Photo / Courtesy The RAM Cos.
The 111 Parker St., Newburyport, Mass., location is the long-time home to a Lund, Sweden, firm.
January 7, 2025
Maine-based RAM Cos. expands New England footprint, paying $14.5M for two industrial buildings
Photo / Courtesy The RAM Cos.
RAM cited strong locations and long-time tenants, both headquartered in Sweden, as attractions to its latest acquisitions, including 111 Ledge Road in Seabrook, N.H.
Howard Goldenfarb, one of Greater Portland’s most prominent developers of the past few decades, went outside of Maine to acquire two fully leased industrial properties for a total of $14.55 million.
Goldenfarb, founder of the RAM Cos. in Scarborough, said Monday the company acquired 32,000 square feet on six acres at 111 Ledge Road in Seabrook, N.H., and 46,000 square feet on 4.4 acres at 111 Parker St. in Newburyport, Mass.
The Seabrook property is occupied by Munters Group AB, which is headquartered in Stockholm, Sweden, and is a provider of energy-efficient air treatment and climate control solutions, according to a news release.
The Newburyport property is occupied by Alpha Laval, headquartered in Lund, Sweden, and focused on the production of machinery used to heat, cool, separate and transport products such as oil, water, chemicals, beverages, foodstuffs, starch and pharmaceuticals.
Mark Campbell, RAM’s senior vice president of acquisitions and development, led the acquisition effort. David Coffman and Michael Restivo of JLL’s Boston office brokered the transaction.
“The acquisition provided us with the opportunity to acquire two well-located properties in the strong northern submarkets of Boston and New Hampshire's Seacoast,” said Campbell. “111 Parker in Newburyport has been a long-time home to a great tenant in Alfa Laval and will continue to provide great stability for RAM. 111 Ledge in Seabrook is a very functional building with desirable characteristics and accessibility in a supply-constrained market with exceptionally limited vacancy.”
Combined, the portfolio is expected to allow RAM to create near-term value and realize strong longer-term appreciation, he said.
RAM growth
RAM has a focus on the acquisition and redevelopment of industrial/flex income-producing properties in New England and South Florida. Its approach is to acquire, develop and manage real estate that adds value to the company's portfolio and to communities.
RAM’s affiliate, Mile Marker Investments, said last month it is teaming up with Live Nation Entertainment Inc. (NYSE: LYV) to develop a 66,000-square-foot music hall at at 224 Cumberland Ave. in Portland.
Goldenfarb is credited with igniting the redevelopment of Portland’s Old Port district in the 1970s with the purchase and redevelopment of more than 22 properties, including many historic buildings.
Elsewhere in Maine, he led a number of groundbreaking developments, many of which were the first of their kind: the Maine Outlet in Kittery; Citicorp Park in South Portland, (now the Park at 100 Foden Road); Foreside Common in Falmouth; the Atlantic House, a luxury condominium project on Scarborough Beach; RiverPlace in South Portland; and the Longfellow, a 48-room luxury hotel in Portland’s West End.
In 2023, RAM paid $9.6 million for a 64,000-square-foot commercial complex in at 421 and 429 Warren Ave. in Portland.
At the time, Campbell cited the complex’s location in a strong industrial Portland sub-market in an in-demand real estate segment.
RAM was a pioneer in development of outlet malls in England, Belgium and Israel. The firm has real estate in New England, Florida and Texas.
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