Northeast’s number 1 website rejournal com new england real estate journal • northern new england • november 3 9 2006 9c

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					Northeast’s number   1   website rejournal.com                                           new england real estate journal • northern new england • november 3 - 9, 2006                            9c




                         spotlight/maine                                                                                                                                  me
  Low cost and skilled workforce create
unprecedented growth in Lewiston-Auburn
                                          The Auburn Mall is located in a       Barnie’s Gourmet Coffee and Tea          conference room amenities. Lo-             • A new $2.5 million business
 pb     Paul Badeau                     retail area that continues to see       Company, along with additional           cated on Center St. in Auburn, the      service center will house the
                                        phenomenal growth. In fact, over        space recently committed to TD           project also serves as office space     Lewiston-Auburn Economic
                     Lewiston-          the past six months, a new Kohl’s       Banknorth, about 260,000 s/f has         for ReMax.                              Growth Council, Androscoggin
                     Auburn             department store has opened; an         been leased. An estimated 2,000             Lewiston-based Tri-County            County Chamber of Commerce,
                     Economic           announcement was made that a new        people, including employees and          Mental Health Services consoli-         and other value-added business
                                        20,000 s/f Bed, Bath, and Beyond        customers, visit the Bates Mill          dated four of its operations under      service providers in an historic
                     Growth             would be completed early next           Complex daily.                           one roof at a new Bartlett St. loca-    downtown Lisbon St. building.
                     Council            year; officials said that a 2,500 s/f     Work at the complex is now tak-        tion, with 16,000 s/f accommodat-          • Governor John Baldacci di-
                                        Androscoggin Bank branch will           ing place at Mill 2 Wing and Store-      ing 50 employees.                       rected the Northern New England
   Forbes magazine recently named       open in the next several months;        house for the relocation of a tenant        Lewiston-Auburn College held         Passenger Rail Authority to present
Lewiston-Auburn among the               and details that a Best Buy will be     now at a different part of the mill,     a ground-breaking ceremony              a plan to expand commuter rail
country’s best small places for busi-   operational some time next year         Davinci’s Eatery. Platz has also         launching a new 14,000 s/f, $2.5        service via Downeaster Amtrak or
ness, in part because of the low        were confirmed. In addition, a host     made $50,000 in recent landscap-         million learning center. The facil-     other passenger train service to
cost of doing business and the avail-   of chain restaurants have opened        ing improvements, and has a vi-          ity will house a learning center and    Lewiston-Auburn.
ability of a skilled workforce.         including Ruby Tuesday’s, Long-         sion to establish a food/retail pe-      will be home to research and grant-        • The Lewiston-Auburn Eco-
   Those two factors, in addition to    horn Steakhouse, Starbuck’s, and        destrian court at the complex. Plans     writing efforts for College for ME      nomic Growth Council recently
the area’s economic diversity, a        soon, TGI Friday’s and Red Robin,       also call for an on-site fitness cen-    Androscoggin. College for ME is         launched         a     web      site
strong transportation infrastructure,   a Colorado gourmet burger chain.        ter.                                     an initiative focused on encourag-      (www.laitshappeninghere.com) as
and rich local amenities account          This activity, located around the       Remax/ River Cities, a local           ing residents of Androscoggin           a resource to access information on
for why Lewiston-Auburn contin-         Mount Auburn Ave. and Turner St.        realtor, developed an innovative         County to pursue college degrees        dining, arts and entertainment, and
ues to be one of the hottest devel-     retail area, has led the city to bond   shared resource center for users         and other lifelong learning oppor-      quality of life in the Twin Cities.
opment markets in Maine.                $5 million for road improvements        looking for office space for as little   tunities.
   The Auburn Business Develop-         and other infrastructure costs, fur-    as a day or week at a time. The             Among other developments:            Paul Badeau is the marketing
ment Corp. sold its first lot in the    ther benefiting business attraction     space includes options such as              • Bates College has begun work       director for the Lewiston-Auburn
new Auburn Industrial Park re-          efforts and transportation flow.        shared kitchen and reception ar-         on a $30 million dining hall and a      Economic Growth Council,
cently to a client who plans to build     Meanwhile, in Lewiston, a $3          eas, computer and phone use, and         $17.5 million dormitory.                Lewiston, ME.
a 380,000 s/f building on the site.     million Estes Express Lines truck
The Auburn City Council approved
a $3 million bond for the creation
of the 144-acre industrial park abut-
ting the Auburn-Lewiston Munici-
                                        terminal is being constructed on a
                                        13-acre site with parking for more
                                        than 100 tractor-trailers and a 36-
                                        door docking facility. The com-
                                                                                  The Southern Maine market
pal Airport. The new park will al-
low the community to capitalize on
the area’s transportation resources
                                        pany, which eyed a number of
                                        Maine communities, settled on
                                        Lewiston-Auburn because of the
                                                                                   positioned for soft landing
and the Foreign Trade Zone.             can-do attitude of city officials and                                            Big box development continues.             Industrial land prices in Greater
   Meanwhile, the Auburn Mall,          the site’s proximity to the Maine        cc     Charlie Craig                    Major tenants expanding include         Portland are pushing beyond
which has been in need of signifi-      Turnpike.                                                                        Lowe’s, Target, Wal-Mart Super          $125,000 per acre. With develop-
cant investment and has suffered          With excitement still fresh from                                               Centers, Hannaford, Best Buy,           able land in short supply, prices
from empty stores in recent years,      the opening of gourmet seafood                                                   Barnes and Noble and Kohl’s. After      should continue to escalate. Specu-
was recently purchased by local         restaurant Fish Bones American                            NAI The                initial expansion to major markets,     lative development is slowing due
developer George Schott. In Octo-       Grill, developers of the Bates Mill                       Dunham                 these retailers are now moving into     to market forces. Escalating build-
ber, Schott said he was investing       Complex said that half the space of                                              secondary markets.                      ing material costs, higher regula-
an estimated $25 million to reno-       the former mill facility has been                         Group                     The majority of strip centers are    tory fees, rising interest rates and
vate the interior of the 300,000 s/f    renovated and is nearly occupied.                                                healthy. Retail strip center va-        land prices are all reasons for the
mall and to develop nearby sites.       At a September press conference,           The Greater Portland/Southern         cancy is low, despite the big box       change.
Under a tax increment finance dis-      Platz Associates said that with         Maine market stabilized in 2006          growth. National chain restaurant          Investors looking for Section
trict plan, an estimated $9 million     45,000 s/f of redeveloped space         into a moderate growth mode. New         expansion continues as well. Ruby       1031 exchanges have driven sale
would be set aside for road and         recently leased to Androscoggin         construction has declined. Space         Tuesday, Tim Horton’s, Dunkin           prices upward over the past year.
sidewalk construction and related       Bank, together with the opening of      vacated by tenants that have ex-         Donuts, McDonalds, Applebee’s,          High sale costs and pricing have
infrastructure enhancements.            Bates Dermatology and soon,             panded into new construction is          and other national concepts have        made leasing space more popular.
                                                                                being slowly absorbed.                   been active. Sale prices of pad sites   Lease prices are trending down-
                                                                                   The office market is the softest      and 1± acre restaurant sites con-       ward, however, because of a
MEREDA breakfast seminar: Overview                                              although vacancy is relatively low,
                                                                                averaging 7%. Leasing activity has
                                                                                                                         tinue to escalate.
                                                                                                                            With vacancy rates around 3%
                                                                                                                                                                 healthy supply of space. Lease
                                                                                                                                                                 prices should continue to decline
of the 1031 Tax-Deferred Exchange                                               declined due to decreased demand.        compared to the national average        modestly as competition escalates
                                                                                Landlords are starting to offer bro-     of 8-10%, the industrial real estate    to fill empty space.
Transaction to be held on Nov. 16th                                             kerage and tenant improvement            market in Greater Portland is stable.      Looking ahead, we are forecast-
PORTLAND, ME The Maine Real Es-         bers. Register after November 10th      incentives. New construction has         Sale activity has started to slow       ing level to moderate growth in the
tate & Development Association          and the cost is $35 for members         slowed; however, there are pock-         due to a lack of available inven-       commercial market, pending a
(MEREDA) will host its next             and $45for non-members.                 ets of new construction for lease,       tory, rising interest rates, and high   stable economy. We do not antici-
breakfast seminar entitled “Over-         The program is sponsored by           particularly in the Marginal Way         asking prices. However, the slow        pate a near term surge in demand in
view of the 1031 Tax-Deferred           Norway Savings Bank.                    area off the Portland Bypass I-295.      down in sales has been offset by        any commercial sectors that could
Exchange Transaction” on Thurs-                                                 Lease rates for new construction         rising lease activity. Larger spaces    lead to space shortages and lease
day, November 16, from 7:30 -              To register, or for more informa-    are averaging $16 per s/f NNN            above 20,000 s/f are most in de-        rate escalation.
9:00 a.m. at the Mariner’s Church       tion, please contact the MEREDA         with a base level build-out. New         mand. Lease prices for larger build-
                                                                                construction has been substantially      ings range from $3.75 - 4.50 per        Charlie Craig is a partner with
Banquet Center, 368 Fore St.            office at (207) 874-0801, fax at
                                                                                pre-leased prior to breaking ground.     s/f NNN. Smaller spaces are fetch-      NAI The Dunham Group, Portland,
   The cost of the seminare is $30      (207) 874-0802 or online at
                                                                                   The retail market has been strong.    ing $5– 6 per s/f NNN.                  ME.
for members and $40 for non-mem-        www.mereda.org .
10c    new england real estate journal • northern new england • november 3 - 9, 2006                                                   Northeast’s number   1   website rejournal.com


 me                                                                        spotlight/maine
                                           OLD ORCHARD BEACH SITE SOLD BY MILLERS TO TEACHOUTS
                       Farley of Maine Coast Properties sells 19-unit
                            Skylark Beach Inn for $2.02 million
OLD ORCHARD BEACH, ME Maine Coast                                                                                                                      tial, commercial properties, with
Properties sold The Skylark Beach                                                                                                                      an emphasis on the hospitality in-
Inn located at 2 Brown St. for $2.02                                                                                                                   dustry. The company has a plane to
million.                                                                                                                                               view oceanfront properties from
  The seller was Rick and Beth                                                                                                                         Kittery to east of Schoodic.
Miller and the buyer was Donna                                                                                                                            Maine Coast Props. has offices
and Roger Teachout.                                                                                                                                    in Portland and Bar Harbor.
  Charlene Farley of Maine Coast
Props. was the listing agent.
  The 9,500 s/f property includes                                                                                                                      New pest management
18 kitchenette units, three 2 bed-
room apartments and a 2-bedroom                                                                                                                        regs. training sessions
penthouse owners suite with pri-                                                                                                                       Nov. 28-30 and Dec. 1
vate roof top deck. The inn, located                                                                                                                   AUGUSTA, ME Training on how to
on a .3 acre lot, is one block from                                                                                                                    comply with new pest management
the pier, downtown and amuse-                                                                                                                          regulations (and maintain a safe
ment section of the town.                                                                                                                              and healthy indoor environment)
  Ken Hall is the founder/presi-                                                                                                                       is being held on four days at four
dent of Maine Coast Props. In 2003,                                                                                                                    sepearte locations.
he founded the real estate broker-                                                                                                                        The dates and venues are:
age firm, with a focus on residen-                                                                                                                        • Nov. 28 at the Augusta Civic
                                                                                                                                                       Center;
                                                                                                                                                          • Nov. 29 at the Keeley’s Ban-
                                                                                                                                                       quet Center in Portland;




                                   FOR SALE
                                                                                                                                                          • Nov. 30 at Jeff’s Convention
                                                                                                                                                       Center in Brewer;
                                                                                                                                                          • and Dec. 1 at the University of
                                                                                                                                                       Maine-Preque Isle.
                                                                                                                                                          This half-day training will show
                                                                                                                                                       owners and managers of all busi-
                                                                                                                                                       nesses, institutions, and housing
                          Old Orchard Beach, Maine                                                                                                     how to comply with the new Inte-
                                                                                                                                                       grated Pest Management (IPM) law
                          Ocean Front Motel                                                                                                            that takes effect on January 1, 2007.
                          •   35 kitchenette & motel units                                                                                             The program also provides practi-
                          •   Beautiful 3 bedroom owners suite                                                                                         cal tips that will improve working
                          •   Oceanside pool & hut tub                                                                                                 and living conditions and make
                          •   Steps from 7 miles of sandy beaches                                                                                      employees more productive. Pest
                          •   Walk to downtown, pier and Amtrak                                                                                        infestations and improper use of
                          •   Possible owner financing                                                                                                 pesticides can sicken employees
                          $4,350,000 - Contact Charlene                                                                                                and residents, damage structures,
                                                                                                                                                       contaminate food, and negatively
                                                                                                                                                       impact your bottom line. Learn to
                                                                                                                                                       avoid these problems by attending
                                                                    Rockland, Maine                                                                    this program. Attendees will par-
                                                                    Wharf, Restaurant & Docks                                                          ticipate in a hands-on facility walk-
                                                                    •   Unique water front business opportunity!                                       through to learn how to identify
                                                                    •   225 foot long wharf                                                            and correct problems. Additional
                                                                    •   Additional 400 feet of boat docking space                                      advice will be given on how to
                                                                    •   Newly constructed all natural wood building located on wharf                   secure outside pest management
                                                                    •   Existing restaurant located at foot of Wharf                                   services.
                                                                    •   Center of Rockland’s waterfront district                                          Program presenters are Gary Fish
                                                                    $2,500,000 - Contact Charlene or Ken                                               of the Maine Board of Pesticides
                                                                                                                                                       Control located in Augusta, and
                                                                                                                                                       Donald Rivard of Rivard’s Re-
                                                                                                                                                       sources located in Waltham, Mass.
                                       Biddeford, Maine                                                                                                   Who should attend the Pest
                                       • Biddeford is rapidly expanding!                                                                               Management Program?
                                       • Great Rte. 1 location near Route I-95                                                                            The new Integrated Pest Man-
                                       • Commercial building                                                                                           agement affect all Maine busi-
                                       • High traffic visibility                                                                                       nesses, including all rental proper-
                                       • Four bay auto service, showroom,                                                                              ties, retail centers, offices, hotels,
                                         office/retail space, and storage                                                                              restaurants, grocery outlets, col-
                                       • Over 9,300 s.f., new gas furnace.                                                                             leges/universities, state agencies,
                                       $525,000 - Contact Charlene                                                                                     institutions, licensed day care cen-
                                                                                                                                                       ters, and nursery schools. If you
                                                                                                                                                       own, operate, or manage a busi-
                                                                                                                                                       ness property in Maine, this pro-
                                                                                                                                                       gram will be of value.
                                                                                                                                                          The registration fee is $75.
                                           800-238-0395                                                                                                   Co-sponsors are the Maine In-
                                                                                                                                                       door Air Quality Council and the
                                                                                                                                                       Maine Board of Pesticide Control.
                                                 www.mainecoastproperties.biz                                                                             For information call (207) 626-
                                                                                                                                                       8115 or visit www.miaqc.org.
Northeast’s number   1   website rejournal.com   new england real estate journal • northern new england • november 3 - 9, 2006   11c
12c    new england real estate journal • northern new england • november 3 - 9, 2006                                                       Northeast’s number   1    website rejournal.com


 me                                                                         spotlight/maine

  Greater Portland’s third quarter perspectives:
Steady demand by smaller tenants to own building
  jh   James Harnden                    rc   Roxane Cole                     mb     Matthew Barney                   dh    Daren Hebold                         db   Danika Babcock

                 Ram                                   Ram                                    Ram                                     Ram                                     Ram
                 Harnden                               Harnden                                Harnden                                 Harnden                                 Harnden
                 Commercial                            Commercial                             Commercial                              Commercial                              Commercial
                 Real Estate                           Real Estate                            Real Estate                             Real Estate                             Real Estate
  Leasing activity in the Greater     behind this trend is the steady de-   ing. On a year-to-date basis, seven     land office market has been steadily   Sable Oaks and 477 Congress St.
Portland office market was down       mand by smaller tenants to own        leases have been signed for office      increasing over the past few years,    are available for sale. From our
again in the third quarter of 2006,   their own building (or condo-         space of greater than 15,000 s/f and    but in the third quarter it spiked     perspective, we see no sign that
with the total number of leases       minium), and to shift from a tenant   three have been signed for greater      noticeably. This was driven prima-     this robust sales market will slow
signed dropping by 23% vs. the        to an owner-user. Our perspective     than 30,000 s/f (Time Warner at         rily by a handful of large-scale,      down any time soon. The smaller
same period in 2005 and by 27%        is that this trend should continue,   901 Washington Ave., IDEXX at 6         downtown building sales: (1) the       office and Class B office proper-
vs. the same period in 2004. On a     given that interest rates are still   Ashley Dr. and Reliance Life In-        Libra portfolio sale of just over      ties are in high demand by both
year-to-date basis, the total num-    relatively attractive to buyers.      surance at 600 Sable Oaks). This        725,000 s/f; and (2) the block sale    investors and owner-users and the
ber of leases signed dropped by          As we’ve been reporting, the       increase is more than double the        of over 100,000 s/f in the Old Port    larger Class A office product is in
11% vs. 2005 and 20% vs. 2004.        number of “large-tenant deals”        number of leases signed in 2004         area. In addition, 82 Running Hill     significant demand by out-of-state
From the real estate perspective,     continues to rise even as the total   within this size range.                 Rd. in South Portland changed          investors.
we know that one driving force        number of leases signed is decreas-     Sales activity in the Greater Port-   hands in the third quarter and 600        Mill re-development projects are
                                                                                                                                                           on the rise throughout the state.
                                                                                                                                                              • In Saco/Biddeford, developers
                                                                                                                                                           at Saco Island and the North Dam
                                                                                                                                                           Mill complex have recently come
                                                                                                                                                           forward with mixed-use plans for
                                                                                                                                                           both locations. Our perspective is
                                                                                                                                                           that the “pressure at both ends”
                                                                                                                                                           theory will focus more attention on
                                                                                                                                                           this market, given that product scar-
                                                                                                                                                           city is increasing in both the north-
                                                                                                                                                           ern (Greater Portland) and south-
                                                                                                                                                           ern (N.H./Boston) directions, and
                                                                                                                                                           the Saco/Biddeford community is
                                                                                                                                                           geographically positioned to ben-
                                                                                                                                                           efit from extending demand.
                                                                                                                                                              • Notable mill redevelopment
                                                                                                                                                           continues in the Lewiston/Auburn
                                                                                                                                                           market. The one million s/f Bates
                                                                                                                                                           Mill is now 60% redeveloped into
                                                                                                                                                           occupied office space; the Cowan
                                                                                                                                                           and Libbey Mills located at Great
                                                                                                                                                           Falls are slated for redevelopment
                                                                                                                                                           into condos called Island Point;
                                                                                                                                                           and the Roy Hill and Continental
                                                                                                                                                           Mills, totaling nearly one million
                                                                                                                                                           s/f, have recently been listed for
                                                                                                                                                           sale as an investment/redevelop-
                                                                                                                                                           ment package.
                                                                                                                                                              • In Norway, the Cummings Mill
                                                                                                                                                           has been razed to make way for
                                                                                                                                                           17,000 s/f of office condominium
                                                                                                                                                           space, as well as eighteen residen-
                                                                                                                                                           tial condominium units.
                                                                                                                                                              The banking environment con-
                                                                                                                                                           tinues to shift. On the local level,
                                                                                                                                                           banks are becoming more and more
                                                                                                                                                           competitive as they vie for the avail-
                                                                                                                                                           able supply of commercial real es-
                                                                                                                                                           tate loans, and the expansion of
                                                                                                                                                           “neighborhood banking” contin-
                                                                                                                                                           ues, with new bank branches pop-
                                                                                                                                                           ping up in Southern Maine.
                                                                                                                                                              The Greater Portland commer-
                                                                                                                                                           cial real estate market is ever chang-
                                                                                                                                                           ing.

                                                                                                                                                           James Harnden is president,
                                                                                                                                                           Roxane Cole is principal,
                                                                                                                                                           Matthew Barney is a broker and
                                                                                                                                                           Darren Hebold is a sales agent
                                                                                                                                                           and Danika Babcock is an
                                                                                                                                                           associate broker with Ram
                                                                                                                                                           Harnden Commercial Real Estate
                                                                                                                                                           Services, Portland.
Northeast’s number   1   website rejournal.com                                            new england real estate journal • northern new england • november 3 - 9, 2006                            13c

                                                                                 spotlight/maine                                                                                             me


              Scarborough’s pro-business philosophy and
              quality of life make it a great place to grow
                                         hotel and hospitality users, an-        retail space and has welcomed its          medical fronts, Scarborough con-        able. To that end, two new indus-
  hr    Harvey Rosenfeld                 chored by a Cabela’s retail store.      first retail tenant, The Cheese Iron,      tinues to grow. The Maine Medical       trial condominium projects, cater-
                                         This project will anchor the devel-     a gourmet cheese and wine pur-             Center has broken ground for an         ing to small manufacturers and ser-
                                         opment of Scarborough’s Profes-                                                                                            vice providers have recently been
                     Scarborough         sional Gateway, a 300 acre area         Scarborough has become a magnet for                                                completed. Scarborough is joining
                     Economic            with exceptional sites and access
                                                                                 both residential and commercial growth
                                                                                                                                                                    with several other communities in
                                         to Greater Portland, Boston, the                                                                                           Greater Portland to promote this
                     Development         Portland International Jetport, and                                                                                        area to the biotech community.
                                                                                 and the town has been ready for it.
                     Corp.               the Maine Turnpike.                                                                                                           Scarborough remains a commu-
                                           Rte. One continues to change for      veyor. The redevelopment of the            ambulatory surgical center to join      nity on the move and actively seeks
   Scarborough is one town that          the better, with the opening of a       former Orion Center, and several           its Cardiac Research Facility and       new ventures that fit into the com-
puts its “money where its mouth          new Mercedes Benz dealership.           smaller office and retail develop-         other facilities on their Scarborough   munity. We feel that the Town’s
is,” especially in terms of economic     This dealership, housed in a new        ments have received necessary ap-          Campus. Smaller endeavors of this       pro-business philosophy coupled
development. Scarborough has in-         architecturally significant building,   provals and should start construc-         type are attracted to Scarborough       with Maine’s outstanding quality
vested millions of dollars in infra-     joins Scarborough’s other automo-       tion shortly. Prime retail and office      due to the proximity of the Maine       of life makes Scarborough a “great
structure improvement over the last      bile retailers, Volvo, Land Rover       sites are still available on Rte. One      Med facility and the Foundation         place to grow a business.”
twenty years to attract the type of      and Jaguar, in serving the State of     along with some very desirable             for Blood Research. To meet this
business necessary to offset its con-    Maine with these luxury marques.        existing buildings offering great          need we are working with develop-       Harvey Rosenfeld is the president
tinuing residential growth.              The Centervale Antiques complex         potential for conversion and re-           ers to make sure that the appropri-     of the Scarborough Economic
Scarborough has become a magnet          has been purchased and is being         use.                                       ate type of space needed by these       Development Corp., Scarborough,
for both residential and commer-         converted into premier office and          On the hi-tech, biotech, r&d and        new 21st century industries is avail-   ME.
cial growth and the town has been
ready for it.
   Scarborough has developed a
careful and well-planned approach



                                                                                             DEVELOP IN SCARBOROUGH, MAINE
to economic development and has
not only maintained Scarborough’s
“livability” but has allowed its com-
mercial endeavors to flourish. A


                                                                                             A Great Place for Business
study, commissioned by the town
in 1985, noted that Scarborough
was missing out on the commercial
development boom of the mid
1980s and would quickly become a
bedroom community. Taking this
to heart, the Scarborough Town

                                                                                                               Economy Scarborough Statistics
Council quickly took steps to cre-
ate a plan for economic develop-
ment.
   Part of this plan was to create the
award-winning Scarborough Eco-                                                            • The best telecommunications                  • 7 miles from Portland, ME
nomic Development Corp., a pri-
                                                                                                infrastructure in the nation
vate, non-profit corporation that is                                                                                                     • 90 miles from Boston, MA
now in its 21st year. The corpora-
tion has worked in close harmony                                                 • A top 20 best performing metro area                   • 150 miles from Providence, RI
with town officials, boards and staff
                                                                          ( Milken Institute’s “Best Performing Cities 2004” index)
to create an atmosphere of coop-                                                                                                         • 230 miles from New Haven, CT
eration and trust that has helped
develop a welcoming atmosphere                                 • A top 25 nationwide metro area for doing business                       • 300 miles from New York City
for business. The goal in
Scarborough has been to make de-                                                                                   (Inc. Magazine)


                                                                                                                                         Site Details
velopment projects true partner-
ships between the developer and/                                    • Maine 10th in the nation for business retention
or business owner and the town.
The development corporation has                                                               (Economic Development Magazine)
been actively involved in this pro-                                                                                                      • 333.44 acres
cess in a variety of ways from cheer-                                     • #1 in the nation for small business vitality
leader to ombudsman to planner.
                                                                                                (American City Business Journal)         • 28 parcels ranging in size from
Always prepared to jump into the
fray to assist the business and the                                                                                                        .5 acre to 60 acres
town (or hopefully both) to achieve                                       • One of the Best Places to Live in America
our goals.
                                                                                                               (Money Magazine)
                                                                                                                                         • Immediate proximity to I-95
   Scarborough continues to grow.
We are eagerly anticipating the
                                                                                                                                           (the Maine Turnpike) and US Route 1
February 2007 opening of a new
Lowe’s in the Scarborough Gal-
lery. This will be the first tenant in
this new 900,000 s/f development
that will also house a new Super                                                                   Scarborough Economic Development Corporation (SEDCO)
Wal-Mart and other retail and hos-                                                                 P.O. Box 550, Scarborough, Maine 04070-0550
pitality ventures. The Gateway at
Scarborough continues to move                                                                      p: 207-883-4893 • f: 207-883-8172
forward. This 70 acre project at                                                                   www.ScarboroughsProfessionalGateway.com
exit 42 of the Maine Turnpike will
be a mixed-use development con-
taining 325,000 s/f of retail, office,
14c   new england real estate journal • northern new england • november 3 - 9, 2006                                      Northeast’s number   1    website rejournal.com                            Northeast’s number   1   website rejournal.com                  new england real estate journal • northern new england • november 3 - 9, 2006 15c

               ECONOMIC DEVELOPMENT                                                                                                                                                                                                                                                                      STRUCTURAL ENGINEER
                                                                                                                                                     nne           Project of the Month
               KPMG International ranked
                Lewiston-Auburn, Maine,                                           PROJECT TEAM INCLUDES ALLIED ENGINEERING, RDB CONSTRUCTION AND COLDWELL BANKER MILLETT
              among the most cost-effective
              U.S. communities in which to
                     start a business.                                    Stone Street Limited Partnership breaks ground
                It’s one more reason why
               when it comes to economic
                      development....
                                                                         on new 20,600 s/f inline retail center at 600 Turner
                                                               AUBURN, ME Stone Street Limited Part-
                                                               nership broke ground on October
                                                                                                                                                                                                                                                                                                $OOLHG (QJLQHHULQJ
                                                               25th on the city’s newest retail project,                                                                                                                                                                                   6WUXFWXUDO 0HFKDQLFDO (OHFWULFDO &RPPLVVLRQLQJ
                                                               600 Turner, located at 600 Turner St.
                                                               600 Turner provides a 20,650 s/f
                                                               inline retail center offering space
                                                               sizes ranging from 2,450 s/f up to
                                                               12,750 s/f. The facility offers a
                                                               common loading dock for deliveries
                                                               decoratively placed into the façade
                www.economicgrowth.org                         of the center. Also located at 600
                    207-784-0161                               Turner are 2 different pad site op-
                                                               tions. They range from 2 smaller
                                                                                                                                                                                                                                                                                                         “Since 1958,
                                                               sites providing drive through op-
                 GENERAL CONTRACTOR                            tions or 1 larger site offering 7,500
                                                               s/f of a build-able foot print.
                                                                  Dan Thompson and Jerry Millett,
                                                                                                                                                                                                                                                                                                        we have been
                                                               principals of Stone St. L.P. wanted
                                                               to provide potential tenants with flex-
                                                               ible options for leasing both ground                                                                                                                                                                                                         providing
                                                               and space. Along with Technical
                                                               Services, Inc. of Auburn, they de-
                                                               signed the site to allow as many
                                                               potential leasing variables as the site
                                                                                                                                                                                                                                                                                                             building
                                                               would allow. Then, with the help of
                                                               Semple & Drane architects and Al-
                                                               lied Engineering, the center was de-
                                                               signed to maximize the flexible op-
                                                                                                                                                                                                                                                                                                         engineering
           CONSTRUCTION, INC.                                  tions yet still provide a façade and

                      207-783-6339
                                                               landscaping that makes the project
                                                               stand out.                                                                                                                                                                                                                                      design
                                                                  Bringing the developers and the
                                                               design team’s vision to life will be        the developers to reach a mutually       is one of the first developments in

                General Contractor
                                                               Bob Brann of RDB Constuction.
                                                               Brann’s past projects include work
                                                                                                           beneficial agreement.
                                                                                                              Located at the entrances to Lowe’s
                                                                                                                                                    the city to provide leasing options
                                                                                                                                                    for the smaller, secondary retailers
                                                                                                                                                                                                                               600 Turner project team                                                     expertise.”
                                                               for VIP Discount Auto Center, Pizza         and Super Wal-Mart and across from       in the inline center and provides up
               Owner - Robert Brann                            Hut and Rite-Aid and several pro-
                                                               fessional office buildings. Additional
                                                                                                           the recently developed site contain-
                                                                                                           ing TGI Friday’s, Longhorns, Ruby
                                                                                                                                                    to 2 ready to go pad sites.               General Contractor                                           RDB Construction, Inc.
                                                               support for the project came from
                                                               Greg Mitchell of Eaton Peabody
                                                                                                           Tuesday, Androscoggin Bank and
                                                                                                           Best Buy, 600 Turner is located in
                                                                                                                                                       Marketing for the project will be
                                                                                                                                                    handled by Kevin Fletcher, CCIM,
                                                                                                                                                                                              Structural Engineer                                              Allied Engineering
                                                               Consultant Group of Augusta.                the city’s new retail district. Addi-    of Coldwell Banker Millett Realty in
                                                               Mitchell assisted the developers with       tional new retail neighbors to 600       Auburn. Fletcher has worked closely       Developer                                          Stone Street Limited Partnership
                  155 Center Street                            negotiating of off-site improvements        Turner also include Kohl’s and           with the developers since identify-
                                                               required for the site to move for-          Starbucks located just 1 block away      ing the site for a potential retail de-   Leasing Agent                                       Coldwell Banker Millett Realty
                 Building G, Box 6                             ward. He worked with the city and           next to The Home Depot. 600 Turner       velopment 3 years ago.
                 Auburn, ME 04210                                                                                                                                               LEASING AGENT



          207-783-6339                                                                                                                                                                                                                                                                                 160 Veranda Street
                                                                                                                                                                                                                                                                                                      Portland, Maine 04103
                                                                                                                                                                   For further information, contact:
                                                                                                                                                                                                                                                                                                     Tel: 207.221.2260
                                                                                                                                                                     Kevin Fletcher, CCIM
                                                                                                                                              Phone: 207-795-9642       Cell: 207-754-9311   Fax: 207-782-2232                                                                                       Fax: 207.221.2266
                                                                                                                                              Email: kfletcher@millettrealty.com     wwww.maineteamfletcher.com
                                                                                                                                                                                                                                                                                                     Please visit our website:
                                                                                                                                                                                                                                                                                                       www.allied-eng.com
          Residential & Commercial Projects
               In Business Since 1991                                                                                                                      Coldwell Banker Millett Realty
                                                                                                                               155 Center Street, Auburn, Maine 04210                            www.millettrealty.com 207-782-8311
16c    new england real estate journal • northern new england • november 3 - 9, 2006                                                         Northeast’s number   1   website rejournal.com


 me                                                                            spotlight/maine

        Maine poised for an era of sustainable growth
       and prosperity due to states proactive approach
                                       proactive approach of moving its           • Once stagnant, Maine is now      and towns… however; suburban-           include:
  jb   John Butera                     economy forward. The Brookings          experiencing a significant increase   ization is increasing government           • An inconsistent economic de-
                                       Institution recently conducted a        in population growth.                 costs                                   velopment stance over many years
                                       thorough analysis of the state and         • Once based on goods produc-         Perhaps one of the most critical        • An often-high cost of govern-
                 Central               produced a report, “Charting            tion and natural resource indus-      findings in the report is one that we   ment and an unbalances revenue
                 Maine                 Maine’s Future: An Action Plan          tries, Maine’s economy is becom-      Mainers always assumed – Maine          system
                 Growth                for Promoting Sustainable Pros-         ing a diverse, innovation-oriented    possesses a globally known “brand”         • Barriers to development in tra-
                                       perity and Quality Place.” The 18-      services economy.                     built on images of livable commu-       ditional regional hubs
                 Council               month project was sponsored by             • Once mostly rural, Maine is      nities, stunning scenery, and great        Given the opportunities and chal-
                                       GrowSmart Maine and funded by a         suburbanizing.                        recreational opportunities. Like-       lenges, Maine must seize the mo-
   Like many states in the north-      wide array of Maine foundations,           • Demographic change is raising    wise, as “innovation” drives more       ment and take bold action and make
east, and in New England particu-      businesses, conservation groups,        education levels and may be re-       of our economy, Maine’s reputa-         urgent investments in its future that
larly, Maine is experiencing a pain-   and private citizens. The report of-    plenishing the workforce… how-        tion for Yankee ingenuity and re-       will enhance its distinctive
ful shift to a more diversified ser-   fers the state a unifying view of the   ever, skill enhancement must in-      sourcefulness matters more.             strengths and address policy is-
vice-oriented economy. After de-       situation followed by a focused         crease.                                  There still are problems and chal-   sues. To guide these investments,
cades of industrial stagnation, the    agenda for state-level policy re-          • Economic restructuring is pro-   lenges in Maine. Serious state-level    the Brookings Institution proposes
pace of change is quickening, and      form aimed at promoting a new era       ducing quality jobs in emerging       policy challenges exist. Shortcom-      three major strategies, each encom-
the new order has the potential to     of sustainable prosperity in Maine.     innovation clusters...however;        ings of state policy must be counted    passing a number of initiatives that
bring better lives for Mainers – if       The first portion of the analysis    these clusters are small and must     either indifferent or negative influ-   are crucial to success:
we take bold action, embrace           examined emerging trends and their      expand to thrive.                     ence on our ability to shape a new         1. Invest in a place-based, inno-
change and focus our efforts.          implications. Some conclusions             • Recent development patterns      era of “sustainable prosperity”.        vation-focused economy. Maine
   The state of Maine has taken a      about Maine include:                    are beginning to give some cities     Some identified policy challenges       must protect and enhance the state’s
                                                                                                                                                             quality of place and spur innova-
                                                                                                                                                             tion by supporting the emergence
                                                                                                                                                             of new ideas and vibrant clusters.
                                                                                                                                                                • Establish a $190 million Maine
                            Prime Real Estate In Central Maine                                                                                               Quality Places Fund
                                                                                                                                                                • Support a $200 million Maine
                                                                                                                                                             Innovation Job Fund
                                                                                                                                                                2. Trim government to invest in
                                                                                                                                                             Maine’s economy and finance tax
                                                                                                                                                             reduction. Maine should seek cost
                                                                                                                                                             savings in state and local govern-
                                                                                                                                                             ment that can be applied to the
                                                                                                                                                             Innovations Job Fund.
                                                                                                                                                                ·• Establish a Maine Government
                                                                                                                                                             Efficiency Commission to propose
                                                                                                                                                             specific reforms to produce up to
                                                                                                                                                             $100 million a year in savings
                                                                                                                                                                • Enlarge the fund for the Effi-
                                                                                                                                                             cient Delivery of Education Ser-
                                                                                                                                                             vices
                                                                                                                                                                • Reduce K-12 administrative
                                                                                                                                                             costs
                                                                                                                                                                • Enlarge the fund for the Effi-
       Great Location!!                                                                                                                                      cient Delivery of Local and Re-
                                                                                                                                                             gional Services
                                                                                                                                                                • Explore ways to “export” tax
                                         Central Maine Growth Council                                                                                        burdens onto Maine visitors and
                                                                                                                                                             non-resident second-home owners
          Central Maine Growth Council • One Common Street • Waterville, ME 04901                                                                               3. Support the revitalization of
       207-680-7300 • Fax: 207-680-4234 • info@centralmaine.org • www.centralmaine.org                                                                       Maine’s town and cities while chan-
                                                                                                                                                             neling growth. Maine needs to tend
                                                                                                                                                             to how its rules and policies shape
                                                                                                                                                             communities.
                                                                                                                                                                • Fund the Maine Community
                                                                                                                                                             Enhancement Fund which will pro-
                                                                                                                      High                                   vide grants to:
                                                                                                                                                                A. Implement building code re-
                                                                                                                                                             form
                                                                                                                      Volume                                    B. Continue Maine Downtown
                                                                                                                                                             Center
                                                                                                                                                                C. Provide visioning assistance
                                                                                                                      Area!!                                 and planning tools for towns
                                                                                                                                                                D. Create incentives for multi-
                                                                                                                                                             municipal and regional-scale plan-
                                                                                                                                                             ning
                                                                                                                                                                The Brookings Institution report
                                                                                                                                                             affirms Mainer’s belief that eco-
                                                                                                                                                             nomic success and quality places
                                                                                                                                                             matter equally and can be fostered
                                                                                                                                                             by effective government.
       • 8,548 SF of retail space (1st floor) in Downtown Waterville
                                                                                                                                                             John Butera is the executive
       • Two entrances-one to busy Main Street; the other to 700 + parking spaces                                                                            director of the Central Maine
                                                                                                                                                             Growth Council, Waterville, ME.
Northeast’s number   1   website rejournal.com                                           new england real estate journal • northern new england • november 3 - 9, 2006                           17c

                                                                                spotlight/maine                                                                                            me


   Maine has numerous development opportunities
  for those seeking alternative investment strategies
                                       vestment strategies, however, I           knowing planned developments in          at least 20 years. This eliminates     considerations include state ap-
 nd     Nate DeLois                    would argue that developing real          a specific market, an investor/de-       the risk involved with re-leasing in   provals for potential traffic and/or
                                       estate does not necessarily have to       veloper can purchase sites that are      an uncertain market if a tenant va-    environmental issues.
                                       be a full time job if you are working     not in demand but will be in de-         cates a build-to-suit. Ground leases     Would-be developers take note:
                                       with the right real estate profes-        mand in the near or distant future.      are much more commonplace with         Maine continues to be a sought
                                       sionals. And, although they do            There is plenty of risk involved         retail tenants versus office or in-    after destination for major retail
                     Cardente          present significantly more risk than      with real estate speculation, but a      dustrial.                              operations that have already staked
                                       investing in fully or even partially      savvy investor/developer can                4. Negotiate a favorable con-       their claim in other parts of the
                     Real Estate       tenanted properties, there are ways       lessen the risk by being well in-        tract. Developments don’t happen       nation. As such, there are numer-
                                       to mitigate risk in development           formed. Returns can be substantial       over night. As such, it is wise, if    ous development opportunities for
   In 2001, the tech-sector busted     projects. Ways to lower risk in-          for the well-informed developer          not necessary, to negotiate a favor-   those seeking alternative invest-
and many major cities lost large       clude:                                    who can afford to purchase prop-         able purchase and sale agreement       ment strategies. By keeping in mind
tenants who left behind empty of-        1. Know your tenant. Find ten-          erty and sit on it while waiting for     so that you can go through the         the basic ways to reduce risk in a
fice space. In Portland however, it    ants to work with before finding          other area projects to be devel-         approval process prior to closing      development deal, anyone with a
was business as usual. By 2003,        properties to purchase. By getting        oped.                                    on the property. Many if not most      passion for real estate, the appro-
the national vacancy rate was over     to know who the tenants are that            3. Ground lease. Leasing land          developers won’t close on proper-      priate resources, and a desire to
16% while Greater Portland’s va-       are looking for space in a given          passes on the cost of construction       ties without having approvals in       maximize returns can become a
cancy rate was just over 6%. Need-     area and by understanding what            from the landlord to the tenant.         place. Buying a piece of land to       commercial real estate developer.
less to say, investors found this      they are looking for, a developer is      And because the tenant takes on          develop can be very risky if you
scenario attractive and income-pro-    better equipped to select sites that      the cost and risk associated with        don’t know whether the project         Nate DeLois is a broker with
ducing investment properties were      will be in demand.                        building its own structure, a typi-      will be approved by the local plan-    Cardente Real Estate, Portland,
unloaded by the handful to local         2. Know your market. By                 cal initial term for a ground lease is   ning and zoning boards. Other          ME.
and out-of-state investors alike.
While, Maine remains a stable real
estate investment market, this fact
is no longer a secret. And, as the
demand for tenanted real estate
continues to outweigh the supply
over the past couple years, it takes
                                             Specialists in Commercial and Investment Real Estate
a creative new approach to yield
high investment returns.
   Gone are the days where 10%
returns on stable income-generat-
ing properties are considered a
norm in Maine’s commercial real
estate market. CAP-Rates have
                                                                SITE
fallen into the 6-9% range, causing
many investors to be priced out of
the market. Yet due to the volatil-
ity of other types of investments
such as the stock market and the                                                                                                         8 SHAKER ROAD, GRAY
low-yield nature of safer invest-                       695 BATH ROAD, WISCASSET
ments, real estate is still a rela-                                                                                               DOWNTOWN PROPERTY FOR SALE
tively high-yielding and stable in-
                                                    • Great Development Opportunity!                                             • 2,552 +- SF Retail Building
vestment. But, in today’s commer-                   • Highly visible US Route 1 location                                         • Prime Redevelopment Opportunity
cial real estate market, great gains                • Build-To-Suit: $121 SF NNN                                                 • Great Visibility, Easy Access
are not found simply by opening
the classified section in your local                • For Sale: $495,000                                                         • Close to Maine Turnpike (I-95)
newspaper. Those seeking to maxi-
mize investment returns are look-
                                                                                                                                 • Only $395,000
ing less at tenanted, income-pro-                     Turnpike                                                                       580 ALFRED ROAD, BIDDEFORD
ducing properties, and are often                                               Wal-Mart, Wendy’s, Ruby Tuesdays
finding land to develop themselves.                                                                                              • Join New Retail Development
                                                 Kohl’s,
   For some investors, properties
                                               Applebee’s,
                                                                                                                                 • Build-To-Suits & Land Leases Available
that generate 6-9% returns are sen-                                                      400,000 + Regional Shopping             • At Traffic Light/Intersection
sible investments. Those who in-               Home Depot                                           Center
vest in commercial real estate are                                                                                               • Directly Across From Biddeford Crossing
typically looking for a stable place                          SITE                                                                      Entrance
to park money while collecting divi-                                                                                             • Biddeford Crossing: 400,000 SF Retail
dends and appreciating capital.
Developing real estate often is not                                                                                                     Development
an option, as many don’t want real                                                                                               • Premier Opportunity For Retailers
estate to become a full time job and
others can’t or don’t want to take                                                                                               For Further Information Contact:
on the additional risk of buying
undeveloped property. This                                                                                                       Nathan DeLois
coupled with real estate’s appre-
ciation over time, keeps demand
high for income-generating real                                                                                                                      207.775.7363
estate in this 6-9% return range.                                                                                                 299 Forest Avenue, Portland, Maine 04101
And because demand still out-
weighs supply by a significant                                                                                                                www.cardente.com
margin, this won’t change for the
foreseeable future, so owners/sell-
ers of investment properties should
not worry about a market collapse.
   For those seeking alternative in-
18c    new england real estate journal • northern new england • november 3 - 9, 2006                                                          Northeast’s number   1   website rejournal.com


 me                                                                            spotlight/maine

  Lewiston-Auburn draws interest of real estate
professionals looking to cultivate new opportunities
                                       of transactions that have taken place   Auburn yielded the addition of         Androscoggin Chamber of Com-            home to a new 45,000 s/f class A
 cp    Chris Paszyc                    over the past year.                     Gritty McDuff’s brew pub and           merce and the Lewiston-Auburn           office building.
                                          L/A’s downtown areas continue        Albin, Randall & Bennett, CPAs.        Economic Growth Council and is             The University of Southern
                                       their trend of steady growth. In           Until recently, practically no      adjacent to the newly developed         Maine Lewiston-Auburn campus
                                       April 2006, TD Banknorth leased         vacant “A” space existed in either     Oxford Networks, Northeast Sav-         is adding a new 14,000 s/f wing
                                       an additional 61,000 s/f of office      city’s downtown area. This has         ings Bank and Andover College           that will connect to the current fa-
               CBRE/The                space in the Bates Mills with Platz     generated speculative office de-       buildings.                              cility. Anticipated completion date
                                       Associates. It now occupies over        velopment projects. Coastal En-           A search of available office prop-   is April 2007, at a cost of $2.5
               Boulos Co.              211,000 s/f in the historic mills.      terprises Inc. recently completed a    erties yielded over 722,000 s/f of      million.
                                       Other notable transactions in the       total renovation of the 24,000 s/f     vacant office product in the L/A           There are also a number of in-
  With a primary trade area of over    Bates Mills include Androscoggin        former mattress factory at 22 Park     area. Much of this space is             dustrial and warehouse projects
100,000 people and over 3,000          Bank leasing 17,000 s/f and             St., Lewiston next to Central Maine    unrenovated and untenantable.           currently under construction.
commercial properties, Lewiston-       Fishbones Restaurant leasing 4,700      Medical Center. This project used      With newly constructed city park-       Priced between $5-6 per s/f NNN,
Auburn (L/A) has drawn the inter-      s/f in Mill 6. Elsewhere downtown,      the New Markets Tax Credit pro-        ing structures, these buildings are     these new projects will add over
est of many real estate profession-    Andover College expanded by an-         gram, creating a state-of-the-art      perfectly positioned for acquisi-       333,000 s/f to the marketplace in
als looking to cultivate new oppor-    other 5,500 s/f and Espo’s opened       model office development in the        tion and redevelopment.                 and around L/A’s industrial parks.
tunities. Located 35 minutes north     a 3,600 s/f Italian restaurant in the   heart of downtown Lewiston. An-           In Auburn, work has begun on         However, there is 868,904 s/f of
of Portland on the Maine Turn-         Island Point project. TD Banknorth      other Class A redevelopment            the 31-room expansion of the 110-       vacant existing industrial space
pike, L/A offers a variety of real     Insurance moved downtown, oc-           project is 415 Lisbon St., Lewiston.   room Hilton Garden Inn Auburn           available in the L/A area, primarily
estate opportunities in all sectors,   cupying space at 124 Lisbon St.         Located in the newly developed         Riverwatch on the banks of Great        in the old mills. Pre-existing indus-
both for leasing and sales. This is    Renovations on the historic             Southern Gateway, the facility is      Falls on the Androscoggin River.        trial space leases for $2-3 per s/f
evidenced by the sheer abundance       Rosenberg Building in downtown          the future home of the                 Great Falls Plaza will also soon be     NNN.
                                                                                                                                                                 Wal-Mart has completed phase
                                                                                                                                                              two of an 850,000 s/f food distribu-
                                                                                                                                                              tion facility in Lewiston at exit 80.
                                                                                                                                                              This project is estimated to cost of
                                                                                                                                                              $60 million, creating 600 new jobs.
                                                                                                                                                                 There are seven major industrial
                                                                                                                                                              parks in the L/A area. The latest
                                                                                                                                                              park addition is the Auburn Indus-
                                                                                                                                                              trial Park, currently under construc-
                                                                                                                                                              tion. With 78 developable acres,
                                                                                                  FOR SALE                                                    this park will offer permits in place,
                                                                                                                                                              direct access to rail, a foreign trade
                                                                                                                                                              zone, and Pine Tree Zone benefits.
                                                                                   10,400+/- sf Class A Office Building                                       Asking prices for pre-permitted
                                                                                                                                                              land in industrial parks runs from
                                                                                                                                                              $35,000 to $60,000 per develop-
                                                                                                                                                              able acre.
                                                                                                                                                                 Around the 300,000 s/f Auburn
                                                                                   Leased to long-term credit tenant                                          Mall, retail developments continue
                                                                                                                                                              at breakneck speed. Recently,
                                                                                                                                                              Kohl’s opened, as did Longhorn
                                                                                                                                                              Steak House and Ruby Tuesdays.
                                                                                   9.6% Cap                                                                   TGI Fridays is under construction,
                                                                                                                                                              as is a Best Buy, Androscoggin
                                                                                                                                                              Bank, Bed, Bath, and Beyond, and
       254 GODDARD ROAD, LEWISTON, ME                                                                                                                         Red Robin. George Schott, the de-
                                                                                    FOR SALE/FOR LEASE                                                        veloper and owner of the Auburn
                                                                                                                                                              Mall, and the city of Auburn re-
                                                                                                                                                              cently announced a $25 million
                                                                                   18,000+/- sf Class A Office Building                                       facelift for the area, adding another
                                                                                                                                                              130,000 s/f of retail space to the
                                                                                                                                                              site. In Lewiston, Key Bank is
                                                                                                                                                              building a new 3,300 s/f branch at
                                                                                                                                                              the Lewiston Mall.
                                                                                   Near Maine Turnpike Exit 80                                                   All this has drawn the interest
                                                                                                                                                              and presence of many real estate
                                                                                                                                                              professionals . In fact, CBRE/The
                                                                                                                                                              Boulos Co. will be opening a bro-
                                                                                   Outstanding opportunity for owner/user                                     kerage office at the Five County
                                                                                                                                                              Credit Union Building at 95 Park
                                                                                    or investor                                                               St. in Lewiston by the first quarter
        250 GODDARD ROAD, LEWISTON, ME                                                                                                                        of 2007 in order to better service
                                                                                                                                                              our ever-growing client base. We
                                                                                                                                                              look forward to seeing new faces
                                                                                                                                                              and continuing to work with famil-
                                                                                                                                                              iar clients and real estate profes-
                                                                                                                                                              sionals as L/A continues to make
                          For More Information Contact: Chris Paszyc                                                                                          its mark in the Northern New En-
                             (207) 772-1333 cpaszyc@boulos.com                                                                                                gland real estate world.



  207.772.1333                                                                                  www.boulos.com                                                Chris Paszyc is a broker with
                                                                                                                                                              CBRE/The Boulos Co., Portland,
                                                                                                                                                              ME.
Northeast’s number   1    website rejournal.com                                                       new england real estate journal • northern new england • november 3 - 9, 2006                   19c



                                               spotlight/maine                                                                                                                       me

                                                                                                                               14 YARMOUTH JUNCTION
                       We are known by the companies
                       we keep in business                                                                                       YARMOUTH, MAINE
                                     (partial list)


      Healthcare                     Industrial                        Institutional
      Exeter Hospital                GE (10 years)                     Phillips Exeter Academy
      $2,500,000                     $4,000,000                        $2,400,000

      Retail (Big Box)               Retail                            Athletic Facilities
      Home Depot (37)                Walmart-Kohl’s Lowes              University & Private
      $19,500,000                    $4,200,000                        $2,300,000                                  27,000± SF of office/flex space available in Yarmouth; 6,000± SF of office and
      Gemini’s abilities in new construction and service are unmatched. The company’s goal-oriented                21,000± SF warehouse. This facility is currently used as warehouse but may
      approach and ability to quickly adjust to the ever-changing demands of a project are what sets it            easily be converted to office space. The Landlord is willing to finish space to
      apart from its competition. Gemini is the preferred electrical contractor of many of the region’s            tenant’s specifications. Less than one mile from Route 1 and Yarmouth Village,
      most respected general contractors and end user clients. Fire alarm systems, data cabling, telephone         this site offers a quiet, campus-like environment on a 2.9± acre lot with a 2.7±
      wiring, energy management systems — Gemini performs all this work with its own personnel —                   acre auxiliary lot. The site can accommodate approximately 160 parking
      no subcontractors. That translates to better quality control and flexibility. And Gemini delivers             spaces.
      fast professional service with full-time vehicle-equipped service people on call 24 hours a day,
      seven days a week, equipped with the most up-to-date test equipment and can provide back-up
      generators to 750KVA.                                                                                                               Call Mark Malone, CCIM


                                                                                                                                              MALONE
                               8 Priscilla Lane • Auburn, NH 03032                                                                            Commercial and Investment Real Estate
          TEL: 603-644-7170 • TOLL FREE: 800-259-1065 • FAX: 603-645-4099                                                              Malone Commercial Brokers, Inc.
                     Visit us on the Web at www.geminielectricinc.com                                                                5 Moulton Street Portland, Maine 04101
                                                                                                                         Tel (207) 772-2422 Fax (207) 774-5114 www.malonecb.com
20c   new england real estate journal • northern new england • november 3 - 9, 2006              Northeast’s number   1   website rejournal.com




                             BUILD TO SUIT CLASS A OFFICE AT OAK HILL                 MEADOWBROOK PLAZA RETAIL & OFFICE SPACE
                                                                                                  K
                             ADDRESS:         OAK HILL TERRACE                        ADDRESS:      647 U ROUTE ONE
                                                                                                        US
                                              SCARBOROUGH, MAINE                                    YORK MAINE
                                                                                                    YORK,
                             LEASE RATE:      $ 20.00/SF NNN                          LEASE RATE:   $14.0
                                                                                                    $14.00/SF GROSS—OFFICE
                             NET CHARGES:     TO BE DETERMINED                                      $14.0
                                                                                                    $14.00/SF NNN—RETAIL
                             COMMENTS:        6,000+/- SF OFFICE OR RETAIL            AVAILABLE:    200-1
                                                                                                    200-1,800 SF— OFFICE
                                              BUILDING ON .78+/- ACRES IN                           950-3
                                                                                                    950-3,000 SF—RETAIL
                                              POPULAR OAK HILL PLAZA                  COMMENTS:     JUST MINUTES FROM YORK EXIT

                             EXCEPTIONAL IN LINE RETAIL SPACE AT OAK HILL             CONVENIENT FALMOUT OFFICE SPACE
                                                                                                   ALMOUTH
                             ADDRESS:        25 PLAZA DRIVE                           ADDRESS:       367 U ROUTE ONE
                                                                                                         US
                                             SCARBOROUGH, MAINE                                      FALM
                                                                                                     FALMOUTH, MAINE
                             LEASE RATE:     $ 15.00/SF MODIFIED GROSS                LEASE RATE:    $ 12.0
                                                                                                       12.00/sf NNN
                             NET CHARGES:    INCLUDED IN LEASE RATE                   NET CHARGES:   $ 1.4
                                                                                                        1.40/sf (ESTIMATED)
                             COMMENTS:       EXCELLENT VISIBILITY &                   AVAILABLE:     650 & 1,000 SF OFFICE
                                             ACCESSIBILITY; MINUTES FROM              COMMENTS:      CLOS PROXIMITY TO HIGHWAY:
                                                                                                     CLOSE
                                             MAINE TURNPIKE; GREAT DEMOS                             AMPL ON SITE FREE PARKING
                                                                                                     AMPLE

                             EXCEPTIONAL DEVELOPMENT SITE AT OAK HILL                 PRE-APPROVED INDUST
                                                                                                   INDUSTRIAL/OFFICE SITE
                             ADDRESS:       PLAZA DRIVE                               ADDRESS:       18 ST
                                                                                                        STARD ROAD
                                            SCARBOROUGH, MAINE                                       SEABR
                                                                                                     SEABROOK, NEW HAMPSHIRE
                             LEASE RATE:    NNN GROUND LEASE—TBD                      SALE PRICE:    $ 395
                                                                                                       395,000 (ALSO BTS FOR LEASE)
                             ACREAGE:       .64+/- ACRES                              DETAILS:       APPRO
                                                                                                     APPROVED 12,600+/- SF BLDG.
                             COMMENTS:      ADJACENT TO McDONALD’S AT                 COMMENTS:      EXCEL
                                                                                                     EXCELLENT VISIBILITY &
                                            POPULAR OAK HILL PLAZA                                   ACCE
                                                                                                     ACCESSIBILITY; GREAT LOCATION
                                            ANCHORED BY HANNAFORD                                    OFF R
                                                                                                         ROUTE 107 & I-95

                             MILL BUILDING ON RIVER IN LAWRENCE, MA                   MEDICAL/PROFESSIONA OFFICE OR RETAIL SPACE
                                                                                                  ESSIONAL
                             ADDRESS:        SOUTH CANAL & MERRIMACK                  ADDRESS:       155 S
                                                                                                         SACO AVENUE
                                             LAWRENCE, MASSACHUSETTS                                 OLD OORCHARD BEACH, MAINE
                             SALE DETAILS:   TO BE DETERMINED                         LEASE RATE:    $ 15.0
                                                                                                       15.00/SF MODIFIED GROSS
                             LEASE DETALS:   TO BE DETERMINED                         AVAILABLE:     1ST FFLOOR: 2,500+/- SF O/R
                             COMMENTS:       HISTORIC MILL BUILDING ALONG                            2ND FFLOOR: 1,200+/- SF
                                             MERRIMACK RIVER. MIXED USE               COMMENTS:      EXCEL
                                                                                                     EXCELLENT VISIBILITY & SIGNAGE;
                                             REDEVELOPMENT POTENTIAL.                                GREA DEMOGRAPHICS.
                                                                                                     GREAT
                                             IDEAL SITE IN VIBRANT AREA.                             OUTP
                                                                                                     OUTPACRCEL ALSO AVAILABLE.

                             ELEVEN (11) UNIT NEAR BEACH –100% OCCUPIED               WAREHOUSE SPACE IN W
                                                                                                  ACE WESTBROOK, MAINE
                             ADDRESS:         109 UNION AVENUE                        ADDRESS:      81 CO
                                                                                                       COUNTY ROAD
                                              OLD ORCHARD BEACH, MAINE                              WEST
                                                                                                    WESTBROOK, MAINE
                             SALE PRICE:      $ 515,000                               LEASE RATE:   $ 8.00
                                                                                                      8.00/SF NNN
                             SALE DETAILS:    ELEVEN (11) UNITS                       AVAILABLE:    15,00
                                                                                                    15,000+/ - SF
                             COMMENTS:        STABLE RENTAL HISTORIES; 100%                         16,50
                                                                                                    16,500+/- SF
                                              OCCUPANCY; MINUTES FROM                 COMMENTS:     SUBD
                                                                                                    SUBDIVIDABLE WAREHOUSE BAYS
                                              BEACH & OOB PIER; LIMITED OFF                         1,500
                                                                                                    1,500-16,500+/- SF AVAILABLE.
                                              STREET PARKING AVAILABLE                              20% OFFICE & LOADING DOCKS.

                             EIGHT (8) UNIT NEAR BEACH—100% OCCUPIED                  UNIQUE OFFICE SPACE I PEPPERELL SQUARE
                                                                                                           IN
                             ADDRESS:         78 OCEAN AVENUE                         ADDRESS:        10 PE
                                                                                                         PEPPERELL SQUARE
                                              OLD ORCHARD BEACH, MAINE                                SACO MAINE
                                                                                                      SACO,
                             SALE PRICE:      $415,000                                LEASE RATE:     $ 8.00
                                                                                                        8.00/SF NNN + $1.22/SF CAMS
                             SALE DETAILS:    EIGHT (8) UNITS                         AVAILABLE:      3RD F 1,300 & 1,367+/- SF
                                                                                                           FL:
                             COMMENTS:        STABLE RENTAL HISTORIES; 100%                           2ND F 575 SF
                                                                                                           FL:
                                              OCCUPANCY BY BEACH & OOB                COMMENTS:       EXCEL
                                                                                                      EXCELLENT VISIBILITY; GREAT
                                              PIER; LIMITED OFF STREET                                SIGNA
                                                                                                      SIGNAGE; DOWNTOWN SACO;
                                              PARKING & COIN OP LAUNDRY                               WARE
                                                                                                      WAREHOUSE ALSO AVAILABLE

                             ELEVEN (11) UNIT NEAR BEACH—100% OCCUPIED                HIGHLY VISIBLE RETAIL S
                                                                                                            SPACE IN POPULAR WELLS
                             ADDRESS:         30 WASHINGTON AVENUE                    ADDRESS:         952 PPOST ROAD
                                              OLD ORCHARD BEACH, MAINE                                 WELL MAINE
                                                                                                       WELLS,
                             SALE PRICE:      $ 615,000                               LEASE RATE:      $ 13.0
                                                                                                         13.00/SF MODIFIED GROSS
                             SALE DETAILS:    ELEVEN (11) UNITS                       AVAILABLE:       1,000
                                                                                                       1,000+/- SF RETAIL
                             COMMENTS:        STABLE RENTAL HISTORIES; 100%           COMMENTS:        HIGH VISIBLE IN LINE SPACE IN
                                                                                                       HIGHLY
                                              OCCUPANCY; CLOSE PROXIMITY                               POPU
                                                                                                       POPULAR RETAIL CENTER ALONG
                                              TO PORTLAND; LIMITED OFF                                 US RO
                                                                                                          ROUTE ONE (POST ROAD)
                                              STREET PARKING AVAILABLE                                 JOIN SUBWAY & OTHERS

                             WAREHOUSE & OFFICE SPACE IN PORTSMOUTH                   RETAIL & OFFICE SPACE TO BE CONSTRUCTED
                                                                                                    E
                             ADDRESS:      909 ISLINGTON STREET                       ADDRESS:         BREW
                                                                                                       BREWERY LANE & JEWELL COURT
                                           PORTSMOUTH, NEW HAMPSHIRE                                   PORT
                                                                                                       PORTSMOUTH, NEW HAMPSHIRE
                             LEASE RATE:   O: $12.00/SF MODIFIED GROSS                LEASE RATE:      TBD B
                                                                                                           BASED ON LEASE STRUCTURE
                                           W: $ 8.00/SF MODIFIED GROSS                AVAILABLE:       RETAI & OFFICE SPACE
                                                                                                       RETAIL
                             COMMENTS:     900 & 950 SF OF WAREHOUSE                  COMMENTS:        HIGH VISIBLE LOCATION JUST
                                                                                                       HIGHLY
                                           SPACE WITH COMMON DOCK &                                    MINU
                                                                                                       MINUTES FROM DOWNTOWN
                                           200 SF, 400 SF & 600 SF OF                                  PORT
                                                                                                       PORTSMOUTH & ADJACENT TO
                                           OFFICE SPACE AVAILABLE                                      PLAZA 800 WITH HANNAFORD

                 KING REAL ESTATE 198 SACO AVENUE OLD ORCHARD BEACH, MAINE 04064                                      FOR MORE DETAILS
                                                                                                                      CONTACT:
                 T. 207.934.7622 F. 207.934.1566 WWW.KINGREAL ESTATE.COM                                              DANIELLE LAPE
                                                                                                                      ASSOCIATE BROKER
                                                                                                                      KING REAL ESTATE
                 FULL INVENTORY OF INVESTMENT, LAND, RETAIL, OFFICE & WAREHOUSE PROPERTY

				
DOCUMENT INFO
Description: Maine Coast Real Estate document sample