“The trend really became popular in Japan. You go in, hang out, have a beer or coffee and listen to vinyl,” said one partner in the venture, called Bad Neighbors.
“Our plan is to preserve what makes the building so iconic while expanding the ways the community can use it — from private events to wellness classes, concerts, comedy nights and nonprofit fundraisers,” the buyer said.
The seller successfully completed the disposition of a marquee asset, while the buyer secured long-term operational presence in a landmark building,” Boulos said.
The 18,850-square-foot shopping center is located at the entrance to Belfast and anchored by Belfast Drug Co.. Additional tenants included New China, Sherwin-Williams, Rent-A-Center, Goodwill and U.S. Cellular.
An investor with an interest in Hallowell’s downtown picked up his fifth property. “Like Portland, you can walk out the door and go wherever you want. Hallowell has a similar vibe," he said.
The commercial real estate firm’s expansion of third-party property management services was marked by the addition of several management contracts and team growth.