Former bank site in Biddeford sells for $790K
Courtesy of Cardente Real Estate
Neil's Motors Inc. has sold this 2,704-square-foot property, at 6 Barra Road in Biddeford, to Venture III Holdings LLC for $790,000, in a deal that closed Dec. 22. The one-story brick building, built in 2005 with KeyBank as the primary tenant, includes 700 square feet of “canopy” for a bank drive-through.
A Biddeford site that has been a bank and also a car dealership has been sold and is now advertised as an ideal lease for another bank or credit union not far from downtown.
Neil’s Motors Inc. sold the 2,704-square-foot property, at 6 Barra Road, to Venture III Holdings LLC for $790,000, in a deal that closed Dec. 22. Karen Rich and Greg Perry of Cardente Real Estate brokered the deal for the buyer and seller respectively.
Neil’s Motors is an automotive shop that previously occupied the 0.79-acre property and held onto it as an investment. According to Perry, Neil’s Motors built the one-story brick building in 2005, with KeyBank as the primary tenant. The site includes 700 square feet of “canopy” for the drive-through. Neil’s Motors’ automotive shop is nearby, at 602 Alfred St.
The new owners’ plan is to subdivide the space, Rich said.
“The people who bought it want to hold it as an investment property, and we’ll put tenants in there for them,” she added.
She said a retail tenant is interested in 1,000 square feet in the back of the building, but the lease hasn’t been signed.
“And we’re hoping to get another bank or credit union in there,” Rich said.
The area has seen a fair amount of commercial development over the past decade. Barra Road is off the Route 111 commercial corridor.
“Parts of Route 111 are divided, but this part has the traffic light, so you can go left or right there,” making it easy to get to the bank, said Rich. “It’s a busy intersection.”
Nearby are the Dodge and Alfred Road business parks, comprising about 20 companies and more than 400 employees in diverse industries ranging from health care to retail and recreation, according to the city’s website. It’s close to the Southern Maine Health Care complex as well as the Biddeford Connector and Interstate 95.
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