Developer gravitates to Norway with $430K purchase

June 7, 2016 in News

Author: Laurie Schrieber
Publication: MaineBiz

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.




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