Category: Northern New England

Peterborough, NH Weekender Hotels is renaming the Jack Daniels Inn, which Weekender Hotels acquired in 2022, and will now be called Riverhouse by Weekender. Weekender Hotels founder, Keir Weimer said, “We wanted this property to reflect the Weekender brand, which is all about adventure, new experiences and explorations, highlighting the best parts of the local area, combined with a comfortable, luxurious, design-forward and tech-enabled stay.

Portland, ME Vitalius Real Estate Group welcomes brokers Nancy Carleton, Poe Cilley and Tyson Soule to its brokerage team.  “Nancy, Poe and Tyson are highly respected veterans of the midcoast real estate market,” said Brit Vitalius, principal of Vitalius Real Estate Group.

Biddeford, ME According to Colliers, a global leader in commercial real estate services, Colliers Engineering and Design has leased 5,150 s/f at 234 Main St. Mike Cobb, of Colliers in Maine, represented the tenant and Brandon Mitchell, of Malone Commercial Brokerage, represented the landlord.

Belgrade, ME Manchester Self Storage, LLC purchased a five-acre parcel at 210 Augusta Rd. from Ronald and Diana Bellavance for $275,000. Ben Spencer of Maine Realty Advisors and Dennis Wheelock of KW Commercial brokered the deal.

As the warmth and hopeful prospects of the holidays and the New Year are in the rear view mirrors, the hard work starts in trying to understand what the year portends. Now two months into 2023, there are high points and there are pain points to be discussed.

There is considerable discussion of housing underproduction in the United States, and this is a particular problem in New England that comes with a benefit for homeowners (manufactured scarcity) at a cost for the region. This cost of underproduction is measured in:

The Greater Portland retail market continued to remain on solid footing in 2022. The vacancy rate dropped about 1% from 2021 to 4.23%. The same can be said for the national vacancy rate. Nationally, at the end of Q3, the vacancy rate stood at 4.3%, down from 20% just a couple of years ago during the height of the pandemic.

Manchester, NH According to Gil Borok, president and CEO of leading global commercial real estate services firm Colliers, Doug Martin of its Manchester, office has been inducted into the 2022 Everest Club. The Everest Club recognizes the top 10% of all Colliers professionals in brokerage, valuation, and corporate solutions in the U.S. based on revenue production.

Chittenden County, Vermont, like much of the United States and the world, has experienced a volatile commercial real estate market since the pandemic. Industrial space and apartments are experiencing upward pressure in demand and rents, while retail and the office market continue to struggle compared to pre-pandemic numbers.

Derry, NH Colliers has completed the sale of the 26,000 s/f industrial/flex building with 8,000 s/f of office space at 4 Tinkham Rd. to Wrap City. Hugo Overdeput, of Colliers’ Manchester office, procured the buyer, G&P Holdings, LLC. According to the Rockingham County Registry of Deeds, the sale price was $2.4 million.

Saint Albans, ME Nathan Beaulieu purchased 181 Springer Rd. a 1,000 s/f residential building, from Scott and Jennifer Smith for $310,000. Ben Spencer of Maine Realty Advisors and Erin Levesque of Real Estate 2000 ME/NH brokered the deal.

Portland, ME On January 26, 2022, the Maine Real Estate and Development Association (MEREDA) recognized four exceptional individuals for their significant and lasting contributions to real estate development in the state of Maine. The awards were presented in person at this year’s forecast conference at the Cross Insurance Arena attended by close to 800 real estate professionals.