Photo / Courtesy CORE
The tenant base at Lafayette Center — a former mill turns office building in downtown Kennebunk — includes Tom’s of Maine and Kennebunk Resort Collection.
Updated: 1 hour ago
$5.5M commercial real estate deal is one of Kennebunk’s largest
Photo / Courtesy CORE
Formerly home to textile manufacturers and Kesslen Shoe Co., the building's features include exposed brick, original wood beams and high ceilings.
The $5.5 million acquisition of the Lafayette Center — a former mill turned office building in downtown Kennebunk — is one of the largest commercial real estate purchases in the town’s history, according to a news release.
Tenants in the building include Tom’s of Maine, Kennebunk Resort Collection, Mitsubishi Hitachi Power Systems, Duffy’s Tavern & Grill and Saltwater Home Interior Design.
White Bark Property Management LLC bought the Lafayette Center at 2 Storer St. from Kesslen Mill LLC.
David Jones of F.O. Bailey Real Estate represented the buyer and Josh Soley and Andre Rosignol of CORE represented the seller. For the seller, said Soley, the time was right to “simplify life.”
The seller had owned the center for about five years, during which time all of the condos in the building were aggregated to put the property together as a whole. The seller also performed major improvements, including the facade and windows.
Originally listed for $6.375 million, it had several offers in the first few weeks, and soon went under contract, Soley said.
Investment prospect
“There’s a lot of history with that building,” said Jones. “It’s in great shape. The seller spent a lot of money fixing it up.”
Jones said he and his team have worked with the buyer on a number of properties in the past. Tom Gadbois, also with F.O. Bailey, identified the property as an investment prospect.
The four-story, 57,000-square-foot building, overlooking the Mousam River, is on 2.23 acres and has 91 parking spaces.
19th century roots
Built in 1880, it was once home to textile manufacturers, followed by the Kesslen Shoe Co. Today the restored mill is nearly fully leased.
Photo / Courtesy CORE
The property was marketed as an income-generating asset with long-term value.
Vacancies include small entrepreneurial spaces and larger customizable and dividable spaces.
Features include exposed brick, original wood beams and high ceilings,
The property was marketed as an income-generating asset offering stability and long-term value.
“We’re honored to become stewards of such an iconic and well-loved property in the heart of Kennebunk,” Matthew Goldfine, founder and managing principal of White Bark Property Management, told Mainebiz. “The Lafayette Center is more than a beautiful building — it’s a symbol of Maine’s entrepreneurial spirit and a cornerstone of downtown commerce.
Photo / Courtesy White Bark Property Management LLC
Matthew Goldfine
The acquisition was financed through local banks.
“We work with small, community-focused financial institutions whenever possible,” he said. “It’s a key part of our philosophy to keep capital and opportunity circulating within the same communities where we invest. From financing to renovation and property services, we prioritize working with Maine-based businesses and avoid outsourcing, even when it would be more cost-effective to do so.”
Long-term value
Founded in 2018, White Bark is a real estate investment, construction and property management firm registered in Connecticut with offices in Southport, Conn., and ib Camden.
“With the majority of our portfolio and operations based in Maine, our accounting office, contractors and much of our day-to-day activity are rooted in the state,” Goldfine said. “We consider ourselves deeply embedded in the Maine community and are committed to being an accessible and long-term local partner.”
The company manages a portfolio of more than 400 residential, commercial, mixed-use and hospitality units across the Northeast and says it’s one of the largest landlords in Maine, where it manages a growing portfolio with a focus on properties that combine long-term value with meaningful community impact.
Key holdings include:
- Knox Mill in Camden, a restored, mixed-use mill building with one- and two-bedroom apartments and exposed brick, high ceilings and inclusive utilities. Many of the tenants have lived in the building for years.
- Ledgeview Apartments in Bath, a 24-unit garden-style complex on 3.75 acres.
- Multi-family properties in Bath, Berwick, Sanford and Springvale.
Elsewhere, it has brownstone residences in Brooklyn, N.Y., and other specialty residential and mixed-use assets across the Northeast.
Photo / Courtesy CORE
Plans include investing in renovations and continued preservation, with a focus on tenant experience, energy efficiency and long-term community value.
“The Lafayette Center was brought to our attention by David Jones and Tom Gadbois of F.O. Bailey Real Estate, with whom we’ve had a long-standing relationship,” Goldfine said. “Their local insight and deep understanding of our investment criteria have been instrumental in identifying strong acquisition opportunities throughout the state, including this one.
Plans for Lafayette Center include investing in renovations and continued preservation of the building, with a focus on tenant experience, energy efficiency and long-term community value.
White Bark brought in professionally management for the building, with uninterrupted operations for existing tenants and plans for future enhancements to amenities and common spaces.
“Our team looks forward to working alongside town leaders, business owners and residents to ensure that Lafayette Center remains a vital part of Kennebunk’s future as the leading commercial address in the area,” he said.
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