Maine's commercial real estate market has seen a surge of activity, highlighted by a $20 million office building acquisition by MaineHealth in South Portland. The transaction is one of several significant sales across the state, spanning industrial, multifamily, and retail sectors, indicating broad-based investor confidence in the region.
This roundup compiles publicly reported commercial sales from brokerages, showcasing a dynamic market with multi-million dollar deals closing in key areas like South Portland, Scarborough, and Lewiston. The transactions reflect ongoing demand for various property types, from large-scale medical offices to industrial warehouses and residential investment properties.
Key Takeaways
- MaineHealth completed the largest transaction with a $20 million purchase of an office building in South Portland.
- Industrial properties and land parcels saw strong interest, with sales exceeding $1 million in Scarborough and Gorham.
- The multifamily housing sector remains robust, evidenced by significant sales of apartment buildings in Brunswick, Biddeford, and Fairfield.
- Transactions were recorded across multiple Maine counties, including Cumberland, Androscoggin, and Kennebec, demonstrating widespread market activity.
Healthcare Sector Leads with Landmark $20 Million Sale
The most significant transaction in this period was driven by the healthcare industry. MaineHealth acquired a 122,042-square-foot office building for $20 million, underscoring the sector's substantial investment in physical infrastructure. The property is located at 300 Southborough Drive in South Portland.
The deal, which closed on July 1, involved Metro 300 LLC as the seller. Brokerage for the transaction was handled by Tom Moulton and Katie Breggia of the Dunham Group, who represented the seller, and Mark Malone of Malone Commercial Brokers, who represented MaineHealth.
Expanding Medical Infrastructure
Large-scale acquisitions by healthcare providers like MaineHealth often signal strategic expansions aimed at consolidating administrative functions or increasing patient service capacity. Such investments are typically long-term commitments that can positively impact local economies by creating jobs and centralizing services.
In a separate medical office transaction, Teamaire LLC purchased a 12,097-square-foot building at 74 Gray Road in Falmouth for $3.115 million. The deal, arranged by Tony McDonald and Claire Richardson of the Boulos Co., closed on July 22. The sellers were Leighton Road LLC and Three Sons Realty LLC.
Industrial and Land Sales Indicate Growth
Demand for industrial space and development-ready land remains high, with several key sales reported. In Scarborough, a 10,000-square-foot industrial building at 70 Haigis Parkway was sold for $2.375 million. The buyers were Pace Line Holdings LLC and Hopkins Place LLC, and the seller was Seventy Haigis LLC. This sale was brokered by Tom Moulton and Katie Breggia from the Dunham Group and closed on August 26.
Further industrial activity was noted in Saco, where a 6,400-square-foot building at 197 North St. was sold to Brimar Properties LLC for $1.1 million. The seller, GCBRE LLC, was represented by Sylas Hatch and TC Haffenreffer from the Dunham Group in the sale that closed on September 3.
Land Acquisitions for Future Development
The Town of Gorham sold a significant 15.50-acre lot in the Gorham Industrial Park West Campus for $1.11 million. The buyer, an entity named These Pretzels Are Making Me Thirsty LLC, completed the purchase on August 13. Mike Anderson of Malone Commercial Brokers brokered the deal.
Spotlight on Gorham
Gorham also saw another land transaction with the sale of a 2-acre lot on Ossipee Trail for $335,000. MCG Gorham LLC purchased the property from All Purpose Storage Gorham LLC in a deal that closed on August 29. These sales highlight Gorham's appeal for new commercial and industrial projects.
In Auburn, a smaller 2.53-acre parcel of land at 146 Manley Road was sold to Homes For All LLC for $199,000 on July 24. The sellers were Stanley Sawyer and Ralph Sawyer.
Multifamily and Mixed-Use Properties in High Demand
The housing market's strength has extended to multifamily investment properties, with several transactions topping the million-dollar mark. In Brunswick, a historic 6-unit building at 30 Cumberland St. was sold for $1 million. The 4,088-square-foot property transaction closed on August 25. Brit Vitalius and Chris Sullivan of Vitalius Real Estate Group represented the sellers.
A notable sale occurred in Biddeford, where a 4,536-square-foot triple-decker at 22 Union St. was acquired for $801,000. The transaction, involving seller Graham St LLC, closed on July 25. It was also brokered by Vitalius and Sullivan on the seller's side.
In Fairfield, a larger portfolio of 17 multifamily units across two properties at 1 and 3 Newall St. was sold for $1.25 million. JB Realty Rentals LLC purchased the 10,342-square-foot portfolio from North Country Investments LLC on August 7. Nick Lucas of the Boulos Co. represented the seller.
Lewiston Mixed-Use Building Fetches $2 Million
A significant mixed-use building at 197 Lisbon St. in Lewiston sold for $2 million. The 25,000-square-foot property was purchased by Scruton Block LLC and 197 Lisbon LLC from Bradford & Conant. The deal, brokered by Noah Stebbins of the Boulos Co. for the seller, closed on July 23.
Office, Retail, and Business Asset Sales
The commercial market also saw a variety of other transactions, including office buildings, retail properties, and the sale of business assets across different Maine communities.
- Bangor: A large 85,700-square-foot building on 15.87 acres at 229 Springer Drive was sold to Marden’s for $3.825 million. The seller was Realty Income Corp., and the deal closed on September 1.
- Kennebunk: An office building at 124 Fletcher St. was sold to Samuel Bush for $550,000. The 3,560-square-foot property was sold by RFK Properties LLC on August 28.
- Windham: A 4,808-square-foot commercial building at 725 Roosevelt Trail sold for $500,000. Ralph Anthony Fanti purchased the property from the Estate of Eleanor R. Heidrich on September 3.
- Scarborough: An office/retail building at 162 US Route 1 was acquired by Little White Dog Holdings LLC for $675,000. The sale from David and Judith Guilmette closed on September 9.
- Limerick: A 4,000-square-foot retail building at 94 Patterson Road sold for $873,872 to Blue Iris Acres LLC from Willow Tree LLC on August 5.
- Oxford: A 10,080-square-foot office building at 143 Pottle Road was sold by Spurwink Services, Inc. to Porter Dunn Investments LLC for $500,000 on August 5.
Additionally, business assets were also part of the recent activity. In Portland, the assets of a business at 425 Fore St. were sold for $225,000 to Barkada LLC on September 2. At 110 Davis Farm Road, the business known as Imagination Station LLC was sold to Growing Tree Childcare LLC for $310,000 on August 25.
Finally, the Coach Stop Inn in Bar Harbor, located at 715 U.S. Highway 3, was sold to CSI Realty Group LLC by J&A Enterprises LLC for an undisclosed amount on September 9. This transaction highlights continued investor interest in Maine's hospitality sector.
