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Updated: October 17, 2022

Private equity group nabs Rockland shopping plaza for $14.6M before it hits the market

aerial of buildings, parking lot, water Courtesy / Maine Realty Advisors, Horvath & Tremblay A private equity group of buyers in the midcoast area scooped up the 170,000-square-foot Harbor Plaza Shopping Center in Rockland for $14.6 million.
By Laurie Schreiber

A private equity group of buyers in the midcoast area scooped up a 170,000-square-foot shopping center in Rockland in a deal that started with a phone call.

Treadstone LLC bought Harbor Plaza Shopping Center, 235 Camden St., from Harbor Plaza LLC for $14.6 million.

Bob Horvath of Horvath & Tremblay and Josh Soley of Maine Realty Advisors brokered the transaction.

The purchased was financed through Maine Community Bank.

The plaza was built in 1987 by Camden architect John Morris, who owned and managed the plaza, said Soley.

“John is transitioning into retirement and reached out to my friend Bob Horvath in Boston,” related Soley, who is one of the buyers. “Bob reached out to me and said, ‘I’ve got a shopping center in Maine. What do you think?’ Before it hit the market, we came to terms for an acquisition.”

The plaza’s tenants include Shaw's Supermarket, Staples, TJ Maxx/HomeGoods, H&R Block, China Coast, Olympia Sports, Pet Quarters, GameStop, Rent-A-Center, and FedCap Opportunity Center.

sign and buildings and car
Courtesy / Maine Realty Advisors, Horvath & Tremblay
Built in 1987, tenants include Shaw's Supermarket, Staples, TJ Maxx/HomeGoods, H&R Block, China Coast, Olympia Sports, Pet Quarters, GameStop, Rent-A-Center, and FedCap Opportunity Center.

“It was an honor putting together this investment team and working with each individual involved in the acquisition,” said Soley. “I only have the highest regard for the seller and what he's been able to accomplish in Rockland these past 35 years.”

The plaza is in good condition, he said.

“John Morris did a phenomenal job in maintaining it,” he said. “We intend to bring in professional management. My office has been retained for leasing the plaza.”

One of the group’s immediate goals is to fill vacancies that total about 12,000 square feet.

“We’re in negotiations with two tenants for four of the vacancies,” said Soley. 

Plans are also afoot for energy upgrades.

“We’ve reached out to various solar providers to cover the 170,000-square-foot roof with solar,” he said. 

The group has also spoken with Tesla about installing three Level 3 electric-vehicle super-charging stations. The super-chargers would be the first in the midcoast region, he said.

The goal is to have the installation in place by mid-2023.

“Tesla has told us this is where they want to be,” he added.

Soley said he’s bullish on the midcoast region. In Rockland alone, he noted, his company has facilitated about 300,000 square feet of sales over the past 12 months. 

“I like the can-do attitude, the general notion that they want business, they want to promote growth and they love development,” he said.

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