Courtesy / Malone Commercial Brokers
Interior space at the Dana Warp Mill features high ceilings and big windows.
April 8, 2020
Dana Warp Mill was filling up fast, and is expected to continue post-coronavirus
Courtesy / Malone Commercial Brokers
Dana Warp Mill in Westbrook, which was bought by Chinburg Properties in December 2018, has recently added a variety of new tenants.
By Maureen Milliken
A list of recently signed transactions at Westbrook's Dana Warp Mill shows the kind of tenants who are looking for space there — namely, everybody.
Split Decision Comics, the Maine Beer Co., vintage clothing company Hey, Porter LLC and counseling service Mindful Growth LLC all leased space, joining 70 businesses in the 246,000-square-foot former mill on the Presumpscot River.
"We've got quite a great mix," said Cheri Bonawitz, leasing broker along with Malone Commercial Brokers colleague Karen Rich for owner Chinburg Properties. Malone has leased 40,000 square feet since coming on board as the leasing agent last summer, and there are about 10 units ranging from 600-10,000 square feet still available.
Recent leases ranged from 511 square feet for Mindful Growth to 2,250 for Split Decisions. Maine Beer Co., which opened a 30,000-square-foot warehouse in the city in 2018, leased 1,120 square feet of office space, and Hey, Porter leased 1,128 square feet.
Until COVID-19 restrictions brought things to a halt, interest in the mill continued to be high, Bonawitz said. "We had a lot of activity," she said. "People were ready to sign."
Currently, though, "I think everybody's on pause."
Dana Warp Mill evolves
Bonawitz is also the leasing agent for New Hampshire-based Chinburg's other renovated former mills in Maine, Saco Mill 4, in Saco, which is a mix of commercial and residential; the under-development Lincoln Mill, in Biddeford, and the Hill and Continental mills, in Lewiston, which are commercial and residential, respectively.
She said the Malone-Chinburg partnership is working well. "The whole team is wonderful to work with," she said. "They are such a great group."
Chinburg bought the Dana Warp Mill in December 2018 for $5.15 million. At the time, it was 70% occupied. Company President Eric Chinburg told Mainebiz then that it's possible in the future the company may look at developing residential space in the mill.
He said with 90 parking spaces available, the focus at the time was on the commercial tenants.
“If it were 100% full and we could work out the parking concerns, we wouldn’t need to add residential,” he said. “We like having mixed uses. It makes it a dynamic part of the community, where there are people who are living and working. But it’s not a requirement. As we become more knowledgeable of the property and our tenants, we’ll evolve to getting the building full. Whether that’s with more commercial or residential is to be determined.”
Bonawitz said, so far, the mix of commercial tenants is working well.
She said there's no typical potential tenant at the Dana Warp Mill, which features recently renovated classic mill space — high ceilings, brick walls, refinished wood floors and large windows overlooking the river. "We don't really have to do much to sell people on it," she said with a laugh. "It kind of does its own thing."
While it's easy to assume those squeezed out of the tight Portland office market are looking farther afield, accounting for the mill's popularity, Bonawitz said she sees a different dynamic. Many tenants are from the area west of Portland and are now happy to find office space they like closer to home.
She said the company also doesn't typically have to do many custom alterations. "Tenants like the property, they like the larger spaces," she said.
Westbook itself is an attraction, she said. The downtown's renaissance, the Riverwalk and other attractions make people want to be there. Other companies in town, including Maine Medical Center and its purchase of adjacent One Riverfront Plaza in 2017, are a lure for businesses.
Photo / Maureen Milliken
Rob Biggs, executive director of Saco Main Street, (in vest, facing camera) talks to a group at GrowSmart Maine's 2019 Summit last week while touring Mill 4 in Saco, developed by Chinburg Properties. The space ground floor space in the mixed-use renovated mill is now home to a bagel shop, with a restaurant planning to open later this year.
Optimistic about the future
Chinburg specializes in renovating former mills, with another 10 in New Hampshire. Many of them, like Saco Mill 4, are mixed-use.
Chinburg bought that mill in 2014 and focused on the residential space, 150 market-rate apartments, first. The ground floor has 30,000 square feet of commercial space, which was developed last year, and Loxsmith Bagels opened in December. Pacifica Restaurant, which plans to make use of the outdoor space, was slated to open in May, but that may be slowed because of current restrictions, Bonawitz said.
In Chinburg's Lewiston properties, Hill Mill, which he bought in December, is still a work in progress. But those tenants tend to be more industrial and manufacturing-focused, Bonawitz said. Chinburg bought the 460,000-square-foot mill in December.
While things are mostly on hold, Bonawitz is optimistic they'll pick up once COVID-19 restrictions are lifted.
Brokers are able to show space in most locations, with proper distancing and other sanitary precautions, but potential tenants seem to be willing to wait.
"Nobody's really making a move right now," she said. "Which is fine, people should be distancing."
Brokers, she said, aren't used to sitting still and things being quiet. She added, "The economy was so strong, I do think we'll see that surge when things get back to normal."
She said things may look different, but even if the economy changes, property will still be needed in one form or another. "I'm curious to see what will happen," she said.
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