Courtesy / The Dunham Group
A local investment group bought 26 Washington Ave. to leverage the property’s expansion potential.
Updated: December 13, 2022
Multiple bidders come out for Frito-Lay distribution center in Scarborough
Courtesy / The Dunham Group
A 13,000-square-foot industrial building in Scarborough, with 12 loading docks and ceilings up to 23 feet, attracted multiple offers.
A Scarborough warehouse and distribution center for Frito-Lay Inc. attracted multiple offers and ultimately went to a local investment group for the property’s substantial expansion potential.
26 Washington Ave LLC purchased 26 Washington Ave. from Rolling Frito-Lay Sales LP for $1,563,720.
TC Haffenreffer and Sylas Hatch from the Dunham Group brokered the off-market transaction.
The property attracted multiple offers and ultimately sold to a local investment group who plans to take advantage of the property’s expansion potential.
The property was developed in 1982 and is comprised of a 13,000-square-foot industrial building along with a 800-square-foot service building, situated on 3.21 acres in Scarborough Industrial Park. The main building includes approximately 1,700 square feet of office space, 12 loading docks, and 19 to 23 foot ceiling heights. Located 2.5 miles from I-95, the property is set up well for distribution or warehousing.
Haffenreffer and Hatch represented the seller, who negotiated a leaseback with an unspecified term.
Frito-Lay North America Inc. is the $13 billion convenient foods business unit of PepsiCo (NYSE, PEP), which is headquartered in Plano, Texas. When the company decided to sell the property, it contacted Haffenreffer, who already had a relationship with Frito-Lay.
“Frito didn’t want to make a lot of noise, so we shot it to a few investors and quickly had multiple bids,” he said.
The buyer was a local investment group that owns a large portfolio of industrial property in southern Maine, including other holdings in Scarborough Industrial Park.
“They liked the location, the overall condition and functionality of the property. It checked a lot of boxes” said Haffenreffer. “It came with expansion potential and a significant amount of laydown and parking”
After Frito-Lay leaves, the buyer plans to market the building for lease, he said.
“The demand for quality industrial buildings is still very strong,” he said. “The interest level is high and the market remains strong despite the substantial increase in interest rates.”
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