Portland, ME Malone Commercial Brokers sold three properties for a total of $5.8 million in the fourth quarter of 2021.
Sennebec Lake Campground in Appleton sold to Nurzynski Enterprises, LLC by Evergreen Properties LLC for $2.45 million. Karen Rich and Cheri Bonawitz, CCIM of Malone Commercial Brokers negotiated the transaction.
And in Portland, a 41,861 s/f retail/office/residential development at 170 Fore St. sold to 170 Fore Street, LLC by EssexNorth 170 Fore LLC for $1.7 million. Joe Malone, CCIM, Jennifer Small and Peter Harrington of Malone Commercial brokered the sale.
In Westbrook, a 3.15 acre development at 452 Main & 35-45 Seavey Sts. sold to New Ventures, LLC by RMC Properties for $1.65 million. Peter Harrington of Malone Commercial represented the buyer. Ryan Caruso of JT Leahy Real Estate represented the seller.
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.