Photo / Courtesy Malone Commercial Brokers
The seller of 1001 Portland Road, at bottom left, is developing the neighboring Cascade Falls mixed-use development at 991 Portland Road.
Updated: August 26, 2024
University Credit Union enters Saco market with US Route 1 building acquisition
Photo / Courtesy Malone Commercial Brokers
A retail building at 1001 Portland Road in Saco turned over in less than two months with a $400,000 markup.
About University Credit Union
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The developer of an eight-acre mixed-use parcel on Route 1 in Saco did a quick turnover of a neighboring lot with a $400,000 markup.
ParkNorth Development LLC bought 1001 Portland Road from Northeast Credit Union for $1 million in a deal that closed May 30.
Tim Millett and Joe Porta of Porta & Co. brokered the transaction.
Less than two months later, ParkNorth Development LLC sold the property to University Credit Union for $1.4 million.
Mike Anderson and Karen Rich of Malone Commercial Brokers represented the seller and John Doyon of Malone Commercial Brokers represented the buyer in the transaction.
The property consists of a 2,952-square-foot retail building built in 2010 with two drive-through lanes on 1.31 acres.
It was marketed as a highly visible location along a stretch of U.S. Route 1 experiencing lots of new development with traffic counts of 17,840 cars per day.
The seller
The owner of ParkNorth Development LLC is Elliott Chamberlain, who also owns the neighboring 8-acre development at 991 Portland Road that his company, Chamberlain Homes, is developing.
Called Cascade Falls, the 991 Portland Road development today has hundreds of residential units. Ziggi’s Coffee, a Colorado franchise brand, recently opened its first Maine store there. The Family Center of Maine recently signed an 8,000-square-foot lease for new construction. Available contiguous space, with a focus on retail, ranges from 2,000 to 40,000 square feet.
Chamberlain’s master plan for Cascade Falls originally included the 1001 Portland Road parcel, said Anderson. And he and Rich had the property on the market for lease.
But University Credit Union “offered an appealing price that worked not only for them but for Elliott as well, thus the reason for the sale,” he said.
The buyer
The property offers the opportunity to have sufficient office space for University Credit Union’s loan operations center and the ability to have a small retail presence, said Renee Ouellette, president and CEO at University Credit Union.
Headquartered in Orono, the credit union has staff and offices across the state.
“As we expand and our workforce needs change, we have evaluated the best use of space leading us to look for a standalone location in southern Maine that can support our business needs,” she said.
The intention is to utilize the space for the credit union’s existing loan operations center in Scarborough, and as a small full-service retail presence with video teller technology. Over the coming months, UCU will be developing renovation plans for the retail space, drive-up and office space.
“We anticipate occupation of the space in Q2 to Q3 2025, and the retail opportunity would be later in the year,” Ouellette said.
University Credit Union has nine total branches — five retail locations and four on-campus locations. Its retail footprint spans the state, including Portland, Presque Isle, Farmington and Machias. It also has multiple ATMs and video tellers in the marketplace.
“This will be our first entry into the Saco market,” said Ouellette. “However, UCU has had a retail presence in southern Maine for nearly 30 years with our Portland location on Forest Avenue.”
The credit union is open to considering new opportunities and the availability of the property aligned with a change in needs for its Scarborough loan operations center, she said.
“It will provide us a great space for our staff, and a great location for members to connect with us,” she said.
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