Habitat for Humanity of Greater Portland buys Portland headquarters for $1.9M
Photo / Courtesy of Habitat for Humanity of Greater Portland
A view of the Habitat for Humanity of Greater Portland's ReStore discount retail outlet.
Habitat for Humanity of Greater Portland has purchased its headquarters and retail building in Portland — a move that will enable the nonprofit to dedicate more funds to its mission of developing affordable housing.
The 659 Warren Ave. building was purchased from 215 Foreside Road LLC for $1.9 million, according to Habitat for Humanity. The deal was brokered by Jim Harnden of Harnden Commercial Brokers and closed on March 20.
The building includes Habitat for Humanity’s office headquarters, its ReStore discount retail outlet and two other tenants, Urban Garden Center and Hanging by a Thread, a company that makes uniforms for local municipalities, along with police and fire departments.
Godfrey Wood, the nonprofit’s executive director, told Mainebiz that the savings realized from owning the building and not having to pay rent will allow Habitat for Humanity to invest in more affordable housing projects in greater Portland.
“It’s a wise thing to do. The money we save will go into building more homes,” he said. It will also protect the nonprofit against future rent increases, he added.
Wood said Habitat for Humanity is currently working on an eight-unit complex in Freeport estimated to cost $1.3 million. The nonprofit, which has built 68 homes since it was founded in 1985, is also planning to develop a 13-home community in Scarborough estimated to cost over $2 million.
The nonprofit’s board decided to purchase the building before its option date, Wood said, because of favorable financing from Gorham Savings Bank, operating reserves and a capital campaign that raised about $205,000.
“It means a lot to our board that we own this thing,” he said.
This story was originally published in the Mainebiz Real Estate Insider.
Correction: A previous version of this story incorrectly stated the name of Jim Harnden's firm. This was the result of a press release provided by Habitat for Humanity of Greater Portland.
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