Kennebunk shopping center has new owner
Courtesy Paragon Commercial Real Estate
The Shops at Long Bank, an 88,450-square-foot shopping center in Kennebunk, has been purchased by Property Partners LLC for $6.925 million.
The Shops at Long Bank, an 88,450-square-foot shopping center in Kennebunk, was never for sale. But that didn’t stop Property Partners LLC, headquartered in the greater Portland area, from making an offer that wasn’t refused.
“It’s a good investment,” said buyer’s representative Greg Perry of Cardente Real Estate in Portland.
Perry said he uncovered the prospect on the leasing market and asked the retail center’s owner, GI Kennebunk LLC, if they would be willing to sell. The seller accepted a price of $6.925 million. The deal closed Sept. 9. This is the buyer’s first entry into the Kennebunk market, said Perry.
Located at 65 Portland Road in Kennebunk on 22 acres, the complex was strategically sited on Maine’s commerce artery, U.S. Route 1. It also is within easy access from the Maine Turnpike, with a daily traffic count of well over 16,000 vehicles, according to information in a pamphlet offered by Paragon Commercial Real Estate, the seller’s representative. The complex, within 10 miles of more than 30,000 people who live in Arundel, Kennebunkport and Kennebunk, opened in June 2007.
Anchor tenants include a Hannaford supermarket, Sebago Brewing’s Kennebunk Brewpub and Biddeford Savings Bank. Other retailers or professional services firms include Marty Layne Hearing, Pro Nails & Spa, Saco Bay Orthopaedic & Sports and Associated Eyecare. The site has 380 parking spaces.
Two units, comprising 1,350 square feet in all, are currently vacant. To date, lease rates have been $14 per square foot for five-year minimum terms.
“Anytime you can get a Hannaford with a long-term lease and a good mix of national and local tenants, it’s a good investment,” said Perry. “It was the right number and good timing for the seller to make the move. It’s the ebb and flow of commercial real estate.”
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