South Portland's Mall Plaza — across from Maine Mall — sells for $20M

An aerial photo shows a shopping center with parking lots.

Photo / Courtesy Newmark The 153,576-square-foot Mall Plaza shopping center in South Portland is anchored by Dick’s Sporting Goods. Maine Mall Road is partially visible at the lower left. The other major crossroad, lower right (out of the image), is Gorham Road.

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By Laurie Schreiber

The 153,576-square-foot Mall Plaza shopping center, at 220 Maine Mall Road in South Portland, has sold for $19.75 million.

The shopping center, which is across the street from the Maine Mall, is anchored by Dick's Sporting Goods (NYSE: DKS).

GMG LLC sold the property to New Gen Hospitality Inc., a family-owned business that has several hotels in South Portland.

David Jones of F.O. Bailey Real Estate represented the buyer in the transaction.

The seller was represented by the Boston-based capital markets team of Newmark Group Inc. (Nasdaq: NMRK).

Robert Griffin, co-head of Newmark’s U.S. capital markets, and Jonathan Martin and Paul Penman, managing directors of the Boston capital markets team, provided support for the transaction in conjunction with Mackenzie Simpson of Porta & Co.

Jones told Mainebiz he’s worked with the buyer on previous transactions.

“They own other substantial properties in Maine,” he said.

He added, “It’s a great property in the heart of South Portland.”

A Mainebiz story from October 2023 indicated that New Gen Hospitality owned five hotels in South Portland and two in Scarborough, and was actively developing additional hotel properties.

83% leased

Mall Plaza is 83% leased to a diverse tenant roster including anchor Dick’s Sporting Goods and junior anchor Petco, said Newmark.

The property has five pad sites, four of which are occupied, with Burger King, Verizon, Maine Community Bank and Friendly’s.

“Mall Plaza presents exceptional upside potential given its below-market in-place rental rates, near-term lease roll and excellent market fundamentals,” said Martin. “The offering underwent a competitive sale process with more than a dozen offers and multiple rounds of bidding from local and national operators, reflecting both the strength of this market and investors’ demand for core-plus and value-add acquisition opportunities.”

Mall Plaza is located across from the Maine Mall, the only “super-regional” mall within a 50-mile radius, Newmark noted.

Mall Plaza further benefits from its positioning at a signalized intersection with seamless access to and from the Maine Turnpike and I-295.

Casey O’Brien, a Newmark senior financial analyst, provided support for the transaction.

About Newmark

Newmark Group Inc. (Nasdaq: NMRK) and its subsidiaries generated revenues of approximately $2.6 billion for the 12 months ended Sept. 30, 2024, Newmark. Its company-owned offices, together with its business partners, operate from nearly 170 offices with more than 7,800 professionals around the world.