In The Press
Historic Brunswick hotel reopens after $3.5 million in renovations
A historic Brunswick hotel – previously known as The Daniel – reopened as The Federal on Sunday following a two-year closure and a more than $3.5 million facelift. (Read More)
Long-term leases in classic Old Port building attract 1031 tax exchange
Long-term leases by restaurants and other businesses in an older building in Portland’s Old Port proved attractive to a couple seeking a new investment after they sold their Wells campground. (Read More)
Falmouth Shopping Center project almost full
The majority of space in the two buildings has largely been leased out months before construction is completed. The developer behind two new buildings at the Falmouth Shopping Center has leased the majority of space before construction is even finished. Developers say that points to high demand for commercial property in the area. (Read More)
Brunswick’s The Daniel to remain a hotel under new buyers
Despite initial plans to convert the building into senior housing, new owners Bella Point Holdings LLC have decided to reopen the historic inn as an “upscale hotel,” according to the buyer’s broker. The hotel sold at auction for $1.6 million. (Read More)
An Old Port building, with a long-term tenant and parking, sells for $6.1M
A building with prime retail space on Commercial Street has changed hands. The building’s primary tenant is LeRoux Kitchen, which occupies four levels, including the ground floor. Another floor with office space is available for lease. The building also includes its own small parking lot, a significant feature with more new development taking over surface lots in Portland. (Read More)
Wharf Owner Chooses Portland Science Center Over Office Tenant to Fill Last Vacancy,” June 16, 2015
The Portland Science Center will be opening soon at 68-72 Commercial Street on the Maine Wharf. Compass Commercial Brokers managing partner Steve Bauman represented owner Stephen Goodrich as the property’s broker, and praises Goodrich’s vision for Portland’s downtown. (read more)
“26 Condo Units Proposed for Group of Buildings in Heart of Old Port,” June 5, 2015
The apartments on the upper floors of 10 Exchange St. have been empty since the city condemned the building for safety violations in 2009.
But with vacant housing scarce and a new wave of residential construction gaining momentum, a local businessman wants to rehabilitate portions of four buildings at that Old Port address, which were constructed in the immediate aftermath of the Great Fire of 1866, and convert them into new residences. Compass Commercial Brokers exclusively represented this transaction.(read more)
“New York Investor Buys Portland Complex” December 24, 2014
A New York City-based investor has purchased a 71,000-square-feet office campus in Portland for $8.4 million, stating that it plans to eventually expand the complex.
The Roundhouse Complex at 125 Presumpscot St. was sold to Portland Roundhouse Holdings LLC by Presumpscot Street Properties LLC, according to the Mainebiz Real Estate Insider, a weekly newsletter. Compass Commercial Brokers sold and continues to represent this property.
The complex’s tenants include Pediatric Development Center, Maine Bureau of Motor Vehicles, PC Construction Co., Casella Organics, Maine Revenue Services and Administrative Office of the Courts. (read more)
“Portland Landlord with a Past Buys Building with a History,”August 30, 2013
One of downtown Portland’s most prominent and historic buildings has been sold.
Joseph Soley’s 5 Monument Square LLC bought the People’s United Bank Building at 465 Congress St. on Aug. 22 for $5.6 million, said Steve Baumann, the owner of Compass Commercial Brokers, which represented Soley.
The 10-story, 155-foot-tall building was built in 1909. It was the tallest building in Maine at the time and was known then as the city’s first skyscraper. It stands at Congress and Preble streets, overlooking Monument Square just to the east of the Time & Temperature Building.
Soley, an art buff, said Thursday that he fell in love with the building in 1969, when he drove from Baltimore to Portland on his motorcycle. (read more)
“Vacated Medical Buildings Find New Life,” July 6, 2010
The southern Maine commercial real estate market has seen a trend with medical office tenants moving into larger medical campuses with a concentration of medical users. With the impending integration of the new health reform bill and an ever‐growing population, the trend seems to have medical offices needing newer more efficient space along with these campus styled medical locations. Examples of this currently include the Fore River Campus at Mercy Hospital and the Intermed building off of Marginal Way where Intermed consolidated most of their satellite medical offices into a new tower overlooking the city (read more)