News: Northern New England

Morgan of Prudential Verani Realty sells 11,878 s/f office for $2.187 million: The Valentine Group reps seller, Abaco Real Estate Enterprises

Bob Morgan of Prudential Verani Realty brokered the sale of 5 Industrial Dr. for $2.187 million. Morgan represented the buyer, Simsbury Partners, LLC. and continues to represent them as the leasing agent. The 11,878 s/f single story professional office building was completed in 2011. Ralph Valentine of The Valentine Group represented the seller, Abaco Real Estate Enterprises, LLC. There is onsite parking and the property is accessible to I-93 and Rte. 111. There is only one unit currently available for lease to bring occupancy to 100%. Other tenants include a medical practice, daycare and a corporate office. "When our company decided to explore opportunities in the commercial property markets in Southern New Hampshire we interviewed several firms and chose Bob Morgan of Prudential Verani to act as our representative. His years of experience and expertise in property management, finance and negotiations were significant factors in our decision. Bob worked diligently to locate this investment property for us and assisted in negotiating the terms of purchase and closing. Continuing on as the leasing agent, and with one unit left, Bob has proven that his unique skills are crucial to the leasing process. I would recommend Bob to anyone looking for assistance in the purchasing, selling or leasing of commercial property." said Michael Greenberg of Simsbury Partners LLC.
MORE FROM Northern New England

Reveler Development celebrates final phase of work at The Levee - new 51-unit apartment building in Biddeford

Biddeford, ME Reveler Development has begun construction on 10 Upper Falls Rd., the fourth and final phase of Reveler’s master-planned development in downtown,The Levee. “We’re thrilled to embark on this major milestone at The Levee,” said John Laliberte, CEO of Reveler
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Columns and Thought Leadership
Interest rates and inflation - by Matthew Bacon

Interest rates and inflation - by Matthew Bacon

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 Greater Portland industrial mid-year market update - by Nate Roop

The Greater Portland industrial mid-year market update - by Nate Roop

The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell

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. 

Residential is here to untie the office space doom loop - by Thomas House

Residential is here to untie the office space doom loop - by Thomas House

The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion