🔒Renys real estate adventure continues at discounted price

The former Renys in downtown Portland is still an empty storefront, but behind the scenes, the listing broker is offering the 28,000-plus square-foot mixed-use building at a heavy discount in hopes of landing a new tenant or owner soon. Located at 540 Congress St. in a neighborhood that has weathered a rough patch, the former downtown digs of the discount retail store was originally listed by the Boulos Co. at a sales price of $2.4295 million and for lease at $7.50 per square foot. The family-owned chain, which advertises with the jingle "Renys ... A Maine Adventure," ended its 15-year downtown Portland run in December, closing the store a day early due to illness and staff shortages. But it’s a large space to fill, and now the listed sales price has been reduced by 30% to $2.975 million and the listed lease rate lowered by 21% to $7.50 per square foot. “I’ve been talking to multiple tenants and we’re very close with one tenant,” broker Cameron Foster of the Boulos Co. told Mainebiz in a phone interview on Friday. “The mark’s not really in our favor, but at the new price, hopefully it brings forth even more opportunity,” he added.

'Interesting building'

Foster said he’s shown the property to interested parties from nonprofits to a municipal group, as well as retail businesses and institutional groups “It’s just an interesting building,” he said. “You just have to keep working at it and something will happen.” Encouraged by the city’s efforts to make the neighborhood safer and cleaner via community policing and the Downtown Ambassadors program operated by Portland Downtown, along with new businesses that have opened, he noted that “crowds drive more crowds in retail." However, finding a new occupant for 540 Congress St. has its challenges, including that it may not lend itself well to a residential conversion, though it has possibilities for an office use, according to Foster. “Our job is definitely not easy on this one,” he said.