Courtesy / RAM Cos.
Howard A. Goldenfarb, founder of the RAM Cos., said the firm acquired an industrial complex at 421 and 429 Warren Ave. in Portland.
Updated: August 3, 2023
One of Portland's best-known developers pays $9.6M for complex on Warren Avenue
One of the Portland area’s most prominent developers of the past few decades has acquired a 64,000-square-foot commercial complex in Portland for $9.6 million.
Howard A. Goldenfarb, founder of the RAM Cos., said this week the firm purchased the industrial property at 421 and 429 Warren Ave.
The complex includes three one-story buildings. It is fully leased with nine tenants, anchored by Safelite Auto Glass.
Howard Goldenfarb, Todd Goldenfarb and Mark Campbell led the acquisition effort on behalf of RAM and its affiliate, Mile Marker Investments. Joe Malone and Jennifer Small of Malone Commercial Brokers represented the seller.
“Warren Avenue has been a strong industrial Portland sub-market for many years,” said Campbell, who is senior vice president of acquisitions and development at RAM. “The property is well built and extremely functional. It has ample loading doors, 18-foot clear height, and a good mix of tenants anchored by Safelite.
"As Portland continues to grow, good industrial properties like this become even more in demand. We are very pleased with this acquisition.”
With an easily accessible location near Interstate 95 and the 18-foot ceiling heights throughout each building, the space provides tenants flexibility for various uses.
RAM plans to make several upgrades to the property and will use its in-house team for property management.
Going forward, the property will be known as the Portland Commerce Center. RAM plans to upgrade landscaping and parking lots, rebrand with new signage, paint, and make other needed capital improvements.
Goldenfarb’s legacy
Courtesy / The RAM Cos.
Howard Goldenfarb, founder of the RAM Cos.
Goldenfarb helped ignite the redevelopment of Portland's Old Port neighborhood in the 1970s through the acquisition and redevelopment of more than 22 properties, including many historic buildings. RAM is now involved in the development of the Longfellow, a 48-key luxury hotel in Portland’s West End.
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; and RiverPlace in South Portland.
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.
In recent years, the company has acquired several million square feet of industrial property, much of it value-add. Through its Miami Beach-based affiliate, Mile Marker Investments, the company is involved in the development of luxury single-family homes and townhomes.
RAM Cos. is based at Centervale Farm in Scarborough.
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