Maine Shopping Center Trades with “Exceptional Upside Potential”
Newmark arranged the $19.75-million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland, ME. Co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets managing directors Jonathan Martin and Paul Penman provided support for the transaction in conjunction with Mackenzie Simpson, Esq. from Porta & Co. The property traded from GMG LLC to New Gen Hospitality, Inc.
Mall Plaza is 83% leased to a diverse tenant roster including anchor Dick’s Sporting Goods and junior anchor Petco. The property features five pad sites, four of which are occupied by Burger King, Verizon, Maine Community Bank and Friendly’s.
“Mall Plaza presents exceptional upside potential given its below-market in-place rental rates, near-term lease roll and excellent market fundamentals,” said Martin. “The offering underwent a competitive sale process with more than a dozen offers and multiple rounds of bidding from local and national operators, reflecting both the strength of this market and investors’ demand for core-plus and value-add acquisition opportunities.”
