### Maine Shopping Center Sold for $19.75M
Newmark has facilitated the $19.75 million sale of Mall Plaza, a 153,576-square-foot shopping center in South Portland, Maine. The transaction was supported by Robert Griffin, co-head of U.S. Capital Markets, along with Boston Capital Markets managing directors Jonathan Martin and Paul Penman. Mackenzie Simpson, Esq. from Porta & Co. also played a role in the deal. The property changed hands from GMG LLC to New Gen Hospitality, Inc.
Mall Plaza is currently 83% leased, with key tenants including anchor Dick’s Sporting Goods and junior anchor Petco. Additionally, 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.**”
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
