The buyer of an industrial building in the Brunswick Industrial Park is in the midst of improvements to the building and grounds, with an eye toward attracting new tenants and the potential to expand.
A limited liability corporation, 43 North LLC, bought 7 Industrial Parkway in Brunswick from Domizi Revocable Trust for $920,000.
TC Haffenreffer and Sylas Hatch from the Dunham Group brokered the sale.
“This is a classic 43 North building,” said Bradley Abbott, owner of the Scarborough-based development firm. “It’s got really good bones.”
A couple of potential tenants are in the works.
Highlights of the 14,400-square-foot industrial building on 4.59 acres include 20-foot ceiling heights, additional land and easy access to I-295, he noted.
The building includes 9,600 square feet of warehouse space and 4,800 square feet of office space. There’s a loading dock and two drive-in overhead doors, plus ample paved parking.
Good bones
Abbott and his late father Jesse Abbott started 43 North in 2015. The company grew from a single commercial building outside of Portland to more than 10 sites in Cumberland and York counties, with 400,000 square feet of commercial and industrial warehouse space under management in Greater Portland.
Properties include a 95,000-square-foot manufacturing and warehouse building at 1 Eagle Drive in Sanford Industrial Park, acquired in a transaction also facilitated by the Dunham Group.
Overall, 43 North seeks good-quality, steel buildings that need repairs and updates but have good bones and decent-size space, Abbott said.
“We’re constantly in the market looking for buildings,” he said.
Upgrades
Upgrades at 7 Industrial Parkway began with clearing overgrown trees and brush around the building.
“Clearing the trees away from the building helps greatly with getting sunlight on to the property, prevents rust and water damage, as well as lessening the impact of rodents and animals on the building,” said Abbott.
The clearing is just the first of many steps to revitalize the industrial property. The roof needs some work and the lighting system needs an upgrade. Additional work will include paint, carpets, resurfacing the concrete floors and upgrading the heating and cooling system.
The investment is expected to be $250,000 to $300,000, financed by Mascoma Bank.
“These buildings do great when you get air moving through them,” he said.
