente’s first Real Estate Broker of the Year, and the Maine Commercial Association of Realtors Broker of the Year for 2016—broke new sales and leasing records in recent years. Representation includes the buyer of the 88,000-square-foot Hannaford-anchored Shops of Long Bank in Kennebunk for $6.925 million.

“Greg amazes me every year,” says Cardente “He does it all, from selling large businesses that nobody knows about because of confidentiality, to coming up with our slogan, ‘Building a Foundation of Trust, One Client at a Time.’”

The firm continues to expand and find specialty services. Sarah Sausville, hired in 2014, is “in-house” Architectural Designer, cre- ating CAD plans for property owners and 3D scaled renderings and test fits for prospective tenants wanting a better “vision” of the space they are considering leasing. Sausville is now getting her Associate Broker’s license. In 2015, Mark Sandler joined Cardente as Associate Broker, after working with the Dunham Group.

Over the years, the deals, clients and advisors have made Cardente what it is today.

“My biggest influence has been my father,” Cardente says. “He has been a leading client, confidant and mentor. My brother has been loyal and selfless from the start. People don’t realize Michael worked for free for a long time, helping me get the company started.”

And for the company’s growth and success over the decade, Cardente credits the three commercial brokers who joined him at the start.

They had faith in me then, are all still here today,” he says. “That is amazing to me, considering the ups and downs of the market during our time together. If you find a Greg Perry, Karen Rich and Michael Cardente, you can build the foundation to make a ‘small shop’ brokerage a leading firm in today’s commercial real estate market.”


East Bayside getting grant money to clean brownfield sites

PORTLAND, Maine (NEWS CENTER) --

The city of Portland hosted a bus tour of Portland's east bayside neighborhood on Thursday.

The city is trying to figure out how to distribute $200,000 in federal grant money in the neighborhood.

The money will help people who own and want to redevelop brownfield sights figure out how to do that.

East Bayside was selected as one of twenty neighborhoods in the country to get the money.

It was full of heavy industry for around a hundred years.

Some businesses owners hope they receive the grant money to continue their existing development projects.

“It will hopefully allow us to do some additional planning and try to overcome some of the obstacles that are preventing development,” said Michael Cardente, a property owner interested getting some help from the grant.

City leaders say the process of getting the sites and neighborhood fully revitalized will take time.

“We have a lot of obstacles in terms of the way it was laid out and in terms of pollutants in the ground,” said Portland Mayor Ethan Strimling. “This was really a chance for people to understand what some of those pieces are that are obstacles but also to see there are some interesting and exciting developments and ways people have turned, perhaps, some of the problems down here into real opportunities.”

Thursday's bus tour was the beginning of the process of selecting properties to invest in.

Other steps will include official city approval and community workshops.


A Historic Building at 11 Brown St.

PORTLAND — A historic building at 11 Brown St. in Maine's most populous city is on track in its conversion to luxury condominiums.


Portland developer Jack Soley paid $950,000 for the turn-of-the-century building in late 2015 as part of his mission to preserve the city's historic buildings and leverage the condo market. The site will include a ground-floor restaurant, just as the building had until the closure of Margarita's a year ago.

On May 25, Soley finalized the sale of the basement and first floor to Phelps Craig, owner of the BRGR Bar in Portsmouth, N.H. She plans her second BRGR Bar for the Portland location.

In the meantime, Soley and his nephew Dan Soley been investing approximately $1 million to redevelop the second, third and fourth floors into luxury condominiums — two units on the second floor and one 2,400-square-foot unit each on the third and fourth floors.

Since the 1930s, the top two floors had been used for storage. The building is part of what's known as the Eastman Block. Eastman Bros. & Bancroft, a major dry-goods retailer established in 1865, owned several buildings near the intersection of Brown and Congress streets, according to the Maine Historical Society, though it's not clear what the exact use of this particular building had been. The store closed in the Great Depression.

"Eastman" is inscribed in granite on the front of the building and the condos will be called the Eastman Block Condominiums.

"We're fairly far along in our conversion," said Soley. "We just started putting up sheetrock. In early July we'll start installing the final plumbing fixtures, the kitchens, flooring and finishes. We hope to be complete in late July."

The renovation will highlight the building's historic feel and features. The top three floors have ceiling heights of at least 12 feet, which will be preserved. The original huge, rough-hewn floor joists will be visible and the original hardwood flooring is being refinished.

"We'll keep the same large window openings that were originally designed with the building," said Soley. "Once that's all done, it will have a feeling almost like a New York loft space, which will be very unusual for the Portland area. These are unique units that will have lots of historic charm, tremendous ceiling height, huge windows, and a distinctly loft feeling."

The restaurant space has its own place in the city's history. It once housed the HuShang restaurant, which opened in 1979 and was one of the first restaurants to help transform Portland into a foodie destination. HuShang, known as the restaurant that introduced Portland to authentic Chinese food., closed in 1986. Afterward, Margaritas was there for 18 years, closing in August 2015.

BRGR Bar set to open in fall

In a deal that closed May 25, Soley sold the basement and first floor to Craig, who is the midst of design and renovation for her second BRGR Bar. Jessamyn Mackey and Peter Harrington of Malone Commercial Brokers represented Soley in the transaction. Michael Rogers of Maine Real Estate Network represented Craig.

Craig has been in the restaurant business in Portsmouth since 2003. Her previous restaurants included Green Monkey, serving eclectic cuisine, and Brazo, a Latin American restaurant. She sold both of those to start BRGR Bar in 2014.

"I decided to expand the BRGR Bar concept up north," Craig said. "It's behind the Civic Center and near the Asylum [music venue] and right off Congress Street, so the location is great."

Craig expects to invest $400,000 in the build-out and hopes to be open by October or November. She'll split her time between the two restaurants.

"We're excited to do business in Portland," she said.


2016 REALTOR of the Year

It is our pleasure to announce and congratulate this year's 2016 REALTOR of the Year: Greg Perry of Cardente Real Estate.

Greg has been a REALTOR since 2006 and currently serves as a Director on the Maine Commercial Association Board of Directors & NECPE Board of Directors on which he has served in both capacities since 2013. In 2015, Greg spearheaded the 1st Annual MCAR Charity Golf Tournament which raised over $6,600 for Morrison Center.

Greg joined Cardente Real Estate in 2005 and became a Partner in 2012. He brokered the largest retail sale in 2015 and was awarded Broker of the Year by Cardente Real Estate.

Greg currently serves on the South Portland Economic Development Board. He has also served on the South Portland Economic Development Board of Appeals and was Chair from 2014-2015.

Born and raised in Cumberland, Greg resides in South Portland with his wife and five year old daughter.

Please join us in congratulating Greg!


Developer gravitates to Norway with $430K purchase

NORWAY — Three commercial buildings totaling 6,000 square feet are viewed as having great redevelopment potential given their location on 1.49 acres in a commercial area on the primary thoroughfare running through this Oxford County town.

The buyer, 57 Main Street Norway LLC, is a commercial real estate investor based in Portland that buys, rehabs and leases space, typically to national companies, said Michael Cardente of Cardente Real Estate, who represented the buyer.

In a deal that closed May 23, the buyer purchased 57 Main St. from Business Real Estate LLC for $430,000. Kevin Fletcher of Malone Commercial Brokers represented the seller.

"What's different about this is that, because the Portland real estate market is so saturated, a lot of developers are looking to other markets in Maine for their investments," said Cardente.

Developers are attracted to Norway for its proximity to the Oxford Casino and the Oxford Plains Speedway as well as some revitalization initiatives downtown.

"Norway is a very vibrant community. So the focus is on looking for opportunities in other communities in Maine" beyond Portland, Cardente said.

The buildings were originally put on the market to lease, not to sell.

"We reached out to them about four months ago, and asked if they would consider selling it," said Cardente. "I think it had been available for lease for a while, so when somebody offered to purchase it, the owner said, 'I'll take it.'"

The owner had taken good care of the property. The three buildings, an assortment of concrete, glass and wood structures, are a former quick lube, an automotive self-wash with hoses, and an automotive touchless wash. The oldest dates back to perhaps the late 1980s, and the newest to about 10 years ago.

The property has gone through several owners over the years, but has likely been used for automotive purposes since the first building went up, said Cardente. It's near a Hannaford store and VIP, as well as smaller retail and service ventures.


Portland's Time and Temperature Building is in Foreclosure

 

PORTLAND (WGME) -- Portland's most iconic building, is now in foreclosure.


 

Facing low occupancy and years of neglect, the downtown landmark is seized by the bank. The Time & Temperature building is 92 years old this year and tenants say, that is in desperate need of a little TLC.

 

Attorney Joe Lewis and engineer Robert Bowker, who have offices on the tenth floor, say previous owners have neglected the building. And it cost them. Several businesses have moved out. "It's staggering to me that we're in such a bad place with such a great building," says Joe Lewis, attorney

"It's a beautiful old building. It's just unfortunate to see people leaving and the building just kind of going into disrepair," says Robert Bowker, engineer. Chris Roberts owns one of a handful of shops on the ground floor. He says back in it's hey day this was Maine's first indoor mall, even before anyone heard of the word mall. Now, this iconic building is in foreclosure as Wells Fargo takes possession. "You're seeing people leave, but you're not seeing anything new come back in. It gets a little unsettling after awhile," says Chris Roberts of High and Tight. Some of the tenants, say foreclosure may not be the worst thing. They're hoping Wells Fargo puts some money into the Time and Temperature Building so they can find a buyer, and that that buyer will put even more money into the building to restore it to its former greatness." "It's kind of like this hidden gem in Portland. And there's so much potential I would love to see it just kind of thriving again," says Mary Zarate of Z Fabrics "I would love to see an anchor store go into the corner space when the radio station leaves and it fills the whole building up with businesses," says Leigh Slaughter of The Bead Hound. All it takes, they say, is the right buyer for those dreams come true.

"It's an important landmark building for Portland. And frankly, there's good bones to this building. So it would be wonderful if somebody would dress it up and really take care of it," says Lewis.


South Portland Eyes West End Development Project

South Portland eyes West End development project

City officials of South Portland have approved the development of a West End Master Plan as part of the capital improvement project budget for fiscal year 2017.

According to The Forecaster, the master plan will focus on a corridor that hasn't seen development for several decades — Westbrook Street from the intersection with Western Avenue to the Portland International Jetport.

Of particular interest to city officials is deciding whether reconfiguring zoning in the area — which is a mix of residential, limited business and suburban commercial districts — would encourage businesses to set up shop in the area to serve nearby residential neighborhoods, The Forecaster said.

South Portland's city council has set aside $30,000 for the preliminary effort, with half of the funding coming from the city's fund reserves and the remaining half coming from a Community Development Block Grant, according to newspaper.


Developer completes lengthy $2M renovation of historic Congress Street building

PORTLAND — In 2011, Freeport developer Kenn Guimond, who runs The Guimond Group, took on the renovation of a building of historical significance but in derelict condition.

Located in the Congress Street Historical District, which is also part of Portland's Arts District, the renovation of 660-662 Congress St. turned out to be much longer and more complicated than he anticipated.

"I was contacted by a local broker who thought it would be an interesting project for me — and believe me, it was interesting," he said. This was Guimond's first historical preservation project in a portfolio, spanning about 40 years, that includes mainly residential and commercial development in the Portland-to-Freeport region. "It's hard to make the dollars work, but the satisfaction is off the charts."

The building, finished in 1886, is known as the George S. Hunt block, named after a Portland businessman who owned the Forest City Sugar Refining Co. on Commercial Street in Portland, according to the Maine Historical Society. In the 1870s or so, according to Guimond, Hunt bought a derelict tenement building at the current site, had it razed, and hired Francis Fassett, a preeminent Portland architect of the time who worked in the Victorian High Gothic and Queen Anne styles. Fassett designed the current Queen Anne building, with features typical of the style that include brick-relief columns and pediments, a slate roof and bay windows. Hunt lived next-door to the building. Storefronts were added in 1912 and 1950. The building is also distinguished by its triangular shape.

The building was subsequently owned by a number of people, said Guimond. Its last commercial tenant, on the ground floor, was an antique store. Previously, Kenneth Aherne's Tailor Shop occupied the space. The upper two stories were always residences. Originally designed as one unit per floor, the residential space was divided several times into smaller spaces over a 30-to-40-year period.

After several years of vacancy, Roxanne Quimby, the philanthropist and Burt's Bees founder, bought the building in 2009. She planned an artist studio and gallery space, according to a 2011 Portland Press Herald story, but in 2010 the interior was severely damaged by fire. Quimby eventually put the building up for sale.

"So by the time it got to my sphere, it was damaged both by disrepair and by the fire," Guimond said.

Guimond hired Present Architecture of New York City to design and oversee the restoration. His son, Andre Guimond, is a principal in the firm, which got its start around the same time Kenn Guimond bought the building, making this one of the firm's first projects.

Due to unexpected structural problems, the expected 18-month project took four years.

"It wasn't until we got our engineer in the building that we found it in much greater disrepair than we thought, and it would take pretty much a complete restructuring of the interior," Kenn Guimond said.

Interior structural components failed to meet modern engineering codes, yet couldn't be stripped out wholesale or the building's brick shell could have been compromised. Instead, supporting structures such as beams and joists were replaced and surfaces releveled in a section-by-section surgical approach.

Since there are no images of the original interior, Present Architecture designed a contemporary look, with open spaces, white walls and ceilings and little trim. Removal of a roof-to-foundation chimney provided flexibility for the floor plan. Innovative lighting includes custom-designed skylights and LED fixtures tucked into ceiling coffers for a wash of soft illumination into living spaces. A shared stairwell features custom metal balusters and white oak treads. All systems were replaced.

The exterior was sound but needed work, including a new slate roof, new copper gutters, mortar replacement and new windows that honored the original design.

Renovation to the historic building had its challenge, said Andre Guimond. Non-historic downspouts had to be replaced. The team discovered roof-to-ground pockets, to accommodate historic downspouts, hidden inside the brick walls.

"It's not easy to do, because you're sluicing cold rain water through the inside of your walls," said Andre. "But we thought it would be great way to restore the building to its original look and clean up the façade, so we incorporated that."

They ran into other surprises. For example, a new water line for sprinkler systems had to cross Congress Street, which meant closing the street. The closure took longer than anticipated when street crews found, first, cobblestone paving down one layer, which had to be dug up. Then they found old trolley lines down a further layer, which had to be cut.

All together, 7,600 square feet now comprise one high-end apartment on each of the two upper floors, commercial space on the ground floor and a brick-and-stone space below the sidewalk level that could be useful for the commercial tenant.

The purchase price was in the mid-$200,000s, and renovation cost over $2 million. Guimond supplied 60% of the financing and received bank financing for the rest, with federal and state tax credits available for designated historic structures offsetting costs.

Guimond recently began marketing the spaces; the first residential tenant was slated to move in late April. Like the majority of other Guimond Group design and build projects, this will be kept in the portfolio.

"To us, it's a piece of history, not just another commercial project," said Kenn Guimond. "It means a lot to me. I've been in the business 40 years, and done all sorts of custom homes and office buildings. But this has been the hardest project I've ever done, because it was such a delicate process and we wanted to respect the integrity of the original design. We want to preserve this building in such a way that it should be here for another 140 years."


Four Communities Receive $15.2M for Wastewater

Four communities receive $15.2M for wastewater infrastructure upgrades

As part of the Friday's Earth Day festivities, the U.S. Department of Agriculture announced that four Maine communities will receive $15.2 million for upgrades to their wastewater infrastructure, thanks to the USDA's Rural Development Water and Waste Disposal Loan and Grant Program.

The wastewater treatment facility in the town of East Millinocket was awarded $7.14 million in the form of a $3.5 million grant and a $3.65 million loan, will be awarded to the town's sewer district. It will be used to support improvements to the treatment facility by recycling infrastructure from the former East Millinocket paper mill and making significant upgrades to treatment equipment and processing capacity.

"This project is an important step forward in securing core community assets, enhancing the local economy, and protecting our natural resources," U.S. Sens. Susan Collins and Angus King said in a joint statement on Friday. "As we work together to address the significant challenges facing East Millinocket and the region, these investments from USDA Rural Development, coupled with local and state funding, strengthen the community and set the foundation for future economic development."

According to the release, the other Maine communities that were awarded funding for upgrades and improvements to their wastewater infrastructure are:

  • The Freeport Sewer District, which has been selected to receive a water and waste disposal direct loan in the amount of $2.1 million and grant in the amount of $1.1 million. Funds will be used to rehabilitate 11,000 linear feet of sewer lines, replacing key components of the Mast Landing and Porter Landing Pump Stations and the construction of a new pump station.

 

  • The Lincolnville Sewer District, which has been selected to receive a water and waste disposal direct loan of $1.6 million and grant of $1 million. Funds will be used to construct a new wastewater collection system and a new wastewater treatment facility in the beach area of Lincolnville.

 

  • The City of Old Town, which has been selected to receive a water and waste direct loan of $1.65 million and a grant of $550,000. Funds will be used to replace three of the city's aged wastewater pump stations. The city's wastewater system plays an important role in preserving the Penobscot River.

New 500,000 Square Foot Shopping Center Proposed for Westbrook

New 500,000-square-foot shopping center proposed for Westbrook

The Westbrook planning board is reviewing submitted plans for a new 500,000-square-foot shopping center that would be anchored by a 155,000-square-foot Wal-Mart.

Developer Jeffrey Gove plans to accent the retail experience by converting a quarry on the site into a lake that would be stocked with fish, open for wintertime ice skating and would link to the Portland area's trail system.

The proposed shopping center would be located on Westbrook's Main Street, across from Westbrook Crossing — another shopping center that is anchored by a Kohl's department store, according to the Portland Press Herald.

Other possible tenants for the Wal-Mart anchored shopping center include the supermarket chain Market Basket, outdoor retailer REI and the popular warehouse retailer Costco. Gove told the Press Herald that he expects other national retailers to make their official announcements in the next three months.

In addition to the retail locations, Gove added that there will be more than one restaurant as a tenant in the shopping plaza, and that he has been talking to a number of regional chains about locating within the shopping center.

Groundbreaking for the project is slated to begin this fall, with stores in the shopping center likely opening in 2017.

Currently, Maine is home to 25 Wal-Mart locations in addition to three Sam's Clubs. The big-box retailer employs 7,000 people across the state.


Multi-Use Five-Story Building Proposed for Gorham Center

Mixed-use five-story building proposed for Gorham’s town center

The skyline of Gorham could be in for a big change, as a local developer envisions a five-story, retail-and-residential site in Gorham Village, the town center.

The multi-story building being proposed by Gorham-based Great Falls Construction definitely falls into the "mixed-use" category — in addition to 30 market-rate apartments, the building would also house a bowling alley on the first floor and a wine bar on the top floor, according to the Portland Press Herald.

Though the addition of a bowling alley into downtown Gorham is sure to be welcome by students living in the dorms at the nearby University of Southern Maine campus, the idea of a five-story building being introduced into the mostly residential area is expected to gain a few detractors from neighbors.

"It's probably going to block somebody's view. It's probably going to cast a shadow over somebody's house," Tom Ellsworth, director of the Gorham Economic Development Corp., told the Press Herald. "The public can be very persuasive."

Ellsworth added that the positive reputation Great Falls Construction has within the town will likely quell some complaints, saying "the community is ecstatic" about a prior project in the heart of the town that replaced a vacant gas station with a Subway sandwich shop and Aroma Joe's Coffee shop.

"If there's anybody who is going to be able to make it work," Ellsworth told the Press Herald, it's Great Falls Construction.

If Great Falls Construction gets the green light for the project, the company said it hopes to be finished with construction by fall 2017.


Possible Propane Depot Move a Big Step for Thompson's Point

Possible propane depot move a big step for Thompson’s Point

Suburban Propane has filed plans to move from its Thompson's Point location in Portland to a city-owned parcel on Riverside Street — a move that has been deemed a key goal for developers of the peninsula.

Suburban Propane's move would ultimately free up a valuable rail-side parcel that developers are hopeful will be redeveloped into a new events center and an expanded transportation center meant to replace the Portland Transportation Center just north of the parcel, according to the Portland Press Herald.

In addition to the transportation center and events center, developers also hope to convert the land into a mixed-use neighborhood with residential housing, a hotel, restaurants and office buildings — a recent price tag for the ambitious project sets it at $100 million.

Suburban Propane's move, which has been discussed for several years, still must be approved by Portland's city Planning Board, but developer Chris Thompson told the Press Herald that the potential move could very well kick the development of Thompson's Point into high gear.

"We're pretty excited to have arrived at this point in the project overall," Thompson said. "We're probably still a few months out before we're able to see plans go forward for the event and athletic facility, but we're still planning on moving forward with it."


Recent Sales Heat up Lewiston-Auburn Retail Market

Recent sales heat up Lewiston-Auburn retail market

LEWISTON-AUBURN — As rising stars among Maine's metropolitan areas, twin cities Lewiston and Auburn are a great place to invest.

That's the outlook of Dan Boutin, a commercial real estate investor who, under the name 675 Main Street LLC, bought two shopping centers — the 32,000-square-foot Marketplace Mall located at 675 Main St. in Lewiston, and the 12,000-square-foot Taylor Brook Mall, at 14 Millett Drive in Auburn.

Malone Commercial Brokers said the Marketplace Mall sold for $2 million, while the Taylor Brook Mall sold for $800,000. Both deals closed March 9.

Malone Commercial Brokers' Kevin Fletcher represented the seller, Marketplace Investment Group LLC, of which Fletcher is a partner. Frank O'Connor of NAI/The Dunham Group represented Boutin, the buyer.

Boutin, who has been in real estate investment for 35 years, owns other properties in the area. These include shopping centers at 120 Center St. in Auburn and 1567 Lisbon St. in Lewiston, as well as a 114-unit mobile home park in Sabbatus. One of his companies, Oak Hill Management, manages the properties.

"I like retail and income-producing properties. And I like Lewiston-Auburn because there's a lot of growth," said Boutin, who was born and raised in the area and so also feels a personal attachment to his investments. "Portland is difficult — the vacancy rate is so low and the price of land has reached such an unrealistic amount. But Lewiston-Auburn has a lot of upside. Everything is up and coming in Lewiston-Auburn, and you want to be part of it."

The two one-story strip centers were never actually on the market. Kevin Fletcher, one of the four partners who owned the properties, said he was aware that Boutin was on the lookout for this type of commercial property, and the partners felt the timing was right to sell, so he simply called Boutin's broker. The selling partners had owned the Marketplace Mall for eight years, and the Taylor Brook Mall for seven years.

Both shopping centers date to the mid-1980s and are deemed by both seller and buyer to be in good shape. Both centers are in well-traveled areas.

The Marketplace Mall is on Main Street and has proven to be "a great neighborhood center," Fletcher said. There are currently 16 tenants, including a mix of hair salons, a Chinese restaurant, chiropractor and offices, all anchored by a Sam's Italian Restaurant, one of a chain in Maine. There is currently a 600-square-foot vacant space.

The Taylor Brook Mall has nine tenants and about 1,600 square feet of vacant space.

Boutin said he'll clean up the properties, make sure the signs and landscaping look nice, check out the systems to ensure they're all operational, and the like.

"I'm there to help out the tenants," he said. "The buck stops here."


Suburbs Say Housing Crunch isn't just Portland's Problem

PORTLAND — Officials from five suburban towns joined their Portland colleagues Wednesday to discuss how to expand housing in the region.


“I think the headline is the same as in any town: New development is incredibly wrenching,” Cape Elizabeth Town Planner Maureen O’Meara said during the forum at the University of Southern Maine.

The discussion, hosted by the Portland City Council Housing Committee, was also attended by officials from Scarborough, South Portland, Falmouth and Westbrook, including South Portland City Councilor Linda Cohen; Assistant City Manager and Economic Development Director Josh Reny; South Portland Housing Authority Executive Director Mike Halsey; Scarborough Senior Planner Jay Chace, and Scarborough Town Councilor Will Rowan.

Portland City Councilor Jill Duson, the committee chairwoman, organized the regional forum. It was moderated by Caroline Paras, community and economic planner at the Greater Portland Council of Governments.

The forum was opened with a presentation of local housing markets compiled by the U.S. Department of Housing and Urban Development. The analysis established that demand will continue to grow in the marketing area including Cumberland, Sagadahoc and York counties.

Meeting the projected demand for an estimated 4,000 housing units for purchase and 2,000 for rent in the next three years will be daunting; HUD estimated 850 sales units and 450 rental units were under construction in the affected areas as of Oct. 1, 2015.

Chace said Scarborough added about 8,000 housing units in the last 20 years, but almost all were single-family units. He said there is more acceptance of rental units as the town tries to develop along its highly traveled corridors and reduce reliance on vehicles.

Cohen said South Portland has keyed in on increasing population density in the areas of Mill Creek and near the Maine Mall to encourage mixed-use development that adds to the housing stock.

Increased density can also support local businesses, but Reny noted it is not a citywide approach.

“It is an issue that is place-sensitive,” he said. “What we know is, people love the city and value the neighborhoods.”

Critical to the success of adding housing is the quality of the development and how it fits into existing areas, O’Meara said.

“I’ve spent a lot of time putting design standards into Cape Elizabeth regulations, because if it doesn’t look ugly, it is easier to accept,” she said.

Officials agreed more regional forums are needed, and discussed the possibility of site walks to show what has worked in the communities, but did not schedule any new joint meetings.


Tyler Technologies Coming to Maine

Tyler Technologies looks to nearly double jobs with Yarmouth expansion

Tyler Technologies Inc., a Plano, Texas-based public sector software developer with 550 employees at three locations in Maine, is hosting a groundbreaking ceremony to mark the expansion of its ERP & School Division headquarters in Yarmouth.

The division develops enterprise resource management software for public municipalities and schools, allowing easier ways to manage finances and data. Tyler (NYSE: TYL) is the largest company in the country solely dedicated to providing software and services to the public sector.

The software company also said that it expects that the expansion will allow the company to nearly double its workforce in the area over the next decade, according to the announcement of the groundbreaking.

Forbes has named Tyler one of "America's Best Small Companies" eight times, and the company has been included six times on the Barron's 400 Index, a measure of the most promising companies in America.

The expansion, which was designed Portland-based Mark Mueller Architects, is expected to open in January 2018.


Portland Balancing Between Staying True to its Roots and Development

Portland balancing between staying true to its roots and development

Portland's hot — a city where life is good, a place where people want to live, work and play.

That's backed up by several southern Maine forecasts at the Maine Real Estate & Development Association's annual conference last month showing the city's real estate metrics in 2015 to be exceptionally strong: downtown Class A vacancies at 4.52%, the lowest in seven years; retail, 3.6% vacancy rate compared to 12.6% nationally; multi-unit residential, 1,134 new apartments in the pipeline and 269 units under construction.

And it certainly doesn't hurt that Portland regularly gets mentioned in national "top city" rankings for its abundance of award-winning restaurants, as a great place to raise a family and for having a lively arts scene that's appealing to empty nesters and millennials.

But two high-profile projects — the $85 million Midtown mixed-use complex in the Bayside area and the proposed redevelopment of the historic Portland Co. complex at 58 Fore St. — respectively triggered a court challenge and a citywide referendum by residents objecting to their scale and impact. Although neither derailment effort succeeded, there's ample evidence Portland is experiencing some growing pains as architects, developers, municipal officials and residents struggle to find common ground on the city's growth challenges and potential solutions.

"How we change matters, lack of trust will defeat us," architect Patrick Costin, who founded Canal 5 Studio in 2011 and is the newly installed president of the Portland Society of Architecture, said in a recent talk at the Portland Museum of Art. Signaling the PSA's intent to take a proactive role in that debate, he adds: "We can follow our fears or be proactive and work together — face to face, not just on Facebook — to craft solutions that will elevate Portland to new heights as a place to live, work and raise a family."

Strong demand for housing

Brit Vitalius of Vitalius Real Estate Group, a speaker at the MEREDA conference, cited four Portland projects that will add at least 710 rental units in the next year or two:

  • Redfern Properties, with an eight-story, 139-unit apartment complex under construction at the site of the former Joe's Smoke Shop on Congress Street and a 53-apartment project in East Bayside at 89 Anderson St., 192 units total.
  • Schlotterbeck & Foss's 55-unit project using historic tax credits at 117 Preble St.
  • J.B. Brown's 63-unit El Rayo project at 101 York St.
  • Miami-based Federated Cos.' long-delayed mixed-use Midtown project with 400 or more apartment units, reported as being "back on track" last October after the developer agreed to reduce the scope of the project.

"We are attractive to the rest of the world, but it seems we've particularly got a connection with Brooklyn," Vitalius quipped. But the larger point he was making is that it's not only an influx of out-of-state young urban professionals driving the boom in Portland's multi-unit housing market, it's also retiring baby boomers and young families choosing urban life over the suburbs.

That gives Redfern Properties' co-owner Jonathan Culley some confidence the $25 million investment will pay off for his company and other investors involved in the 667 Congress St. apartment complex under construction near Longfellow Square.

"We know there's demand for apartments in Portland, that's well documented," Culley says. "The $64,000 question is, 'How deep is the market for rents of up to $2.50 per square foot' [i.e., ranging from $1,375 to $1,625 for apartments 550-to-650 square feet]? New construction is expensive. Costs have risen 10% in the last two years. We've got to get premium rents to justify the higher costs."

The answer to that rent affordability question, he readily admits, is tied to an issue highlighted by new Portland Mayor Ethan Strimling: Job creation.

In simple terms, Redfern and other market-rate apartment developers need "people to have incomes to support the rent" they'd pay to live downtown, Culley says. That's why he's keenly attuned to the increasingly tight Class A office market in Portland and what that might mean in relation to the city's goals of attracting highly paid professional jobs. "We haven't seen a new office project downtown in many, many years," he says. "I'd love to see more office growth happening downtown, with 1,000 well-paying jobs. That's one of the ways we address the housing affordability problem."

Culley, a Portland native whose resume includes a stint as a senior associate of the venture capital arm of the Boeing Co. in Seattle, returned to Maine and co-founded Redfern with his wife, Catherine, in 2005. He says they came back to Maine largely for the same lifestyle reasons he's counting on to fill his two apartment projects now under construction. By the time the 139-apartment project at 667 Congress St. is completed in the spring of 2017, he and his wife will have built or renovated 300 housing units in Portland in the last decade.

"I'd like to think we've done our part," he says, agreeing with Vitalius that the appeal of living downtown within walking distance of many amenities cuts across all generations. "There are absolutely demographic trends supporting urban development. These are real trends. That's why we are making such a big bet on urban housing. These are very healthy social trends."

City takes fresh look at growth

Jeff Levine, director of Portland's Planning and Urban Development Department, says more than 1,100 units of housing were approved by the city's planning board by the end of 2015, with Redfern Properties accounting for 192 of the 269 units now under construction.

He's been in his post for three-and-a-half years, having previously worked as director of planning and community development for a greater Boston community, and says most of his planning career has been in cities between 50,000 and 100,000 in population. "Portland is the most exciting place I've worked in so far," he says. "I think it's been 'full steam ahead' since the day I got here."

Levine says it's understandable that, as the pace and scale of projects in the Portland peninsula started picking up in recent years, it has triggered fears that the city's unique qualities were at risk of being lost. "Change worries people," he says.

It isn't just the mixed-use Midtown and Portland Co. proposals triggering such concerns. A recent proposal by retailer CVS to raze five buildings in the mid-300 block of Forest Avenue sparked a public outcry over the loss of the neighborhood's historic ambience.

The recent surge of hotel, mixed-use and multi-unit housing projects, he says, has spurred the city to take a fresh look at its comprehensive plan, a long-range, goal-setting document with some sections that are more than 20 years old. That plan set a goal of adding 15,000 residents by 2030, an almost 25% increase over the current population of 66,700. In addition to conducting an online survey of residents to gauge their views on housing densities, protecting historic properties and what the city's role should be in guiding private development, Levine says the city has been taking a closer look at specific neighborhoods, such as India Street, Forest Avenue and East Bayside.

"It's really great when you develop a plan and you are patient and you watch it unfold in time," he adds, pointing to the Ocean Gateway complex near the Maine State Pier on the eastern end and the expansion of the International Marine Terminal on the western end as projects fulfilling visions laid out in earlier city plans. Likewise, he says, the proposed mixed-use development of the Portland Co. carries forward many of the ideas spelled out in the city's 2004 Eastern Waterfront Master Plan.

"It's not carved in stone," he says, noting that every plan represents a vision tied to a particular moment in time, which can and should be tweaked if present conditions change some of the assumptions of the original plan. "It's a balancing act for us."

Finding the 'right fit'

Alan Kuniholm, a principal of PDT Architects, takes the long view when pondering Portland's growth challenges. He recalls the "huge controversy" accompanying the construction of One City Center when he arrived in Portland in 1984, noting that the 13-story office building is now an iconic financial center, home of Bank of America's Maine headquarters, and an anchor of the city's Congress Square mixed-use district.

"Look how far we've come," he says. "We're at the crossroads for so many things."

Kuniholm, who stepped down as president of Portland Society for Architecture at its Jan. 27 annual meeting, shares the view of his successor, Patrick Costin, that the nonprofit group of architects, engineers, landscape architects and design professionals can play an important role in helping the city chart its future and manage change successfully. It's why the organization invited the world-renowned Boston-based architect Moshe Safdie to deliver the keynote lecture in the public portion of its annual meeting.

"He really focuses on the relationship people have to their built environment," Kuniholm says of Safdie, whose portfolio over five decades includes the $8 billion Marina Bay Sands integrated resort in Singapore (2011) and the Crystal Bridges Museum of Art in Bentonville, Ark. (2011). "I think that's really important and lends itself to the growing pains we might be going through right now."

In an engaging slide lecture featuring a number of case studies from his wide-ranging portfolio of completed projects, Safdie told the audience at the Portland Museum of Art that questions about density, the relationship between old and new and the traditional conflict between the "market knows best" notion of development and the community's efforts to guide that growth through zoning regulations are all vitally important.

"I want my buildings to take root and look as if they've always been there," he says, explaining in his writings that the challenge is to find a way "to blend the future and the past."

Among the life lessons he conveyed both visually and in stories about some of his more challenging projects, Safdie shared key ideas he hoped would prove useful as Portland engages the challenge of growth:

  • Pay attention to the problem of scale.
  • Pay attention to the connection between a building and the larger infrastructure.
  • Preserve the roots, the essence of place, but resist forces that insist on sameness.
  • Create a space for human interaction, discover the modern equivalent of the piazza, bazaar, agora.
  • Preserve the ritual of public life. It's what enhances the identity of a community.

It boils down to "fitness," which Safdie says relates to the way all forms in nature strive to achieve a perfect fulfillment of their intended function. It's no different, he says, for architects, developers and planners responding to the changing needs of a community. Safdie says Portland's challenge going forward will be to create buildings that "resonate" both culturally and spatially to its "essential" needs and qualities.


Much Needed Makeover

A much needed makeover for five-way-intersection in Portland

On Monday, the Portland City Council unanimously approved an agreement that will give the busy five-way intersection of Woodfords Corner a makeover. City officials say the project will help spur residential and economic development for the off-peninsula neighborhood.

The large-scale project will see Forest Avenue north of Ocean Avenue widening to accommodate two lanes of traffic in both directions, as well as adding a number of "bump-outs" that will narrow intersections making it safer for pedestrians to cross.

The increased ease for pedestrian traffic in the neighborhood is a welcome change to residents of the neighborhood, according to the Portland Press Herald. Although the area is home to a vast array of businesses — including international markets, restaurants, antique stores and a theatre company — the crossing of four lanes of traffic on Forest Avenue is a deterrent to the residents of the neighborhood, many of whom are the highest-earning residents in the city, the newspaper reported.

The project also includes construction of a plaza in front of the nearly 120-year-old Odd Fellows Hall, with outside furniture and the elimination of a right-turn-only lane onto Woodford Street for traffic northbound on Forest Avenue.

Although some businesses in the area are worried about the loss of parking between Woodford Street and Vannah Avenue, city officials are quick to let business owners know that the city is looking for alternatives to replace lost parking.

"We can replicate a number of the spaces," transportation systems engineer Jeremiah Bartlett said. "I wouldn't say it would be a one-to-one replacement."

The beginning of construction for the project, which city officials had originally planned for last year's construction season before it was delayed to perform needed upgrades to the railroad crossing on Forest Avenue just north of Woodfords Corner, is expected to kick off during the summer.

As for the cost of the ambitious project, the $2.6 million price tag is being funded by federal, state and local money — city taxpayers will be footing $640,000 of the bill.


Mark Sandler New England Real Estate Journal

Mark Sandler featured in the New England Real Estate Journal


 

The greater Portland office market continues to improve. We are seeing a slow descent in the vacancy rate. Last year’s vacancy rate was 6.52% down 1.32% from 2014. There has been a slight increase in asking rates across the market. We are starting to see more and more repositioning of office space to retail which is tightening up

the amount of available office space. Office market transactions continued to increase in 2015. We should see more of the same this spring. Some significant sales last year in the office market were; 1 & 2 Portland Square in Portland which consists of 255,000 s/f sold for $66.1 million, 100 Mid- dle St. in Portland which consists of 195,000 s/f sold for $35.3 million and 400, 500 & 600 Southborough Dr. in South Portland which consists of 111 million s/f sold for $11 million.

The greater Portland retail market is booming. Vacancy rates are at 3.6%. Clothing and food industry establishments are leading the charge. We should see more of the same

for the retail market through 2016. Lease rates continue to increase for prime locations. Though, Falmouth and Windham have not been expe- riencing as much of an increase as most other southern Maine towns. I have a significant amount of clients in the Windham area and we are be- ginning to see interest again because of the values compared to Portland. Scarborough Gallery added the much anticipated relocation of Home Goods, Marshalls, Bob’s Furniture and PetSmart,The Maine Mall contin- ues to thrive with almost no vacancy. New restaurants are opening every week such as Tilted Kilt, Guerrero Maya, Duffy’s, Ground Round and

Elevation Burger. Some significant sales last year in retail included; Shops at Long Bank in Kennebunk selling for $6.9 million and 740 Broadway Strip Center selling for $4 million.

The Southern Maine Industrial market will continue to see low va- cancy rates and slightly higher lease rates. We should see lease rates start to hit $6 NNN. Last year’s vacancy rate went down .75% to 3.38%. Small to medium sized businesses have been driving this sector. Some significant sales in this market were; 55 Hutcherson Dr. in Gorham which consists of 114,232 s/f and sold for $4.875 million, 28 Pond View Dr. in Scarborough which consists of

74,976 s/f and sold for $5.38 million and 135 Walton St. in Portland which consists of 56,127 s/f and sold for $1.745 million.

Multifamily sales continued to surge in Portland, Saco/Biddeford, Lewiston/Auburn and Westbrook markets.They had an increase of 26%, 21%, 44% and 27%, respectively in 2015. The towns and cities above will continue to see strong sales in 2016 with buyer demand exceeding supply. Rents will continue their escalation in the Portland area. Rents in other towns should increase moderately. We will continue to see more market rate development in Portland. Some notable sales last year in residential were; 309 units with three complexes that sold for $50.25 million, East End Corp. with 74 units sold for $6.97 million and 125-133 Grant St. with 74 units sold for $4.34 million.

Moving ahead, all sec- tors of the commercial market in southern Maine should remain robust. The investment market will continue to thrive, land interest and new construction will increase, lease rates will continue to move
up slightly, and vacancy rates will continue to de- crease slightly in Greater Portland.

The hospitality market is still going strong. We saw the opening of several new hotels in 2015 including The Press Hotel in downtown Port- land. Nightly rates continued to rise modestly. Occupancy on the Portland Peninsula increased 3.6%. South Portland was also a strong market adding two new hotels. Windham’s first and only hotel opened its doors in 2015. We should continue seeing an increase in rates and occupancy going into the summer, with tourism at its peak.

Moving ahead, all sectors of the commercial market in southern Maine should remain robust.The investment market will continue to thrive, land interest and new construction will increase, lease rates will continue to move up slightly, and vacancy rates will continue to decrease slightly in Greater Portland.



 

Mark Sandler is a broker for Cardente Real Estate, Portland, Me.


Large restaurant coming to Maine Wharf in Portland

PORTLAND – Fine-dining veterans Dana Street and Sam Hayward hope the seafood-house-and-more opens by summer, as the pier's revitalization continues. Prominent local restaurateurs Dana Street and Sam Hayward have signed the lease on space for a planned New England-style seafood restaurant on Maine Wharf, which they hope to have open by the beginning of summer, Street said Wednesday.

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Two housing projects totaling more than 200 units win approval in Portland

PORTLAND – One calls for 63 market rate units at High and York streets; the other would add 150 units of senior housing on Ocean Avenue. Developers are hoping to break ground on two projects within the next year that would add more than 200 units of housing and bring more than $36 million of new construction to Maine’s largest city.

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Developer of Portland’s ‘midtown’ project applies for $4.3 million in tax credits

PORTLAND – The developer of the long-delayed “midtown” project in Portland’s Bayside neighborhood has applied for $4.3 million in tax credits from a state program that has been a target of criticism from regulators and legislators.

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A list of lists praising Portland

PORTLAND – The secret got out sometime about a decade ago, it seems, and the rest of the world is now well aware that life is good in Portland, Maine.

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Dine Out Maine: Portland’s Isa bistro delivers satisfying food

PORTLAND – The charm of the place and the genuinely friendly staff compensate for any shortcomings. “Bistros are all about the Bs,” a restaurateur once told me. “The bar, the buzz and the braise.”

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Portland council to consider zoning change to allow office park near Stroudwater


PORTLAND – In the proposed deal, the Elks Lodge would sell land to Northland Enterprises and remain on the property. The City Council on Monday will consider a zoning change that would allow an office park near one of the oldest neighborhoods in Portland.

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39 Amazing Things That Will Make You Fall In Love With Portland, Maine


PORTLAND – Just because it doesn’t have its own TV show …

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Stakes are high as vote nears on Portland’s scenic-view ordinance

PORTLAND – Those opposed to an ordinance protecting city views fear unintended economic impacts. Supporters say it will preserve treasured resources.

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Bangor Savings Bank begins construction on Portland complex

PORTLAND – The 7,200-square-foot building will contain offices, a branch and drive-thru on Marginal Way. Bangor Savings Bank has begun construction on a $2 million, solar-powered office building and retail branch on Marginal Way in Portland.

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The commercial real estate market in southern Maine forecasts a strong finish at year-end


PORTLAND – The commercial real estate market in southern Maine has been very active through the 3rd quarter of 2015 and market forecasts suggest a strong finish at year-end. Increases in available jobs and declining vacancy rates are both driving forces in Portland's economic growth.

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Kennebunk shopping center has new owner


KENNEBUNK – The Shops at Long Bank, an 88,450-square-foot shopping center in Kennebunk, was never for sale. But that didn't stop Property Partners LLC, headquartered in the greater Portland area, from making an offer that wasn't refused.

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Retail complex in Kennebunk sold


KENNEBUNK – The property, anchored by a Hannaford, fetched nearly $7 million.  The Shops at Long Bank in Kennebunk, an 88,000-square-foot retail complex off Route 1, has been sold for $6.925 million.

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Rooftop gardening, and cooking lessons, come to new apartment building in Portland


PORTLAND – Residents of the Avesta mixed-income apartments on Cumberland Avenue can grow their own vegetables and learn to prepare them in state-of-the-art garden plots and kitchen.

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Sarah Sausville Celebrates first year as “In House” Architectural Designer at Cardente Real Estate & Cardente Construction

PORTLAND – Sarah Sausville Celebrates first year as "In House" Architectural Designer at Cardente Real Estate & Cardente Construction.


From Paris to Portland: Craft pastries have arrived

PORTLAND – Open a mere month on Market Street, the full-fledged Parisian cafe complete with sleek gold chairs, marble tables, imported tins of fish and wine, is like a trip down the Champs Elysees minus the accents and cigarette smoke.

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Portland restaurant space rare, too pricey, chefs say


PORTLAND – Some worry that only those with big names and deep pockets will be able to open a place in or near the Old Port. Tom Bard, the proprietor of the Portland restaurant Zapoteca, has been searching for a year and a half for a place to open a new Spanish restaurant in the city.

Mark Sandler Joins Cardente Real Estate

PORTLAND – We are pleased to announce that Mark Sandler has joined the commercial brokerage team at Cardente Real Estate.


Home Depot to Hire 450 in Maine


MAINE – National home improvement retailer Home Depot has announced that it plans to hire 450 employees across its 11 stores in Maine.

 

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9 Small Beer Cities That Deserve National Attention


PORTLAND – Portland, Denver, San Diego… blah blah blah. Whenever a discussion of America’s best beer cities starts up, people simply trot out the same old cities over and over.

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Cellardoor Winery to open large tasting room, event space at Thompson's Point


PORTLAND – Developer Chris Thompson calls Cellardoor ‘a perfect fit’ for the site on the Fore River in Portland.

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Owner of Gorham Bike & Ski buys Portland building


PORTLAND – The owner of Gorham Bike & Ski has purchased the building where his Portland store is located.

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Mac Air Group to begin construction on facility at Portland jetport

PORTLAND – The company plans to add 15 permanent jobs when the $6 million facility is complete. Portland-based Mac Air Group will begin construction Thursday on a $6 million facility that will allow the company to serve its growing number of international and domestic aviation clients.

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Portland removing barriers to fix an urban-renewal mistake

PORTLAND – The city wants to eliminate the divided highway in the middle of its downtown – along Spring and Middle streets – and spur investment. City crews began knocking down the raised center median on Middle and Spring streets this week in the first step of a plan to undo some of the damage caused by a 1970s-era urban-renewal project.

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Scarborough natural foods market expanding to Portland

PORTLAND — For Lois and Dan Porta, opening a second Lois' Natural Marketplace isn't simply an expansion of enterprise, it's a culmination of lifestyle.

The new space, at the corner of India and Middle streets, sandwiched between Two Fat Cats Bakery and Micucci's Grocery Co., is approximately 2,300 square feet and is scheduled to open May 19.

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Cardente Real Estate is Honored with 2014 COSTAR Power Broker Award


Shipyard, Allagash make top U.S. breweries list

PORTLAND – Shipyard Brewing Co. and Allagash Brewing Co. of Portland have been named two of the country's top breweries in the country, appearing alongside industry giants like Anheuser-Busch Inc.

 

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Portland chef, partners collaborate on clam shack for Thompson’s Point

PORTLAND – The Point, made of renovated shipping containers, will seat 200 to 300 people at outdoor picnic tables.

 

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Developer proposes senior housing complex in Portland

PORTLAND – A Vancouver, Washington, company wants to build a 150-unit independent senior housing complex off outer Ocean Avenue in Portland, on a site where the City Council last year rejected a proposal for a 96-unit condominium development.

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Cardente Construction & Cardente Property Management Expand


PORTLAND – Divisions of Cardente Real Estate, Cardente Construction and Cardente Property Management offer over 75 years of combined experience in commercial and residential construction, maintenance and commercial property management.


Bayside Development Reaches Compromise


PORTLAND – The Miami based developers responsible for the Bayside Development have made a compromise, now planning to build the 4 apartment and retail buildings on Somerset Street 6 stories high, rather than the previously proposed 14 story buildings.

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Maine home sales jump 14 percent in June

PORTLAND – Demand is up after a cold winter but the median sales price increases just 0.54 percent over 2013. Buoyed by low interest rates, pent-up demand from a cold winter and an influx of retirees, sales of existing single-family homes in Maine jumped by 14 percent last month, outpacing activity nationwide.


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Cardente Real Estate Wins the 2013 CoStar Top Power Brokers Award for Commercial Sales


PORTLAND – Cardente Real Estate is pleased to announce that they have won the 2013 Power Brokers Award from the CoStar Group for commercial sales.


Maine home sales rose 8.9 percent in February

MAINE – Higher sales in Maine offset a drop in home sales nationally and in the rest of the Northeast.Maine homebuyers remained undaunted by the snowy conditions in February and pushed home sales up 8.9 percent over the same period last year, bucking a drop in sales nationally.

 

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Two Maine outdoor concert venues proposed. Only one may be approved.

MAINE – The first waterfront stage built in South Portland or Westbrook will be the only one, an official predicts.

 

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Cumberland County Civic Center renovations provide newer, bigger, more

PORTLAND – After 14 months of work, the civic center will reopen this weekend to host a home and garden show. New luxury boxes, bigger locker rooms, wider concourses and lots and lots more women’s restrooms are the highlights of the $34 million renovation of the Cumberland County Civic Center, which was opened Monday for media tours.

 

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Economist sees steady growth this year for Maine's economy

PORTLAND – Maine's economy is expected to see steady growth this year, providing an opportunity for the state to begin tackling the challenges it will face in the future as its population continues to age, a former state economist said Tuesday.

 

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Home sales jump 31% in July

Single-family home sales for July jumped nearly 31% over last year, according to the latest statistics from the Maine Real Estate Information System.


Portland hotel work to turn Fore Street in one-way road

PORTLAND — A section of Fore Street will be reduced to one lane for more than a year to accommodate the construction of a hotel, the city said Thursday.

From next week until May 2014, traffic on the section of Fore Street from Dana Street to Union Street will be one-way, heading west, to make room for construction of the Hyatt Place Portland hotel.


2012 home sales: Best in 5 years

NEW YORK (CNNMoney)
Steady December home sales capped the best year for the U.S. real estate market in five years, according to an industry trade group report Tuesday.

The National Association of Realtors said that December sales of previously-owned homes came in just slightly below November's sales pace, but up 12.8% from a year ago. That brought full-year sales to 4.65 million, up 9% from 2011 and the best year for home sales since 2007, when there were 5 million homes sold just before the start of the recession.

Portland developer to refine design of $38 million project

Federated Cos. says it will make changes to Maritime Landing plans ‘to improve the impact’ on the skyline.

PORTLAND – Developers of an ambitious residential and commercial project in Bayside are headed back to the drawing board to address concerns over how the complex could affect views and the city's skyline.

Originally, the project envisioned seven 14-story towers to be built along Somerset Street. Preliminary plans for Maritime Landing included as many as 700 residences, retail space and two parking garages.

$18M Old Port Project Stalled

Delays around landing a large commercial tenant will likely hold up an $18 million Old Port development until next year.

The Portland Press Herald reported that New Hampshire-based Opechee Construction was slated to begin work on the project at 203 Fore St. this fall.

Designs for the 180,000-square-foot project at the site of the former Jordan's Meats include nine retail units, 18 condominiums, 640,000-square-feet of office space and a parking garage that can house over 100 cars.


Karen Rich named 2012 Maine Commercial Broker of the The Year

Congratulations to Karen Rich on being named Maine's 2012 Broker of the Year by the Maine Commercial Association of Realtors. Karen Rich, Broker and Vice President at Cardente Real Estate, has played an integral part in the creation and success of our company.
Since 1991, Karen has been a commercial broker special-
izing in the sale and leasing of investment, retail, and office properties throughout the State of Maine. Some of Karen’s more notable transactions include the $15,000,000 sale of the Custom House Garage in Portland, the redevelopment and leasing of the retail corridors off of Western Avenue and Gorham Road (developments that literally have changed the entryway of South Portland’s Retail District), and just this Summer, the re-tenanting of 15% of office space at the Peo- ple’s United Bank Building at 465 Congress Street in Down- town Portland.
Karen is currently on the Board of Directors for the Maine Commercial Association of Realtors and was the Keynote Retail Speaker for the 2012 MEREDA Conference. Please help us congratulate Karen Rich on such a remarkable achievement.



Brahms Mount to Join Jameson Tavern in Freeport

Cardente Real Estate is pleased to announce that 4,450 +/- square feet of retail space has been leased at 115 Main Street in Freeport, Maine. Located next to LL Bean, this building is occupied by the famous Jameson Tavern Restaurant and will also be the future retail flagship location of Brahms Mount. Stay tuned for more information.

Former Press Herald building eyed as boutique hotel

 

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.


Bull Moose to open 11th store in South Portland

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.


Best Western to be built at Auburn's Kittyhawk Park

A Best Western hotel and restaurant will rise along the Maine Turnpike in Auburn this spring. The hotel development is part of an eight-lot, 35-acre development at the Kittyhawk Business Park.

The hotel will be owned and operated by Giri Hotel Management. The project is a joint venture of Building Solutions and Hartt Transportation, the Bangor-based trucking company that owns the site. Groundbreaking will happen in late spring or early summer, according to Joe Casalinova, president of Building Solutions, the Oxford-based commercial real estate company that's designing, building and managing the project.

Casalinova said he is working with the Baldacci Group to bring a biotechnology company to the site that would create up to 30 new permanent full-time jobs in addition to the site development work needed. Casalinova described initial negotiations as possibly leading to a build-to-suit project that would be leased back to the biomedical company, which he declined to name.

Giri Hotel Management was founded in 2004. Its Maine hotel properties include a Comfort Inn and the Best Western Plus Civic Center Inn in Augusta, an EconoLodge in Freeport, the Best Western Plus in Waterville and The Parkwood Inn in Brunswick.


January jobs report: Hiring ramps up, unemployment falls

@CNNMoney February 3, 2012: 10:27 AM ET
The U.S. economy added 243,000 jobs in January, marking the strongest job growth since April. 
NEW YORK (CNNMoney) -- American employers substantially stepped up their hiring in January, bringing the unemployment rate down for the fifth month in a row. Employers added 243,000 jobs in January, the Labor Department reported Friday, marking a pick-up in hiring from December, when the economy added 203,000 jobs. Meanwhile, the unemployment rate fell to 8.3%. That is the lowest since February 2009. Hiring was much stronger than expected, and once it was apparent the job gains were broad based across several sectors, economists and investors called it a "nice surprise," "fantastic," and even "a touchdown!" Stocks climbed at the market open.


Part 2: Insiders View of the Maine Real Estate Market

This below video link addresses insider views on the Maine Real Estate Market for 2012. Speakers include Matthew Cardente of Cardente Real Estate.

http://www.mainebiz.biz/apps/pbcs.dll/article?AID=/20120130/MULTIMEDIA/120139994


Outlook for Maine real estate brighter

Experts predict slow gains in 2012 in the retail sector and office market, but housing is a mixed bag.

By Tux Turkel tturkel@mainetoday.com
Staff Writer

 

PORTLAND - Maine's real estate industry is slowly recovering from the recession and showing some bright spots, but will continue to face challenges in 2012, speakers told Maine's largest gathering of real estate professionals Thursday.

 

"I believe the worst is over," said Karen Rich, a commercial broker at Cardente Real Estate in Portland.

Rich presented her outlook for southern Maine's retail sector during the Maine Real Estate & Development Association's annual forecast conference. The sold-out event drew a record crowd of 650 to the Holiday Inn by the Bay.

Nationally, the economic recovery is making gradual progress, but home prices and real incomes continue to decline. That hurts affordability, said Charles Colgan, an economic forecaster from the University of Southern Maine, and will keep the market from improving significantly before 2013.

In an economy driven by consumer spending, the retail sector is an important indicator, and Rich said she sees encouraging trends in Greater Portland. The area's retail vacancy rate, which peaked at nearly 11 percent in 2009, is falling. The rate last year was just above 6 percent, Rich said.

Windham has emerged as the region's healthiest retail area, with a 3.7 percent vacancy rate.

Some big holes remain, such as the former Shaw's Supermarket space in Falmouth and the former Filene's department store at the Maine Mall. But new franchises have filled some empty spaces, including Books-a-Million, which replaced Borders at the Maine Mall, and Urban Outfitters, which occupies a once-empty building on Middle Street in Portland's Old Port.

Several restaurants, including Five Guys and Elevation Burger, have opened. "Mainers love their restaurants," Rich said.

Looking ahead, Rich said, more big-box stores could close, as the Lowe's Home Improvement store in Biddeford did last year. But she also expects more expansion by banks and credit unions, Starbucks and thrift stores.

Greater Portland's office market also is recovering. Buyers and tenants can still find favorable deals, but the overall vacancy rate has basically stopped climbing. It hung last year at just under 13 percent, said James Harnden of Malone Commercial Brokers. The office market absorbed 90,000 square feet of net space last year, the first positive number since 2008.

Conditions will remain essentially flat this year, Harnden indicated. But the mood is more optimistic and a handful of projects are being proposed, including those at Thompson's Point and on West Commercial Street in Portland.

On the housing front, the multi-family market is a mixed bag, said John Graham of Sullivan Multi-Family Realty. Short sales and bank-owned properties continue to make up a substantial portion of the market. Condominium conversion is flat.


MEREDA Retail Presentation 2012

Karen Rich from Cardente Real Estate was this year's Retail Forecaster for the MEREDA Conference. This publication discusses the current state of the retail market in Maine as well as provides predictions for the upcoming year.


Featured Property: 465 Congress Street, Portland

In Monument Square, one of Portland’s premier office buildings, with high-profile tenants including People’s United Bank, has leasing opportunities available at aggressive rates. The entire top floor, consisting of 6,500 square feet and offering spectacular views of the city as well as water views of Portland Harbor and Back Cove, is available. In addition, there are attractive office suites, also with views, available on the third, sixth and seventh floors. These office suites range from 2,300 to 3,940 square feet. Please note that parking incentives are being offered for five-year lease terms.


Secret Bridges has leased space at 605 US Route One

Cardente Real Estate is pleased to announce that Secret Bridges has leased 1,600 +/- square feet of retail space from Ferret Realty at 605 US Route One, Scarborough, Maine. This transaction was brokered by Karen Rich and Matthew Cardente of Cardente Real Estate.

Spiritual Readings by Dutchess has leased 290 US Route One

Cardente Real Estate is pleased to announce that Spiritual Readings by Dutchess has leased 1,450 square feet of retail space from AMG Investments, LLC at 290 US Route One in Kittery. This transaction was brokered by Matthew Cardente of Cardente Real Estate.

Alan Fishman

Our sincere condolences to Alan's family and friends. It has been a pleasure working with Alan over the years and we will all miss him dearly. Rest in peace Alan.

Alan Mark Fishman, 69
KENNEBUNK -- Alan Mark Fishman, 69, of Kennebunk, died peacefully on Aug. 30, 2011, with his family by his side. He was born in Boston, Mass., on June 17, 1942, the son of the late Louis I. Fishman and Marion Copellman.

Historical Images of Portland Buildings

Want to see what your building looked like in the past? The Maine Historical Society offers a whole collection of historical images that are available to view on line. In addition, the collection has a very easy search bar that allows you to easily bring up images of interest. Please go to the below link:


http://www.vintagemaineimages.com


Free Graffiti Removal

Learning Works is a locally based non-profit that offers a variety of services to the people of Androscoggin, York and Cumberland Counties. ONe of their services is free graffiti removal for Portland property owners. Cardente Property Management recently used their services at one of the commercial properties that we manage and they did an excellent job. For more information please visit :

http://www.learningworks.me/programs_graffiti.html

Commercial Real Estate in Maine (Part 1)

The below link features Greg Perry from Cardente Real Estate discussing the Industrial Sector of the commercial real estate market in Maine. Mr. Perry was the keynote Industrial speaker for this year's MEREDA Conference held in Portland. Greg Perry specializes in industrial real estate throughout the State of Maine as well as office, retail, investment, and multi-units. This You Tube video was filmed by Maine Biz and was hosted by Alan Hinsey.
http://www.youtube.com/watch?v=u6oOIVO-kh8

Greg Perry Has Been Appointed to the South Portland Zoning Board of Appeals

Cardente Real Estate is pleased to announce that Greg Perry has been appointed to the South Portland Zoning Board of Appeals. We commend Greg for his dedication to his profession and his community. The Zoning Board will be well served with Mr. Perry onboard. Congratuations Greg!

Bull Moose may be interested in some Borders locations

Owner Brett Wickard says he may open a handful of super Bull Moose stores in New England.

By Leslie Bridgers lbridgers@pressherald.com
Staff Writer

 

As Books-A-Million backed off an attempt to buy 30 soon-to-close Borders bookstores, local chain Bull Moose said it plans to bid on leases at some of the locations.

 


Long Road Ahead for Borders’ Landlords

The announcement of the the Borders closures is interesting news in the Commercial Real Estate Market in Maine and the United States. The following link is to an article discussing the Borders closures and how it may affect Landlords throughout the country:

http://retailtrafficmag.com/distressedinventory/long_road_ahead_borders_07262011/


Cengage Learning Move to Hathaway Creative Center




Cardente Real Estate is pleased to announce that the Thorndike Press office of Cengage Learning and its 35 employees have moved into the Hathaway Creative Center in Waterville, Maine. The Hathaway Creative Center was fully renovated in 2009 complete with office, retail, and fully leased luxury apartments on the 4th and 5th floors. Major tenants at the Hathaway Creative Center include Maine General Hospital, HealthReach Networks, TD Insurance, Unique Designs, and now, Cengage Learning. Remaining availability includes 1,000 to 10,000 +/- square feet of retail / restaurant space at the 1st floor arcade mall and 100 – 40,000 +/- square feet of office space on the upper levels. Spaces are aggressively priced and can be provided turnkey. Ideal uses include all types of retail, restaurants, professional office, governmental offices, and medical uses. For Further information on the Hathaway Creative Center, please go to: http://www.hathawaycreativecenter.com


New tech hub to grow industry's critical mass

Over the past six months, Cardente Real Estate has been working closely with the technology sector in Maine to develop a property that could serve as a "hub" for a large variety of tech companies eager to work in a collaborative environment. After an extensive search, 30 Danforth Street in Downtown Portland was selected as the new home for what is being called the "Casco Bay Tech Hub".  Greg Perry represented Hall Marketing, Integra Strategic Technology Consulting, and Academic Merit in their recent negotiations for office space, and is currently working with several other prospective technology companies. The property is owned and managed by JB Brown & Sons, and more information can be found at: www.Cascobaytechhub.com
Below is a link to a recent article in MaineBiz that provides some additional insight into the project:

Six Old Port Properties Sell for $5.9 million

This is article explains the recent foreclosure sale of six Old Port commercial properties. The properties were ultimately bought back by the BACM (Mortgage Holder). There were seven bidders in attendance. Please go to this link to read the article:
http://www.pressherald.com/news/six-old-port-properties-sell-for-_5_9-million_2011-07-23.html

Tire Warehouse Moving To Yarmouth

Cardente Real Estate is pleased to announce that Tire Warehouse will be opening a new location at 731 US Route One in Yarmouth, Maine. Tire Warehouse will be occupying the former Yarmouth Auto building located across the street from Hannaford Brothers. Brokered by Michael Cardente of Cardente Real Estate, Tire Warehouse's new 9,000 +/- square foot facility is set to open for business by August 2011. For further information on Tire Warehouse or Monro Muffler, please visit: http://www.tirewarehouse.net/

Cardente Real Estate is given CoStar Group's Power Broker Award 2010



CoStar Group Power Broker Award Winners

Top Leasing Firms in Portland:

• Cardente Real Estate
• CB Richard Ellis|The Boulos Company
• NAI Dunham Group


Should Maine's Downtowns become links in the restaurant chain business?


The burger joint is busy during a weekday lunch hour with steady business inside.

It’s one of many places to eat in the city and, more specifically, in the iconic Old Port. Five Guys Burgers and Fries recently joined a plethora of restaurants in the immediate area, from comfortable pubs like Gritty McDuff’s and the Old Port Tavern to high-end restaurants like the Salt Exchange and Fore Street.

But in an important way, Five Guys is also a rarity, representing a continuing evolution that has been taking place in the Old Port for the last decade-plus. In a quirky, cobblestoned and character-filled retail district, Five Guys is a national chain franchise surrounded by local boutiques, art galleries, coffee shops and tourist traps.


At Maine Mall, Bustle Loses Steam

The Maine Mall bustles with shoppers on a late-winter weekend, but on a midweek morning, the scene is quiet.

Done with their daily walk, the silver-haired set fills some of the tables at the food court. Mall workers unobtrusively water plants and sweep debris from the corners, but shoppers are largely absent. This is the time of day, when many people are at their workplaces, that the economic recession’s toll on the retail sector becomes apparent.


Projecting properties: MEREDA's annual forecast conference steels real estate professionals for a rough 2009

It’s going to get worse before it gets better. That phrase wasn’t what attendees wanted to hear, but that was the take-away message at the Maine Real Estate and Development Association’s 2009 Annual Real Estate Forecast Conference, held Jan. 29 at the Holiday Inn by the Bay in Portland. Presenters from all of Maine’s real estate sectors — office, industrial, residential and hospitality — provided, with varying degrees of grimness, a 2008 year-in-review and predicted an even tougher year in 2009. Maine’s retail market was no exception. The state, like the nation, is suffering from what industry experts are calling the market ’s worst contraction in 35 years, as national retailers like Circuit City and Linens ‘n Things go out of business. The sour market has also put the brakes on retail development in the state, including the planned $8 million expansion of the Maine Mall, which owners General Growth Properties recently decided to postpone indefinitely becaus e of the weak economy — the second planned expansion the Chicago firm has scrapped in Maine since 2008. (Continued on PDF)


Shops drop as Old Port cools

Some of the storefronts that line the heart of one of Maine's iconic shopping districts are emptying.

In the past few months, a number of shops have moved out of Portland's Old Port to less expensive locations, or have shut down completely.

The recession, coupled with comparatively high rents, has led to the flight of many stores, say retail market watchers. The Old Port's market, once red-hot, has cooled considerably in the past two years, since the days when merchants vied for space along the district's most popular tourist routes.

The trend mirrors what is happening in many other such locations nationally, such as Boston's Newbury Street.

"We are seeing this migration of tenants," said Matthew Cardente of Cardente Real Estate, a Portland commercial real estate company.

Store closings along the busiest street in the Old Port – Exchange – highlight what has happened in recent months.

Edith & Edna's, a craft gallery at 51 Exchange St., and Simply Chic women's clothing shop at 28 Exchange St. announced late last fall that they would be closing for good after Christmas. (Continued on PDF)


482 Congress Street, Portland Makes Portland Press Herald's Transaction of the Month


After an ownership that began in 1844, J.B. Brown & Sons has sold its multi-tenanted office building at 482 Congress Street in Portland. Finalized in May, the property was sold to Edmund Wheeler who also owns 511 Congress Street located across the street. The sale included a 52,610+/- square foot office building and an adjacent parking lot that faces the Cumberland County Civic Center. “I think the sale was a win for both Edmund Wheeler and J.B. Brown & Sons,” says Matthew Cardente of Cardente Real Estate who brokered the sale of 482 Congress Street and also handles the brokerage for several other properties owned by J.B. Brown & Sons.

“Finding solid investment properties in Downtown Portland has been difficult over the last several years, and this property offers long term upside to the buyer. On the other hand, J.B. Brown & Sons can focus even more of their attention to reshaping its properties that offer additional development potential.”


110 Exchange Street, Portland Makes Portland Press Herald’s Transaction of the Month


Cardente Real Estate is pleased to announce that Salt, Inc. has sold their 13,305+/- square foot office/ retail property located in the Old Port at 110 Exchange Street, Portland.

The Salt Institute for Documentary Studies has owned the property since 1999 and is in the process of finalizing their new Portland location. The property was sold for $1,375.000.

This transaction was brokered on behalf of the Seller, Salt, Inc., by Michael Cardente of Cardente Real Estate and on behalf of the Purchaser, The Oneten Company, LLC. by Daren Hebold of RAM Harnden.


Welcome 'Commercial Real Estate' Debuts

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.”


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



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.


New Firm’s Growth Shows Market Strength

Looking to create a better alternative for businesses in Maine, Matthew Cardente founded Cardente Real Estate in July of 2005. Since opening its doors, Cardente Real Estate has grown to five full time commercial brokers with over 25 years of combined experience.

The brokerage team includes Karen Rich; a leading commercial broker in Greater Portland since 1991, Greg Perry who was the first to join CRE and has a long history of broker sales and representation, Nathan DeLois; an active commercial broker in Maine for the last five years, Michael Cardente who helped found the company and carries his sales agent license, Emily Pickering; CRE Office Manager, and Matthew Cardente who is the owner and Designated Broker.

Cardente Real Estate is a full service commercial brokerage that specializes in all aspects of the sale of leasing of commercial real estate and businesses in Maine and New Hampshire. Cardente says: “We have been fortunate to work on projects such as Western Avenue Crossing, a large retail strip in South Portland; Thompson’s Point, a considerable industrial project in Portland; several significant land development parcels in Saco; and other commercial properties from Kittery to Bangor.”

Cardente Real Estate is located at 299 Forest Avenue in Portland, across from the University of Southern Maine Library.

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