Final building in long-time Bath portfolio sells
Courtesy / NAI The Dunham Group
A 26,229-square-foot retail and office building at 66 Front St. was the last in a portfolio to sell.
The last of 18 properties in downtown Bath that were part of a century-old family-held portfolio has sold, through a marketing process that aimed for community-minded buyers rather than the highest price.
Benjamin St. John bought a 26,229-square-foot retail and office building at 66 Front St. from Sagadahock Real Estate Association for $1.305 million.
Sylas Hatch and TC Haffenreffer from NAI The Dunham Group brokered the sale.
“This was the last one,” said Hatch.
The building, which dates to 1895, houses a steam heating plant in the basement that serves, through underground steam pipes, eight of the buildings that were part of the portfolio. The sale of the property involved setting up a nonprofit heating association so that the new owners of the buildings could continue to have a share in the system, said Hatch.
“It was a little unorthodox,” he said.
A family affair
The building had been under the ownership and management of Sagadahock Real Estate Association for 125 years. The association was founded in 1887 by brothers William and Oliver Moses when they purchased an rebuilt several blocks.
In the mid-20th century the association came under the control of the Morse family, which continued to acquire and manage properties.
In 2018, Maine Preservation honored siblings John G. Morse IV, Frances Bowen and Jane Morse (posthumously) as for their work in nurturing the “ongoing prosperity of downtown Bath” through their “steadfast belief in historic preservation.”
The citation continued, “Additionally, they felt it not only economically necessary, but morally important, to keep rental rates affordable for their tenants. They also went out of their way to understand the importance of a successful retail mix, moving beyond simply filling empty spaces and onto seeking new businesses who would reinforce the success of all of Bath’s downtown.”
The family “successfully helped steer the downtown through some stormy seas, including fires, urban renewal and the rapid growth of shopping malls, big box stores and the internet,” the citation said. “While other small downtowns in Maine have suffered and continue to face ongoing struggles, Bath is grateful for the Morse family’s indelible contributions to a vibrant historic district.”
Other Sagadahock properties that have sold in the recent years are:
• 86 Front St.: 21,372-square-foot retail/office building sold to R.H. Reny Inc. for $1 million. The retail chain had leased the space since 1973.
• 168-174 Front St.: 8,100-square-foot retail building sold to Lisa-Marie Theresa Stewart and Andrew Roy Stewart for $285,000.
• 11 Elm St.: 2,500-square-foot retail building sold to Lisa Michaud for $145,000.
• 31 Centre St.: a 25,000-square-foot building, dating to 1936, sold to developer Sean Ireland of Windward Development. In its early years, the building was occupied by department store chain W.T. Grant Co.
• 25 Centre St.: 3,770-square-foot retail building sold to Tori Timko for $289,000.
• 19 Centre St.: 2,596-square-foot retail/office building sold to Jenny Burch for $206,000.
• 11 Centre St.: 5,390-square-foot retail/office building sold to Cathy & David Matero for $315,000.
Quiet marketing
The properties have been marketed quietly since 2018, said Hatch. The tenants were usually the first calls. The goal was to find local buyers.
“The deal with all the buildings was that he wanted to keep it quiet and find the best buyer and not the necessarily the person who would pay the highest dollar amount,” he said.
With 66 Front St., “We knew of a few people in the local community we thought would be a good fit,” he continued. “We approached them and talked with them about the opportunity. We had interest from a couple of people, narrowed it down, then picked one.”
The association was dissolved Dec. 31, 2020.
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