Unsolicited offer leads to $900K sale in growing area of Scarborough
Courtesy / F.O. Bailey Real Estate
This property at 226 Gorham Road in Scarborough was never on the market, but is in an area where “everything that's listed sells in a heartbeat,” the broker said.
SCARBOROUGH — The property located at 226 Gorham Road in Scarborough — comprising a 14,100-square-foot storage facility and 2,400-square-foot commercial building on 1.9 acres — was never on the market.
But that didn’t stop F.O. Bailey Real Estate associate broker Thomas Gadbois from approaching the owners to see if they’d be willing to sell.
Gadbois had a client, a retired merchant mariner, who was looking for supplemental income.
“He’s owned and improved a number of commercial properties over the years,” Gadbois said. “I’d been working with him over the past year, trying to find him something. But everything that’s listed sells in a heartbeat.”
Working mostly in southern Maine, active in his community and a multi-million-dollar producer throughout his four years in the real estate business, Gadbois said he makes it his mission to tap into potential properties, even if they’re not listed.
“I’ve found numerous properties off-market,” he said. “People tell me what they want and I find it.”
So he approached Roger Sandberg and Vonnie Purington, owners of the Scarborough property. They are the children of the original owners, who built a house out front in the 1970s, then eventually turned the house into the 2,400-square-foot commercial building and in the 1990s added Scarborough Mini Storage in back, the 14,100-square-foot, 60-unit storage facility that includes four 1,250-square-foot garage bays. Past uses of the front building included a craft shop and a motorcycle shop; it’s currently leased to Fiddlehead Center For the Arts. The garage bays in the storage facility are rented to contractors, Gadbois said.
“The mother passed and the kids inherited it, and they felt it was time to sell it because the market was so good,” said Gadbois. “They were too busy to deal with it. I thought it would be a good fit or my client.”
Gadbois’ client, under the name MSP Holdings LLC, purchased the property for $900,000, in a deal that closed March 31. Gadbois representing both buyer and seller.
The buyer plans to maintain the property as is, perhaps putting some money in for cosmetic improvements such as a paint job, tree removal, signage and landscaping, Gadbois said. The buildings are only about 50% occupied, at under-market rents, so the buyer plans to list it as a leasing opportunity at market-rate rents, said Gadbois.
The buyer won’t have any trouble finding renters, Gadbois said.
“It’s an up-and-coming area. There’s a lot going on there,” he said, citing the nearby Wal-Mart Supercenter down there, Bob’s Discount Furniture and other big-box stores, as well as redevelopment of some old farmhouses in the neighborhood into commercial spaces and a surge of new apartment complex construction, approved and in the pipeline, and the town’s first brewery now being built nearby. “It’s a win-win situation for everybody,” said Gadbois.
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