A multi-million-dollar renovation is planned. The potential tenant market has a lot of options because of clear interior heights and building geometry, said the RAM Cos.
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The RAM Cos., based in Scarborough and Florida, picked up a 66,000-square-foot warehouse and manufacturing building at 16 Washington Ave. in the well-established Scarborough Industrial Park.
It plans to rebrand the property as the Washington Avenue Commerce Center.
The firm, led by Howard Goldenfarb and Todd Goldenfarb, bought the property from Sonoco Corp. for an undisclosed price.
“It is not every day that we can purchase such a well-functioning, centrally located asset with so much potential, only a few minutes from our headquarters,” Howard Goldenfarb said. “Scarborough is a very desirable community in which to do business, and this location in the Scarborough Industrial Park complements our portfolio well. We have a long history of taking underutilized assets to their full potential and look forward to doing the same at 16 Washington.”
The acquisition was financed through Bank of New Hampshire and equity, Todd Goldenfarb told Mainebiz.
A multi-million dollar renovation is planned.
Former packaging plant
The property was formerly owned and occupied by Sonoco Corp. (NYSE: SON), a packaging company with a North American corporate headquarters in South Carolina. The company vacated the building when the deal closed, Goldenfarb said.
The building, on nearly 15 acres, dates back to 1985.
RAM will rebrand the property as the Washington Avenue Commerce Center and make several interior and exterior upgrades. With interior clear heights up to 23.5 feet, more than 100 parking spaces, and heavy power, the property is suitable for a variety of uses, the company said.
The redevelopment plan assumes a six-month construction program, said Goldenfarb.
“Work to return the property to a well-functioning industrial property will include the exterior, roofing, regrading and repaving all exterior asphalt areas, new exterior LED lighting, additional truck loading doors, new signage and landscaping, a redesigned main entry and lobby, building shell repair and painting,” he said. “For the interior, we will update the HVAC, insulation, electric service and industrial LED lighting, upgrade office and bathroom finishes, and properly repair the existing industrial flooring.”
The potential tenant market has a lot of options because of the clear heights inside and the geometry of the building, he said: “16 Washington can work well for a variety of industrial tenants, whether that be light manufacturing, warehousing, distribution, etc. We have also received interest from other types of users, including indoor sports facilities.”
Claire Richardson of the Boulos Co. will handle leasing of the property.
The RAM Cos. focuses on the acquisition and redevelopment of industrial/flex income-producing properties and has introduced office, retail and residential property development for nearly 50 years on three continents.