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Multi Family Update by David Caron

2010-10-23T12:15:00Z

Sales of Multi Family properties are showing some signs of possibly rebounding a bit. As a matter of fact, MREIS statistics show in Cumberland County that there has been about a 10% increase in the number of sales through October 31 of this year compared to the same period last year.

This is in large part due to the fact that prices are down quite a bit from where they were at their peak a few years ago, interest rates are very favorable and banks have sold some of the properties they had taken back at bargain prices. These are encouraging signs that Multi Family properties are still moving.

In Greater Portland, vacancy rates have crept up a bit to the 7% range. This should hopefully stabilize with no new projects coming on line to speak of.

As a reminder to all Residential Landlords, as of 10/31/2009 all units must have a carbon monoxide detector installed. These can either be the hardwired type or plug in type. There are also some changes in the smoke detector regulations which are still out there for clarification.

If you have any questions on the compliance of your units, contact the State Fire Marshall's office at 207-626-3873.

Positive Signs for Old Port Retail by Peter Harrington

2010-10-23T12:11:00Z

It had been many years since there was a retail vacancy on Lower Exchange Street in the summer. This past summer there were several. Add to that all the other retail spaces which are on the market in the rest of the Old Port and a negative trend was clearly visible.

Much has been said and written about the health of the consumer and the decline in retail sales and leasing on a national level. I believed it would take until at least spring for many of these spaces to lease. However, in the last few months many of the spaces have leased.

Portland Coffee Roasters closed on Commercial Street and the Maine Bean stepped in and took the space over.
On Lower Exchange, Javanet has been taken over by Linda Bean's Perfect Maine Lobster Roll Company and they also have a lease next door at the former Zrinka's space.
Books Etc. closed after 35 years. This space has been divided between the Leather Exchange and Expressly Trends.
Toko Indo is taking over half of the former Betsy's space.
Walters Restaurant moved to 2 Portland Square but a new restaurant is taking over the former Walters space on Exchange.
O'Naturals closed on Upper Exchange this past summer and by Christmas, Jay Villani from Local 188 is opening a new restaurant.

I'm not saying that there won't be new vacancies to come, or that all of the Old Port vacancies are taken, but there are definitely positive signs in the Old Port retail market.

To Tweet or Not to Tweet

2010-10-23T12:10:00Z

Social Networking for business use. Is it part of your overall marketing campaign? More and more companies are using LinkedIn, Facebook and Twitter as a marketing strategy. But is it a good idea for your company?

A lot of Maine Commercial Real Estate companies and their brokers are on LinkedIn, a few are now on Facebook but not a single one on Twitter. Do brokers not Tweet?

Like other marketing strategies Social Networking takes time and an ongoing commitment. Unlike many other strategies it does not take bottomless financial resources. This levels the playing field, so to speak, for businesses of all sizes.

However lines of communication run both ways and unless you are ready to hear back from your contacts, good and bad, your company may not be ready for this type of marketing strategy.

Social Networking is experiencing a huge growth in business use and can be successful if utilized as part of an overall marketing campaign. Whether you Tweet or not, I suppose that's up to you.

Retail Review- Watching The Pendulum Swing by Mark Malone

2010-09-27T20:20:02Z

The old saying that "one person's loss is another person's gain" is an apt summary of the retail real estate market for 2009.

Retail property owners in Greater Portland have suffered their worst year since the terrorist attacks of September 11, 2001. Back then, the vacancy rate jumped from 3.7% in 2001 to 10.2% in 2002. In 2009, we have seen the retail vacancy rate go from 6.04% to a decade-high vacancy rate of 10.8%.

Retail tenants, on the other hand, have experienced a year with flat sales but rising profits. Profits received a helping hand from declining lease rates. The average asking rate for retail space is currently at $13.50 per sf. - a 30% drop from the peak rate average of $19.30 per sf. in 2006-07. Also, the combination of increased vacancies and lower rates has offered many savvy retailers the opportunity to improve their locations while lowering their rent.
A few examples of the upgrading are:

Lamey Wellehan went into a coveted end-cap space at Payne Road Plaza
Marden's is preparing to take over the old Scarborough Wal-Mart
Goodwill will be occupying the former Circuit City near the Maine Mall in the first quarter of 2010

Clearly, 2009 has been an opportune time for Retailers looking to position themselves for the future. and, a disappointing time for retail property owners, who experienced rising vacancies and lower lease rates. As we get a sneak peak at 2010, however, with the larger vacancies beginning to fill, it appears this trend is nearing an end and the pendulum should begin to swing the other way by the second half of 2010.

Click here to read the 2010 Retail Report in full.

Landlords: Protect Your Property

2010-08-17T17:45:00Z

Landlords that own apartment buildings and hotels need to protect their property and limit liability when it comes to bedbug infestations.

Reports show escalating rates of bed bug infestation due to increased travel, immigration and insecticide resistance.

Lawsuits against landords are on the rise and the burden remains with the landlord to provide proof that the property has been inspected and eradication efforts have been made. Local landlords now have a new tool available to protect their property from these infestations.

Certified Bedbug Dogs of New England, Inc. brings landlords the services needed to quickly detect and pinpoint bedbug infestation with their specially-trained K-9 "Bella".

Bella and handler/owner Sarah Foster will do a thorough sweep of your property to pinpoint the specific location of the scent of any LIVE bedbug eggs, nymphs, or adults. Bella can sweep a typical hotel room in just 3 to 4 minutes and is very accurate. While no building bedbug inspection can be 100% accurate, the use of a trained, canine bedbug-inspection team is the most accurate means of detection currently available.

To learn more about Certified Bedbug Dogs of New England, Inc visit their website at www.bedbug-dogs.com.

IPhone apps for Real Estate

2010-08-17T17:35:00Z

Yes there are IPhone apps that actually help you with getting business done. Here are my top 5 for Real Estate. None of these are free but as the saying goes...you get what you pay for.

zipForm by zipLogix @ $9.99. Offers all the online capabilities of zipForm online. Access forms, update, print and email all from your IPhone. Who needs an office?
PDF Reader Pro Edition by ITech Development Systems @ $1.99. Every IPhone user should have this app. Read, download, upload, manage and search PDF's. You can also bookmark and jump pages. 5 stars from every customer review.
Date Wheel date calculator by Creative Algorithms @ $1.99. Worth every penny to calculate due dates and deadlines. Better than the wheel.
10bII business calculator by R.L.M. Software @ $4.99. Identical to the HP model and looks just like the real thing. Does all the complex financial and business calculations like you are used to and allows you to download to your pc too.
HP 12c Financial Calculator by Hewlett Packard @ $14.99. For all of you old school brokers out there that can't give it up. It works in landscape mode and has a quick reference to common functions built in.

45 Western Avenue, South Portland

2010-08-17T17:09:00Z

Jewel of India

A new indian restaurant will open at the former location of Mulberry Cottage on Western Avenue in South Portland. According to Dale Holman, who represented the tenant, the restaurant is expected to open in early fall and will hold 80 seats.

This is the second restaurant for Jewel of India. The original restaurant is at 26 Alfred Street in Biddeford and offers exotic and authentic Indian cuisine with delicious vegetarian dishes, chicken, lamb, and fish dishes, appetizers, breads, and desserts.

Visit their website at www.thejewelofindia.com.

Read reviews of the Jewel of India here.

Boston Convention & Exhibition Center

2010-08-17T15:56:00Z

Boston, Massachusettes July 10, 2009

Joe Malone, Mark Malone and Dan Catlin attended the International Council of Shopping Centers' (www.icsc.org) 2009 ICSC New England Idea Exchange held in Boston.

The conference provides a good opportunity to conduct business with retailers, brokers, developers, owners, lenders, suppliers, municipalities and economic development agencies from across the region.

The keynote presentation given by Jonathan Kraft, President/COO of the Kraft Group, addressed several topics of interest in the retail sector. The Idea Exchange had an expanded session of the "Retailers' Runway" for New England that included retailers such as Aldi, DollarTree, Price Chopper Supermarket, Panda Restaurant Group, Boloco, Aveda, and Great Clips to name a few.

Joe, Mark, and Dan attended panel sessions led by ICSC committee members that focused on retail strategies/opportunities over the next five years and also participated in networking and deal making groups.

NECPE on Facebook

2010-02-27T19:57:00Z

New England Commercial Property Exchange is now on Facebook. Seems like Facebook is finally making traction in Commercial Real Estate. A search for Commercial Real Estate pages on Facebook turns up over 500 results. Locally there are several brokerage companies and quite a few individuals that now have pages.

Click here to go to NECPE facebook.

For tips on Small Business use of Social Media including Facebook. Read Social Media 101: How to Avoid Alienating Your Customers.

Local Investor Group Purchases 1-3 Canal Plaza

2010-02-27T19:47:00Z

One of Portland's best known addresses for business, Canal Plaza, has been acquired by affiliates of local investor group East Brown Cow Holdings.

Joe Malone represented the group in its purchase of One Canal (10-story office building), Two Canal (4-story office building) and Three Canal (6-story office building) with associated surface parking lots. The acquisition also included the adjacent Fore Street Garage, a 492-car garage with retail space on its ground level. Total square footage is 384,000± on approximatley 3.5 acres.

"We are very excited about the potential to do more here and believe the return to local ownership is a big plus for Canal Plaza. It will allow us to be more responsive to tenants' needs and to quickly react to market conditions." Joe Malone, Designated Broker of Malone Commercial Brokers

Canal Plaza's campus is widely regarded as the City's most attractive in-town setting.

Some of the area's most prestigious firms located there include:

•Key Bank • Perkins-Thompson • Curtis-Thaxter • Tompkins, Clough, Hirschon & Langer • Marcus Clegg & Mistretta • LeBlanc & Young • the Wishcamper Companies • Atlantic Fund Administration and many others•

The property's central location between the Old Port and Monument Square areas, make its buildings a prominent part of the City's skyline.

Tim Soley, president of East Brown Cow, indicated that this acquisition marks the company's largest single purchase. East Brown Cow Holdings and its affiliates own more than 900,000 square feet of commercial buildings in Greater Portland.

"East Brown Cow's vision is to energize this city block through the addition of architecturally distinct, pedestrian friendly structures while making significant capital investments into the existing structures in order to achieve an energy-efficient, vibrant, urban core focused on the future of our city." Tim Soley, President of EBC

Do "Green" Buildings Bring Greener Pastures? by David Caron

2009-12-27T19:39:00Z

So what is all this talk about "Green" buildings and do they actually make a difference?

With the world becoming more environmentally conscience the going "Green" movement has crept into the Real Estate markets also. Although the concept is slow to move into some markets, including ours here locally, the process is gaining momentum and there are over 14,000 projects in the U.S. and 30 other countries that have been certified.

Let's take a look at what "Green" means.

Green building is using construction processes and materials (either for new construction or renovations) that are environmentally responsible. This means using materials that can be recycled, selecting sites that may benefit environmentally from there location, cutting down on water and energy consumption, lowering the overall carbon footprint and many other categories.

How do we know if a building is truly "Green"?

The U.S. Green Building Council (USGBC) has set design standards that have to be met. The Leadership in Energy and Environmental Design or LEED, as it is referred to, sets guidelines that buildings have to meet and then they are graded on a point system for each category. The more points that a building gets the higher level of Leed certification that it receives.

So why wouldn't every one want to build like this?

Some of the disadvantages are the initial cost. To build this way is greater than the regular building process and a lot of builders are still trying to get educated to the process. However, once a project is completed there is data that shows operating the building could cost less and offset the costs of construction. In addition, Tenants will typically pay higher rents due to energy savings, better work environment, etc, so that increases the value of the building.

We expect this process to become more popular and more of these types of buildings to be built. As that happens we can better look at what these truly do for market rents, value and overall impact on the market.

Search Loopnet on Your Iphone

2009-12-27T19:16:00Z

Loopnet joined the many companies with an Iphone App with the recent launch of their free app. Search and view listings with either your basic or premuim membership status just like on your computer.

Even better though, use the Iphone GPS feature and locate available properties in your immediate area. Filter for your criteria, plot out on a map and go.

Find out where to get this free app and read the full story here.

Mulkerin Associates Real Estate Relocates to Old Port

2009-12-27T19:13:00Z

Mulkerin Associates Real Estate has opened their newly relocated office at 97A Exchange Street in Portland.

Mulkerin Associates Real Estate specializes in listing and selling new homes, waterfront properties, land and residential properties including condominiums, multi-family properties and commercial properties. The company consists of 11 agents and 2 administrative assistants, serving clientele in Cumberland and northern York counties.

"After having been on Forest Avenue for the past 25 years, I couldn't be more thrilled to be in the hub of the Old Port District. Relocating can be hectic. Peter Harrington and Malone Commercial Brokers made the transaction as smooth as possible for us." -Amy Mulkerin, Owner

The 5-story Upper Exchange Street building is owned and managed by Top of Exchange LLC. Peter Harrington of Malone Commercial Brokers was the broker for this transaction.

You can find them online and search their inventory of property listings at www.mulkerinrealestate.com.

Androscoggin Bank Opens First Portland Location

2009-10-27T19:03:00Z

Androscoggin Bank opened the doors to their new Bank and Investment Center at 130 Middle Street on Monday night.

The new branch is Androscoggin's first in Portland and looks more like a high tech computer store than a traditional bank branch with an open layout and free-standing customer service "pods".

In changing the design, they changed the way customers and staff interact by removing the barriers, cubicles, and desks. Standing at these "pods", bank representatives will be able to help you with most of your banking needs from cashing checks to opening accounts in a more informal setting.

Androscoggin Bank invested more than $500,000 in the 5,295 SF space that was formerly occupied by American Housing. They were able to take advantage of the abundance of office space currently available and found just the right location for their first Portland branch.

"We are very enthusiastic about the Bank and Investment Center in Portland. Our "dress rehearsal" was a great success. We have received a warm welcome in the market, and we are looking forward to many strong relationships in the future." Christine Conrad, SVP Marketing at Androscoggin Bank.

This new Portland location, at the corner of Pearl Street and Middle Street, is just one of over a dozen branches in southern and central Maine.

For more information about Androscoggin Bank log onto their website at www.androscogginbank.com or visit the new location at 130 Middle Street.

13,000+ SF of Office Space leases on Middle St

2009-10-22T20:56:00Z

First Wind has leased 6,891± SF at 129 Middle Street in Portland. The space includes the entire 3rd floor of the historic Rackleff Block building.

The Massachusetts-based company also has offices in California, Oregon, Hawaii, New York and Vermont. First Wind is an independent wind energy company concentrating on the development, ownership and operation of wind farms. They are currently focused on developing wind farms in the northeastern and western regions of the United States as well as in Hawaii. The company recently reached an agreement with Harvard University to supply its Cambridge and Allston campuses with electricity from a wind farm in Northern Maine.

"This lease is a positive sign for both Portland and the State of Maine. First wind is expanding in Portland to offer service and develop wind farms in Maine. Clean energy projects are vital for both our environment and our economic future. First Wind fell in love with this property that underwent a Historic rehab a few years ago. The property offers old world charm with modern building systems. It also has a fairly open floor plan and high ceilings." - Peter Harrington, Leasing Broker

CashStar leased the second floor (6,891± SF) at 129 Middle. Based in Portland, they are an interactive gifting and incentives company for top brands. The company works with national retailers to offer highly-personalized virtual gift cards delivered to consumers via email. CashStar is creating a new category of print-on-demand media with its interactive gift card and incentive solutions. With 85% of plastic gift cards being used once and then tossed in the trash, print-at-home solutions are more convenient, and also more economical and eco-friendly.

CashStar recently announced it would be offering its online and printable gift card for Home Depot this holiday season.

The Rackleff Block was designed by architect George M. Harding who worked in Portland from the late 1850s to the early 1870s. The building was completely gut rehabbed in 2003. The rehab included efficiencies and saving of wood wherever possible including a cold climate heat pump system reviewed by Environmental Building News and insulated roof, reflective metal vapor barrier in walls, T8 lighting to name a few.

Aubuchon Hardware opens at Morrill's Corner

2009-09-17T18:08:00Z

Aubuchon Hardware relocated their Portland store to 832 Stevens Ave.

Their new 10,000 SF store is a refreshing change for their employees and customers. The store is bright and open with plenty of parking and easy access.

According to the listing broker, Mark Malone, "Aubuchon is one of the few companies in 2009 to take advantage of deeply discounted lease rates by locking into a very long term lease on Stevens Avenue at the Morrill's Corner intersection. In doing so they have also demonstrated a solid commitment and continued confidence in the Portland community by more than doubling its size in the newly renovated 10,000 SF 'super-hardware store'."

Aubuchon Hardware is the oldest family owned and managed chain of hardware stores in America operating over 125 neighborhood hardware stores.

This new location allows Aubuchon Hardware to continue to strive to create a quick in and out shopping experience with knowledge and personalized customer service.

To learn more about the company or order online visit their website at www.hardwarestore.com.

Freeport Restaurant Opening a Success

2009-09-17T17:59:00Z

Siano's Pizzeria opened their second location on September 26th to a packed house.

The new 5,800 SF location at 140 Main Street in Freeport took several months to renovate for restaurant use and is a great addition to the local restaurant scene.

Siano's offers a casual relaxed atmosphere and family style dining with full menu. With multiple flat screen TV's, the bar area is great for watching your favorite sporting events.

The original location on the corner of Stevens Ave in Portland serves their specialties; brick oven pizza and pasta dishes, as does the new location. In addition, the new location in Freeport also has a wood fired grill.

Visit Siano's website at www.sianospizzeria.net for more information.

Flue Gas Solutions Expands into Commons Ave Facility

2009-09-17T17:50:00Z

Flue Gas Solutions, Inc. (FGS) is relocating to a new larger facility at 19 Commons Avenue in Windham.

FGS takes pride in servicing customers in the most timely, efficient and cost effective way possible. Moving from a 6,000 SF building into this new 16,000 SF facility is just one more effort to assure their customers continued quick turn-around response and delivery.

According to John Doyon, the listing broker, "This transaction was made possible using a Lease with Option to Buy providing the tenant/buyer with enough time to transition from their current building into the new Commons Avenue facility."

For more information about Flue Gas Solutions, Inc. visit their website at www.fluegassolutions.com.

Chest Medicine Associates moves to state of the art medical facility.

2009-08-17T17:29:00Z

Chest Medicine Associates will be moving to 100 Foden Road in South Portland in the first quarter of 2010.

The new location with 13,000 SF will be completely renovated giving doctors and patients a new state of the art medical office facility.

"Chest Medicine Associates is a group of professionals devoted to the specialties of pulmonary, critical care and sleep medicine. We treat a range of conditions, from asthma to emphysema to sleep apnea."

Patients will enjoy accessible on site parking in a nice campus environment with easy access to the Maine Turnpike and I-295.

For more information about Chest Medicine Associates visit their website at www.cmamaine.com.

Bucks Naked BBQ to open a second location in 2010

2009-08-17T17:25:00Z

Smoke This, LLC purchased the former Maine Bean Bakehouse and Deli building at 4-8 Turning Leaf Drive in Windham. Operating as Bucks Naked BBQ, their original location at 568 US Route 1 in Freeport has been open since 2007 and continues grow even with these economic conditions.

The new restaurant is scheduled to open in the spring of 2010 and will have the same menu as the Freeport location.

You can check out their menu at www.bucksnaked-bbq.com.

The Maine Bean Bakehouse and Deli will continue to operate at 4-8 turning Leaf Drive until January 2010 when the restaurant will close the location. They have been there since it was built in 2004.

Maine Bean has already opened up another store at 111 Commercial Street in Portland where hopefully they will have continued success.

For more information about Maine Bean you can check their website at www.mainebean.com.