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December 5, 2022

$18M real estate portfolio is largest Brunswick deal in 5 years

aerial of buildings parking lots icons Courtesy / The Boulos Co. The buildings making up an $18 million portfolio, Brunswick’s largest in over five years, are notated on this aerial.

The $18 million sale of five commercial buildings totaling 71,583 square feet is the largest such deal in Brunswick in more than five years, according to a news release from the Boulos Co.

WFF Brunswick Owner LLC bought 16-22 Station Ave. from JHR Development of Maine LLC, in a transaction arranged by of the Boulos Co.’s Drew Sigfridson. 

The properties comprise retail, office and medical office space, as well as two residential buildings. 

JHR developed the Brunswick Station complex 13 years ago on what was then a vacant brownfield lot. 

Courtesy / The Boulos Co.
16 Station Ave. tenants include Scarlet Begonias, Byrnes Irish Pub, town of Brunswick, Omnic Data Inc. and Bowdoin College.

It has since grown into a commercial, residential and transportation hub, connecting the neighborhood around Bowdoin College with Maine Street shops and businesses, while offering train service to Portland and Boston. 

The central location, with its strong, mixed-use tenant base, appealed to the buyer, whose background includes owning residential and commercial assets. 

Courtesy / The Boulos Co.
19 Station Ave. and 16 Noble St. are two apartment buildings.

The commercial buildings at Brunswick Station were constructed in 2009, and residential buildings were erected in 2017, around Brunswick’s multi-modal transportation hub, which accommodates the Amtrak Downeaster, buses and taxis. 

The development has two main parts. The east side includes retail and commercial space and the west side has residences. 

The offering comprises 24 apartments in two buildings and over 40,000 square feet of commercial space in three buildings.

Courtesy / The Boulos Co.
22 Station Ave. is leased by Mid Coast Hospital and Spectrum Medical Group.

“This development is located in the center of all Brunswick has to offer,” Sigfridson said in his listing. “In addition to the transportation hub, it is adjacent to a grocery-anchored retail development, the Brunswick Town Hall, and is within walking distance to Bowdoin College and several shops, restaurants and inns.”

He called the portfolio a “highly desirable mix” of leased residential apartments, office, medical and retail space that “creates significant multi-tenant investment stability for this best-in-class property.”

 Courtesy / The Boulos Co.
2 Station Ave. tenants are Miracle Ear and Edible Arrangements.

The tenant mix “is enviable,” he added. “Bowdoin College, Mid Coast Hospital and Spectrum Medical Group are just three of the commercial tenants in the development.”

The buyer will retain Boulos Asset Management to manage the property.

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