Northern New England
Westminster, VT Jewett Construction Co. hosted a groundbreaking ceremony at Faith’s Toyota Ford to commemorate the construction of a new 37,000 s/f ground-up dual branded dealership in the Green Mountain State. The new building will showcase an array of modern amenities while incorporating LEED-certified features
Portland, ME Ideally located at the confluence of Portland’s historic Old Port and the city’s financial districts, One Canal Plaza is being thoroughly reimagined by local real estate management, investment, and development company, East Brown Cow. Through a $10 million capital improvement investment in partnership with internationally renowned architect, Moshe Safdie
Portland, ME The RAM Companies (RAM) has acquired the 100% leased Warren Ave. industrial complex for $9.6 million. The three-building property is located at 421 and 429 Warren Ave. RAM plans to make several upgrades to the property and will use its in-house team for property management. Founder Howard Goldenfarb, Todd Goldenfarb, and Mark Campbell, SVP of acquisitions & development, led the acquisition effort on behalf of RAM and its affiliate, Mile Marker Investments.
Exeter, NH Unitil, a local provider of natural gas and electricity, said that their Seacoast operations center has become the first building in New Hampshire to achieve WELL Certified designation. Unitil shares this achievement with its facility’s New Hampshire-based design and construction partners, including PROCON and Stibler Associates, LLC, as well as the Resilient Buildings Group, which supported Unitil’s WELL Certification process.
Bedford, NH Sanborn, Head & Associates, Inc. (Sanborn Head) has added Carolyn Silverthorn, MBA as the firm’s new senior vice president of finance. Silverthorn will lead Sanborn Head’s accounting and finance teams including managing all aspects of the firm’s financial planning, management, and reporting activities. She will manage and oversee the development of Sanborn Head’s accounting professionals
Manchester, NH North Branch Construction completed construction of Red Oak at 409 Elm St. The mixed-use development includes 90 market-rate studio, one-bedroom, and two-bedroom apartment homes, the corporate headquarters of Red Oak Apartment Homes, and co-working office spaces. The facility features includes energy-efficient features, LED lighting, Energy Star rated appliances, rooftop solar panels, and electric vehicle charging stations.
Concord, NH Foxfire Property Management has made three new additions to its team. Nathaniel Brown joins as the new commercial property manager, Victoria Poland as a legal intern, and Cynthia Provencher as a staff accountant. Brown brings experience in managing residential and commercial condominiums with Crowninshield Management and apartment management with John M. Corcoran & Co., where he earned his Accredited Residential Manager (ARM) designation.
Scarborough, ME Landry/French Construction, one of Northern New England’s leading construction management firms, has promoted Nick Gaddar to senior project manager. Gaddar has 11 years of experience in commercial construction, encompassing diverse projects in housing, hospitality, and public safety. During his six years at Landry/French he has demonstrated strong project management skills and leadership capabilities.
Brunswick, ME Brunswick Town Holdings, LLC purchased a retail portfolio of buildings, totaling 25,181 s/f in an off-market sale. The portfolio consists of 104 Pleasant St., 106–112 Pleasant St., and 275 Bath Rd.The portolio was sold by R.E. Management, Inc. for $5.25 million. The buyer is an out-of-state investor with ties to Maine, and the portfolio, which features a mix of tenants such as Pat’s Pizza, Dunkin’, Subway, and Groups Recover Together, hit all his investment goals.
Annual Southern Maine industrial market survey: Statistics show robust market favoring owners - by Justin Lamontagne
The Greater Portland industrial vacancy rate has remained relatively stable since the last report at the end of last year, with a modest increase of 14 basis points to reach 1.91% as of July 1, 2023. The Dunham Group is pleased to present our mid-year update on the annual Southern Maine industrial market survey. The current statistics still indicate a robust market favoring landlords and property owners, although we did mention earlier this year that there are promising signs for tenants and buyers.