Seized properties of gambling ringleader hit the market
Courtesy / Northeast Commercial Brokers at Keller Williams Realty
Built in 2010, 757 Forest Ave., Portland, 3,450-square-foot brick retail building on 0.122 acre, $407,000. The interior is currently a shell offering two levels of space.
Fourteen properties seized from a convicted gambling ringleader have hit the real estate market.
Kevin Fletcher, of Northeast Commercial Brokers at Keller Williams Realty, told Mainebiz he is starting to bring to market commercial real estate assets seized by the U.S. Marshal Service from Stephan Mardigan, who pleaded guilty a year ago to illegal gambling, money laundering and filing a false tax return.
Thirteen 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, and many offer redevelopment opportunities, Fletcher said.
“There’s the opportunity there for somebody to take advantage of moving their business in or redeveloping properties and increasing their value,” he said. “As I see it, it’s taking these assets that have been in limbo for a couple of years and getting them new tenants, new operators and owners, new businesses, and getting them back as working assets.”
The properties are emerging from an appraisal process that have determined list prices.
“The appraisals have been trickling in, and then we’ve been bringing them to market,” Fletcher said. “We’re taking the properties out to the market as we normally would. We have active showings going on now: over 15 showings in the last four or five days on various properties.”
He said he’s also seeing interest from potential buyers in purchasing the entire portfolio.
An interesting aspect of the process is that the properties must remain on the market for 21 days before the U.S. Marshall Service will accept a purchase-and-sale contract, Fletcher said.
“The benefit is that it allows full marketing exposure and not just somebody getting in to get a good deal,” he explained. “So everyone has the opportunity to see the properties and present offers.”
In May 2018, Mardigan pleaded guilty to charges of illegal gambling, money laundering and filing a false tax return, according to the Bangor Daily News. He was sentenced in federal court earlier this year to 15 months, plus three years of supervised release.
What's available
List prices have been determined for 12 of the properties.
Prices range from $93,500 for a development lot at 31 Hersey St., Portland, to $1.8 million for an industrial parcel in Portland. The properties include retail, office and industrial.
They are as follows:
- 78-96 Bell St., Portland, five-building industrial property comprising 26,855 square feet on 1.325 acres. Some tenants occupy just over 11,000 square feet. $1.771 million.
- 31 Hersey St., Portland, 0.121-acre development lot near Woodfords Corner, $93,500.
- 34 Vannah Ave., 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, $429,000.
- 865 Forest Ave., Portland, 11,362-square-foot restaurant building on 0.8427 acre, $1.21 million.
- 881-883 Forest Ave., Portland, 15,200-square-foot office/retail building on 1 acre, $1.292 million. One side of the building is occupied by a banking operation, the other side is vacant.
- 408 Forest Ave., Portland, 2,362-square-foot retail/restaurant building on 0.1348 acre, $468,600. Currently occupied by Crown Fried Chicken.
- 757 Forest Ave., Portland, 3,450-square-foot brick retail building on 0.122 acre, $407,000. 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 acre, $204,600.
- 785 Forest Ave., Portland, 630-square-foot retail building on 0.284 acre, $364,100. Currently vacant, the site has a long history of use as a used car lot but offers other possibilities.
- 815 Forest Ave., Portland, 5,875-square-foot brick building on 0.22 acre, $511,500. Currently occupied by a long-standing pool hall and bar.
- 937 Congress Ave., Portland, 2,100-square-foot retail building on 0.025 acre, $390,500. Currently occupied by a variety store.
- 197 Main St., Westbrook, 1584-square-foot residential rental property on 0.985 acre, $176,000.
- Prices are still to be determined on two other properties, at 726 Forest Ave. and 777 Forest Ave. in Portland.
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