South Portland, ME Summit Realty Partners, Inc. completed several leases with active health and wellness tenants seeking retail space for expansion throughout New England:
• Orangetheory Fitness recently opened a 3,100 s/f new location at the Maine Mall in South Portland. Orangetheory is a science-backed, group fitness concept that is an ideal tenant for many retail centers.
• Modern Acupuncture recently opened their first location in Massachusetts at University Station in Westwood. Modern Acupuncture brings a new brand to the area that bodes well with today’s consumer looking to live a healthy lifestyle. Modern Acupuncture leased 1,425 s/f.
• A franchisee of Planet Fitness executed a lease for a 16,000 s/f club at Royal Square Shopping Center in Brattleboro, VT. This concept, known as the “judgement free zone,” provides a positive gym experience for its customers.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.