Buyers scooped up a five-building industrial portfolio across Portland, Auburn and Bangor that came fully leased to a credit tenant and also has some value-add potential.
SwingPoint LLC and North River Co. bought 392, 400 and 420 Warren Ave. in Portland, 80 Kittyhawk Ave. in Auburn and 35 Godsoe Road in Bangor from Capital Properties LLC in an off-market transaction for $14.5 million.
Jon Rizzo of the Boulos Co. and Brandon Mitchell of Malone Commercial Brokers brokered the transaction.
The buildings total 152,757 square feet on 12.58 acres.
“Sam and I were talking about different sectors and portfolios that he potentially had an interest in investing in,” Rizzo recalled. “This was his first foray into industrial space. It was a good first purchase in terms of capturing really great real estate.”
The transaction came about less than three years after the seller, Capital Properties LLC, bought the portfolio in 2023 in an off-market transaction for $14.55 million.
Mitchell represented Capital Properties LLC, an investor partnership, in that deal, too.
A range of buildings
In Portland, 400 Warren Ave. is 45,270 square feet, which includes a 41,000-square-foot warehouse, 2,000-square-foot showroom and 2,270-square-foot office. The facility was constructed in 1978 and expanded in 1981.
The 420 Warren Ave. building covers 38,380 square feet, including a 36,000-square-foot warehouse and 2,380-square-foot office, two loading docks and two overhead doors. It was built in 1975.
The 392 Warren Ave. building, dating to 1973, is 11,400 square feet and includes a second-floor office and heavy-duty mezzanine space with overhead door access.
In Auburn, 80 Kittyhawk Ave. has a 28,000-square-foot warehouse and 1,040-square-foot showroom, plus eight loading docks and one overhead door. It was built in 1989.
In Bangor, 35 Godsoe Road has a 15,790-square-foot heated warehouse and a 13,280-square-foot, partially insulated warehouse for cold storage. It was built in 1977 and added onto in 1984.
All of the properties have close proximity to Interstate 95.
Building products tenant
The tenant in 2023 was Beacon Roofing Supply Inc., a Herndon, Va., company that was acquired in April 2025 by Greenwich, Conn.-based QXO Inc. (NYSE: QXO), a distributor of roofing, waterproofing and complementary building products.
Strong match
SwingPoint Development is an independent commercial real estate development, investment and consultancy firm in Portland, led by Sam Reiche.
Reiche has served as vice president at Boston real estate development firm Leggat McCall Properties. Returning to Maine in 2021, he joined the Institute for Digital Engineering and Life Sciences as part of the team to redevelop the former B&G Foods Inc. plant, in Portland’s East Deering neighborhood, for Northeastern University’s Roux Institute.
He subsequently established SwingPoint to provide owner and project management services on the project in partnership with Whitinsville, Mass., consultant and engineering company TERVA Corp.
Reiche is also involved in the development of a hotel at 465 Congress St. in Portland, in partnership with Fathom Cos.
Over the years, Reiche and Peter Pachios, a partner and the managing director at North River Co., have assessed a variety of real estate investment opportunities.
“This is the first one that felt like a strong match for both of us,” Reiche said.
North River Co., based in New York City, which owns and operates a diversified portfolio of office, mixed-use, fine art storage, industrial, residential and retail property.
North River’s Maine holdings include 48 Spiller Drive and 5 Bradley Drive in Westbrook; One and Two Portland Square, the Merrill’s Wharf building, the Browne Trading building and an industrial building at 151 St. John St., all in Portland; Lockwood Mills and Hathaway Creative Center in Waterville; and Fort Andros in Brunswick.
“We’re thrilled to expand our industrial footprint in Maine and will continue to look for similar opportunities,” Pachios said.
The latest industrial portfolio fits well into the goal of both parties to acquire properties with value-add potential, said Reiche. Maine Community Bank and private investors financed the purchase.
“We’re eager to work with the tenant to figure out how we can improve the buildings and the lease structure in line with their goals,” he said.
