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)

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)

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.”

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.

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.”