JLL arranges $6.9 million acquisition financing for 100,255 s/f industrial site

Brunswick, ME JLL Capital Markets arranged $6.9 million in acquisition financing for 43 Bibber Pkwy., a 100,255 s/f shallow-bay industrial building.

JLL worked on behalf of the borrower, Queen City Development Group, to secure a five-year, fixed-rate loan through Bangor Savings Bank.

The JLL Capital Markets team was led by managing director Amy Lousararian and associate Hunter Cuthbertson.

Built in 1996 and renovated in 2007, 43 Bibber Pkwy. is a single-story industrial building situated on 7.78 acres within Brunswick Industrial Park. The property features 24-ft. clear heights, seven loading docks, one drive-in door and 80 surface parking spaces. At the time of financing, the building was 93% leased to tenants in the architectural signage manufacturing and specialty retail industries.

Located adjacent to Rte. 1 within Brunswick Industrial Park, the property is less than one mile from I-295 and 15 miles from I-95, providing direct connectivity to the Southern Maine logistics corridor. Brunswick Executive Airport is eight miles from the property, and Portland International Jetport is 25 miles south. The surrounding market draws from a labor pool of more than 237,000 residents within 20 miles.

Brunswick has established itself as a center for innovative businesses and advanced manufacturing in Maine. The town’s economic development is anchored by Bowdoin College and Mid Coast-Parkview Health, with additional major employers in surrounding communities including General Dynamics in Bath and L.L. Bean in Freeport. The property is located in a market with historically low vacancy and strong fundamentals driven by demand from tenants seeking lower-cost alternatives to Southern New Hampshire and Greater Boston submarkets.

“Queen City Development Group has local expertise as an operator in northern New England and 43 Bibber Parkway is a reflection of exactly the kind of asset their team knows how to source and execute on,” Lousararian said.