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June 8, 2019

Portland-area properties seized by U.S. Marshal's Office selling quickly

Courtesy / Northeast Commercial Brokers at Keller Williams Realty A buyer who owns retail condominiums around Portland purchased 408 Forest Ave. in Portland for $480,000. The property, one of 14 seized by the U.S. Marshal Service from Stephen Mardigan, is occupied by Crown Fried Chicken, which will remain in place.
By Laurie Schreiber

Thirteen of the 14 properties seized by the U.S. Marshal Service, from convicted gambling ringleader Stephen Mardigan, have sold or gone under contract over the past month.

“All except one property has either sold or is under contract,” said Kevin Fletcher, of Northeast Commercial Brokers at Keller Williams Realty, who started to market the commercial real estate assets in March.

Mardigan pleaded guilty a year ago to illegal gambling, money laundering and filing a false tax return.

Thirteen of the 14 went under contract within the first 21 days of the portfolio hitting the market.

“We had over 300 showings and probably over 60 offers,” he said.

Interested buyers ranged from business owner/users to investors. 

Investors generally see potential for upgrades and improved income streams, he said.

“Some of the buildings need some TLC,” Fletcher said. “757 Forest Ave. is a prime example. The building is a shell. Some of the buildings have tenants, and they’ll continue to stay on.”

The purchases of a retail building at 408 Forest Ave. and a mixed-use building at 34 Vannah St. are good examples of investments for the sake of existing income streams, he noted.

The rapid sales demonstrate the strength of Portland’s commercial real estate market, he said.

Thirteen of the properties are in Portland; one is in Westbrook. The properties are a variety of commercial buildings, some vacant and others tenanted. They’re all in generally good condition, Fletcher told Mainebiz in March.

One property remains on the market. It’s five-building industrial property comprising 26,855 square feet on 1.325 acres, located at 78-96 Bell St., Portland. It’s garnered some interest but so far hasn’t found a taker, said Fletcher. As a result, the price was recently reduced from $1.771 million to $1,529,500.

Another property, 777 Forest Ave. in Portland, is due to close soon.

The sales of 12 properties have closed.

Fletcher represented the seller in all of the transactions. Patrick Casalinova, also of Northeast Commercial Brokers at Keller Williams Realty, joined Fletcher in brokering many of the deals. Fletcher cited the seller as the United States of America. 

Cash purchase

A recently sold property was 408 Forest Ave. in Portland. RDP 408 LLC purchased it for $480,000. John Golden of Maine Realty Advisors represented the purchaser in the transaction, which closed May 30.

Golden said the property was purchased with cash.

The property consists of a 2,362-square-foot retail/restaurant building on 0.1348 acre. It’s occupied by Crown Fried Chicken, which will remain in place, said Golden. No major update of the property is expected.

The buyer owns various retail condominiums around Portland, some of them food-related, Golden said. The buyer was interested in this property because the lease already in place produced a good income, he added.

The price was about average for the area and type of property, he said.

Courtesy / Northeast Commercial Brokers at Keller Williams Realty
The five-building industrial property at 78-96 Bell St., Portland, had the highest list price of the Mardigan portfolio, at $1.771 million. It’s garnered some interest but so far hasn’t found a taker. The price was recently dropped to $1,529,500.

All together, the 12 sold properties are:

• 197 Main St., Westbrook: Development site sold to New England Real Estate Associates LLC for $285,000.  The transaction closed April 26.

• 31 Hersey St., Portland: 0.121-acre development site sold to Richard Harrison for $115,800.  Joyce Frost of The Bean Group represented the buyer in the deal, which closed May 1.

• 34 Vannah St., Portland: 4,980-square-foot mixed use retail property offers local market on the first floor with two apartments on the second floor, near Woodfords Corner, sold to Greg Pirone for $400,000.  The deal closed May 16.

• 937 Congress St., Portland: 2,100-square-foot retail building on 0.025 acre sold to 937 Congress Street LLC for $395,000.  The deal closed May 24.

• 408 Forest Ave., Portland: 2,362-square-foot retail/restaurant building on 0.1348 acre sold to RDP 408 LLC for $480,000.  Kevin John Golden from Maine Realty Advisors represented the buyer. The deal closed May 30.

• 726 Forest Ave., Portland: Retail/office building sold to STC New England LLC for $975,000.  The deal closed May 20.

• 757 Forest Ave., Portland: 3,450-square-foot brick retail building on 0.122 acre sold to Mystique Way LLC for $560,000. The interior is currently a shell offering two levels of space.

767 Forest Ave., Portland: 1,216-square-foot retail/office building on 0.149 acres sold to Mystique Way LLC for $370,000. 

Christa Kelley of Apex Real Estate Group represented the buyer in both deals, which closed May 10.

• 785 Forest Ave., Portland: 630-square-foot retail building on 0.284 acre sold to Banha Huot LLC for $405,000. Currently vacant, the site has a long history of use as a used car lot but offers other possibilities. The deal closed May 20.

• 815 Forest Ave., Portland: 5,875-square-foot brick building on 0.22 acre sold to New Heritage Builders Inc for $432,000.  Currently occupied by a long-standing pool hall and bar. King Weinstein of King Real Estate represented the buyer. The deal closed May 31.

• 865 Forest Ave., Portland: 11,362-square-foot restaurant building on 0.8427 acre sold to New Heritage Buildings Inc. for $1 million.  King Weinstein of King Real Estate represented the buyer. The deal closed May 31.

• 881-883 Forest Ave., Portland: 15,200-square-foot office/retail building on 1 acre sold to Maine Savings Federal Credit Union  for $1.533 million.  One side of the building is occupied by a banking operation, the other side is vacant. The deal closed April 30. 

 

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