An investor with an interest in Hallowell’s downtown picked up his fifth property. “Like Portland, you can walk out the door and go wherever you want. Hallowell has a similar vibe,” he said.
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An investor with a particular interest in Hallowell’s historic downtown picked up his fifth property on Water Street, the main thoroughfare that parallels the Kennebec River.
Ben Spencer, a senior vice president at CORE — a real estate firm headquartered in Portland with an office at 167 Water St. in Hallowell — recently completed the purchase of 107 Water St., a mixed-use building with four apartments and a retail space that’s home to Esteem Salon.
“While this acquisition is just one property, it represents another step in a long-term commitment I’ve made to investing in and strengthening Hallowell’s historic downtown,” said Spencer.
Previous acquisitions, either solo or through his family’s firm, Capital Area Properties LLC, were 109-111 Water St., 119 Water St., 156 Water St. and 167–175 Water St.
“My hope is that these investments help ensure that Hallowell remains a welcoming, thriving community for residents, visitors and local businesses alike,” Spencer said.Bakery tenant
Spencer acquired 109-111 Water St., through his limited liability corporation Pelican-Hill LLC, about three years ago in an off-market deal. The mixed-use building, purchased for $500,000, includes ground-floor retail with three apartments above and had been well maintained by the sellers. The ground-floor retail space is leased to Landrace Cannabis.
The 4,500-square-foot mixed-use building at 156 Water St. sold to Capital Area Properties LLC, a limited liability corporation belonging to Spencer’s family, for $525,000. Subsequent renovations included the common areas and apartments as they became available.
Built in 1809 with Hallowell granite, the property is the second oldest in Hallowell, according to listing information. Features include a Masonic mural in the attic. There are four apartments, two with decks that overlook the Kennebec River. The property has five parking spots.
The upper-story apartments were occupied at the time of the purchase, but the ground-floor retail spot was vacant. In 2025, a bakery called Belle Boulangerie took over that space.
Some renovations needed
The property at 167-175 Water St. sold to Dunder Mifflin Paper Co. LLC, a limited liability corporation owned by Spencer and his colleague Josh Soley, who owns and leads CORE. The 10,300-square-foot office and retail building sold in an off-market deal for $1.049 million.
Built in 1840, it was renovated after a fire in 2007 and consists of ground-floor retail and two upper stories of office space. Features include access on three sides, including a storefront door location, a side entrance and a rear entrance. At the time of the purchase, there were four tenants and two vacancies, with some renovations needed for potential tenants, who today include Bistro Millard, Always Friday Medical, Aiello Law, G&G Construction and CORE.
About a year ago, Capital Area Properties LLC bought 119 Water St. for $400,000. The ground floor is leased to a craft cocktail lounge called the Maine House.
Downtown character
Most recently, Spencer acquired 107 Water St. for $675,000 through his limited liability corporation, Pelican-Hill LLC. Financing came from Maine State Credit Union. The 19th century, mixed-use brick building, completely renovated in the late 2000s, has four apartments and a retail space that’s home to Esteem Salon.
“This acquisition represents another step in a long-term commitment I’ve made to investing in and strengthening Hallowell’s historic downtown,” said Spencer. “My focus with each project has been to preserve the character of our downtown while supporting the local businesses and residents who make Hallowell such a unique and vibrant place.”
Today, the properties are home to a range of local enterprises that include restaurants, cafés and wellness and retail businesses.
Spencer was born in Augusta and has been an area resident all his life.
“As far as the three downtowns go in central Maine — Hallowell, Augusta and Gardiner — Hallowell is the most desirable,” he said. “Hallowell is hard to beat when it comes to restaurants and bars: It’s the place to be in central Maine. This makes the office spaces available more desirable: It's the only place in central Maine where you can walk to work and walk to go out and have breakfast, lunch, or dinner at several different locations. Like Portland, you can walk out the door and go wherever you want. Hallowell has a similar vibe.”