New owner to spruce up Wiscasset shopping center
Photo Credit / NAI The Dunham Group
The Wiscasset Marketplace, a 35-year-old shopping center on Route 1 in Wiscasset, sold for $1.23 million in a deal that closed Dec. 29.
The Wiscasset Marketplace, a 34,800-square-foot shopping center on Route 1, has been a mainstay for local consumers of chain and locally owned eateries and shops since it opened in 1980.
It now has a new owner, an investor group with holdings throughout New England.
In a deal that closed Dec. 29, WM 681 Bath Road LLC bought the property from Wiscasset Marketplace LLC for $1.23 million. The asking price was $1.327 million.
The property, situated on 6.3 acres, includes 126 parking spaces. It’s highly visible on Route 1, with 17,000 vehicles a day passing by.
Tenants include Subway, Marketplace Café, Garden Island Cleaners, Family Dollar, Nickels Back Redemption, Island Teak and Pet Life. There are three vacant stores, ranging from 4,000 to 9,800 square feet, two of which could be combined. The spaces have been vacant from nine months to a year.
The buyer is a group of investors represented by Summit Realty Partners in Lexington, Mass. The LLC is made up of seasoned investors, with holdings throughout New England, but working together for the first time on this deal.
“We look for properties for our investors that are in good locations and where the properties can benefit from strong property management and leasing capabilities, said Summit’s John Tardif, who brokered the deal for the buyer. “We felt this would fit the bill for them.”
Although the buyer paid less than the asking price, it wouldn’t be correct to say the buyer got a deal, said one of the seller’s representative, Katie Millett of NAI The Dunham Group. She partnered on the deal with colleague Thomas Moulton. She said the discount on the asking price was comparable to other commercial deals in the area.
"Wiscasset is a tertiary market so there are a limited number of potential buyers,” she said. “When the owner received a reasonable offer with favorable terms, he jumped on it."
The property had five or six serious interested parties and a couple of offers were made, “but not necessarily on the serious side, shall we say — not at a price the owner was willing to consider,” she said.
The seller is a Maine resident who owns several other properties in the Wiscasset and Brunswick areas. He decided to put the property on the market when he saw it was a good opportunity to sell, Millett said.
“With the market improving so much, he saw he could make a small profit and move onto something else,” she said.
Summit has put together for the buyer a management and improvement plan that involves working with the town of Wiscasset and current tenants to decide on improvement projects going forward, said Tardif.
“We hope to work as partners with the town and current tenants on what we need to do to make the center a little more presentable,” he said. “It’s in average shape right now, but could use some sprucing up. Some of the spaces that are vacant just need some upgrades in order to get high-quality tenants into the space. We feel that with a good plan we’ll be able to fill the vacancies.”
“We love the location on Route 1,” said Tardif. “It’s a nice little retail pocket in Wiscasset. Wiscasset has great seasonal traffic and strong commuter traffic” of more than 17,000 vehicles per day. “I think the building offers strong upside to someone who’s willing to put some money into improvements and upgrade the center, which we are prepared to do. So with space availability and a strong leasing program, we look to attract other tenants and return the property to a fully leased, vibrant center.”
Most Recent
Most Recent
Comments