Former Stanley Black & Decker building in Gorham sells for $3.7M
Courtesy / Malone Commercial Brokers
The former Stanley Black & Decker manufacturing plant in Gorham, which closed in 2020, sold for $3.7 million to buyers who have already secured a long-term undisclosed tenant.
The buyers of a 44,870-square-foot brick and metal-framed industrial building in Gorham saw a market opportunity in the tight industry real estate market.
Roundstone Realty LLC bought 37 Bartlett Road, in the Gorham Industrial Park, from American Tool Cos. for $3.7 million.
The transaction was co-brokered by Jennifer Small and Joe Malone of Malone Commercial Brokers and Joseph Sedita of Cushman and Wakefield on the seller side and TC Haffenreffer of the Dunham Group for the buyer.
The structure was built in 1985 and sits on 8.3 acres in a burgeoning area for industrial usage and development.
Before American Tool Cos., the building was occupied by Stanley Black & Decker Inc. (NYSE: SWK). Headquartered in New Britain, Conn., Stanley Black & Decker, is an industrial tool manufacturer dating back to 1843.
American Tool Cos. decided to consolidate their Gorham operations out of state, leaving an opportunity for the buyer, who is a local investor, according to a news release.
Stanley Black & Decker closed in 2021, laying off 96 people.
The Gorham plant produced tap-and-die sets, which cut threading for screws, nuts and bolts. The tools are sold under the Stanley Black & Decker’s Irwin and Mac Tools brands. Operations were transferred to a plant in Jackson, Tenn.
The buyers have secured a long-term undisclosed tenant for the building.
“This investment opportunity came at the perfect time for our buyer,” said Small.
The property listed for $3.9 million.
It was on the market for just under a month before it went under contract, Small told Mainebiz.
“We had significant interest with a number of showings ranging from owner users to investors,” she said. “In the end it went to an investor who had it back filled before the deal closed.”
At a time when the industrial market both in Maine and nationwide has been especially tight, Gorham Industrial Park and nearby Gorham Industrial Park West have been sought after for immediate occupancy and development.
Malone Commercial Brokers recently brokered the sale of another industrial building at 12 Bartlett Road, which went for its list price of $3.75 million.
For several years, Gorham has boasted a zero vacancy rate in its industrial parks, the tightest of the tight Portland area industrial market.
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