Investment group sees value in Topsham retail
Courtesy / Boulos Co.
A group of investors looking for growth opportunity in a secondary market found it in a Topsham retail center that has solid tenants like Habitat for Humanity.
A group of southern Maine investors was looking for long-term properties in strong growth communities in and around Greater Portland.
They found it at a retail center located at 126 Main St. in Topsham.
Zenith Investment Group bought the property from Topsham Place LLC for $1.55 million.
Josh Soley of Maine Realty Advisors represented the buyer and Tim Millett and Drew Sigfridson of the Boulos Co. represented the seller in the deal, which closed Dec. 4.
The group was looking for properties that have growth opportunity, and was interested in secondary markets like Topsham, said Soley.
The center was built in 1977 and comprises 20,554 square feet on 1.17 acres, according to Boulos Co. marketing materials. It’s fully leased and professionally managed with long-term tenants in place. Tenants are Habitat for Humanity ReStore, Brunswick Martial Arts, Kid O-Therapy, the Driving School and Goodwill Industries.
Nearby entities include NAPA, Mt. Ararat High School, the Department of Motor Vehicles and Lee Toyota.
Recent improvements to the center include new pavement, recent exterior facade renovations and new systems within.
“It’s a nice mix of tenants,” said Soley.
The structure once housed a sports center with squash courts and a swimming pool, he said.
It was a “great example of adaptive reuse in the midcoast region,” he noted.
The deal has upside that’s based on solid tenancy and gradual appreciation of the property’s value, he said.
“This is another example of investors looking outside of Portland for higher returns in this inflated market,” he said.
Most Recent
Most Recent
0 Comments