The commercial real estate market for restaurants in Portland, Maine, is experiencing a significant period of change, with dozens of properties becoming available across the city and in surrounding towns. High-profile locations, including the former Grace restaurant and the large Reny's building on Congress Street, are now on the market, presenting unique opportunities for new and expanding food businesses as of October 2025.
This wave of available spaces spans all major neighborhoods, from the historic Old Port to the developing Bayside area. The listings include a wide range of options, from small, 350-square-foot cafe spots to expansive, turnkey restaurant facilities exceeding 10,000 square feet, reflecting a dynamic and evolving culinary landscape in the region.
Key Takeaways
- Over 40 commercial spaces suitable for restaurants are currently available for lease or sale in the Greater Portland area.
- Iconic properties, such as the former Grace restaurant church and the 27,800 sq ft Reny's building, are seeking new tenants.
- Opportunities range from small cafe spaces to large, fully equipped turnkey restaurants with existing kitchen infrastructure.
- The market includes new construction in developing areas like Westbrook and Scarborough, indicating ongoing growth and investment.
Downtown Portland Presents Prime Opportunities
The heart of Portland's commercial district, including the Old Port and the Arts District, features some of the most prominent available properties. These high-traffic areas offer significant potential for restaurateurs looking to establish a strong presence.
Old Port Listings Abound
The Old Port, a major hub for dining and retail, has numerous spaces open. One of the largest is the 7,500-square-foot building at 373 Fore St, formerly Henry’s Public House, available for $26.50 per square foot (MG). Nearby, the former Thistle and Grouse at 10 Cotton St offers a 4,606-square-foot space with a fully built-out kitchen for $19.05 per square foot (MG).
For those seeking a landmark location, the building that housed Grace restaurant at 15 Chestnut St is for sale for $2,175,000. This 14,358-square-foot former church includes all business assets and can seat 175 patrons.
Market Snapshot: Old Port
The Old Port has over 15 properties available, with lease rates ranging from $15.75/sq ft for a large retail space to $70/sq ft for a newly built, unopened restaurant location on Fore Street.
Smaller opportunities are also present. A 350-square-foot cafe space at 100 Middle St is listed for $850 per month (Gross), providing a low-cost entry point into the market. At 28 Monument Square, the historic Public Market House is seeking a new operator to develop its 8,064-square-foot food hall as an incubator for new food businesses, listed at an attractive $12 per square foot (NNN).
Arts District and Bayside Developments
In the Arts District, a major vacancy is the 27,800-square-foot building at 540 Congress St, currently occupied by Reny’s, which will not renew its lease in March. The space is offered at $9.50 per square foot (NNN).
The Bayside neighborhood shows signs of continued growth. At 52 Hanover St, the new Armature building has 1,500 to 3,000 square feet of retail space available for $30 per square foot (NNN), with one location specifically designated for a coffee shop. Additionally, the 4,424-square-foot former Coals building at 114 Preble St is available as a turnkey restaurant for $26 per square foot (NNN), complete with on-site parking and outdoor seating.
Turnkey Restaurants and Neighborhood Hotspots
Beyond the downtown core, several neighborhoods offer fully or partially equipped restaurant spaces, reducing the initial investment required for new operators. These locations are spread across Portland, from Washington Avenue to the outer Forest Avenue area.
Understanding Commercial Lease Types
- NNN (Triple Net): The tenant pays a base rent plus property taxes, insurance, and maintenance costs. This is common for larger, standalone properties.
- MG (Modified Gross): A simpler lease where the base rent includes some or all of the property's operating expenses. The tenant typically pays for their own utilities.
- Gross: The most straightforward lease, where the rent includes all expenses, including utilities. The tenant is usually only responsible for phone and internet.
Washington Avenue and East End
The Washington Avenue corridor, known for its vibrant food scene, has notable vacancies. The former Maine Craft Distilling location at 123 Washington Ave offers a massive 10,894-square-foot space for $16 per square foot (NNN). This property includes a restaurant, an outdoor seating area, and valuable on-site parking.
A smaller, 770-square-foot kitchen space is also available at 75 Washington Ave for $1,450 per month. On the Eastern Promenade Trail, the established Navis Cafe, located in the WEX building, is for sale for $1,299,000. The 1,456-square-foot cafe has 36 seats.
Opportunities on Forest Avenue
The Forest Avenue area has several properties available. The former Tortilla Flats building at 1871 Forest Ave is for sale for $1,750,000. This 8,771-square-foot restaurant sits on a large 3.43-acre lot. Further down, at 503-509 Forest Ave, a renovated building will soon offer 1,268 to 6,313 square feet of space for $15 per square foot (NNN).
Regional Market Heats Up Beyond Portland
The demand for restaurant space extends well beyond Portland's city limits. Neighboring cities like South Portland, Westbrook, and Scarborough are seeing significant activity, including new construction and sales of long-standing establishments.
South Portland and Scarborough
In South Portland, the 6,006-square-foot space formerly occupied by Taco Trio at 60 Ocean St is for lease at $11.98 per square foot (NNN). Taco Trio has since returned to its original, smaller location. The former Pizza Joint building at 239 Ocean St is also for sale for $695,000.
In Scarborough, new development at The Downs will bring six new retail spaces to market. Ranging from 1,091 to 2,208 square feet, these units are scheduled to be available for occupancy in the spring of 2027, signaling long-term confidence in the area's growth.
Westbrook and Brunswick See New Developments
Westbrook is also a center of new construction. A building planned for 2027 at 4 & 7 Dana St will offer 1,250 to 5,085 square feet of retail space. Meanwhile, the established Frog & Turtle building at 863 Main St is for sale for $1,900,000.
In Brunswick, a local landmark is on the market. The Fat Boy Drive-In at 111 Bath Rd, in business since 1955, is for sale for $775,000, including the business and property. This represents a rare opportunity to acquire a piece of Maine's culinary history.
Notable Businesses For Sale
- Grace Restaurant (Portland): $2,175,000
- Bandaloop (Arundel): $2,100,000
- Northern Union (Ogunquit): $2,950,000
- Fat Boy Drive-In (Brunswick): $775,000
- Navis Cafe (Portland): $1,299,000
The extensive list of available properties indicates a period of transition and opportunity for the Greater Portland food industry. From historic landmarks to modern new builds, the market offers a wide array of choices for entrepreneurs aiming to make their mark on Maine's dining scene.
