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December 30, 2020

Former Yale Cordage owners buy FirstPark building, capping strong year for Oakland business park

a two-strory large brick building with white trim, with a green lawn and woods in the background and an american flag on a pole in front Photo / Maureen Milliken 46 FirstPark Drive is the fourth property this year at Oakland business park FirstPark to change hands.
By Maureen Milliken

The former owners of a Saco rope company have closed on 46 FirstPark Drive, one of the largest office buildings at Oakland business park FirstPark.

Investors Tom and Debrah Yale, former owners of Yale Cordage Inc., in Saco, bought the 20,000-square-foot building from CPA Realty LLC for $1.9 million. Benchmark Real Estate was the selling broker, and Erik Urbanek of SVN | The Urbanek Group, listed the property and completed the deal.

This year's four transactions mark the most commercial real estate sales in a year since the 285-acre business park opened in 1999, and continues the development traction 285-acre FirstPark has gained in the past two years.

In March, Maine Eye Doctors, a team of local optometrists, bought the 6,000-square-foot building at 25 FirstPark Drive. J.B. Brown & Sons bought the 78,000-square-foot building that houses T-Mobile in April, the largest building in the park. Undeveloped Lot 4, in the park's west campus, was also recently sold.

The Yales sold Yale Cordage Inc. in July to River Associates, a Tennessee-based private equity firm. The Yale family founded the business, which manufactures high-performance synthetic ropes, in 1950. The Yales said they're reinvesting in commercial property in Maine.

The two-story building at 46 FirstPark Drive is at the entrance to the two main campuses, the most visible building at the site.

"FirstPark is a beautiful business park," Tom Yale said in a news release. "With more than 50 years of experience in commercial real estate, Debrah and I think the infrastructure is second to none in the state."

He said they "feel good about the distinguished tenants located at 46 FirstPark" and also see room for growth. Tenants in the building are One River CPAs, Gateway Financial Services, FirstPark — Kennebec Regional Development Authority and Maine Medical Partners — Oakland Specialty Care. There is one vacant unit, a corner office of 485 square feet.

"Currently, the Portland, York and Cumberland markets have low unemployment," Yale said. "Central Maine has a more available workforce, including local colleges, which makes FirstPark very appealing."

The couple also recently bought a 1,500-square-foot industrial condo in the Mill Brook Business Center in Saco for their new business, Resin Fiber.

A woman and two men stand in front of a door wearing face coverings and winter clothing doing elbow bumps for the camera
Courtesy / FirstPark
Jim Dinkle, executive director of FirstPark (center), gives congratulatory elbow bumps to Debrah Yale (left) and Tom Yale (right) outside 46 FirstPark Drive. The Yales recently bought the property after selling their business, Yale Cordage Inc., in Saco.

'Lots are moving quickly'

Jim Dinkle, executive director of FirstPark said it's been a great year for the commerce and technology campus and the 24 towns and cities that comprise Kennebec Regional Development Authority, which owns it. He said interest is steady because of the location directly off Exit 127 of Interstate 95.

"Based on the real estate trends we're seeing from 2020, lots are moving quickly," he said. Earlier this year, FirstPark hired SVN | The Urbanek Group Advisors as its commercial and industrial real estate broker for the business park. The 12 undeveloped lots on the 22-lot campus are listed at $15,000 an acre.

Other businesses located in the park, or that own property there, are Bioenergetic Healing, Gateway Financial Partners, Northern Light Podiatry, L.L.Bean, MaineGeneral, Maine Medical Partners, Maine Eye Doctors, One River CPAs, Waterville Community Dental Center and SurgiCare.

Last month, FirstPark made the final bond payment of $256,722 to the Maine Municipal Bond Bank for the development of the business park in 1999. The payment marked the end of the 20-year loan initiated when 24 Maine municipalities collaborated on building the park as a future source of tax revenue. 

The park was slow to develop after T-Mobile signed on in 2005, largely because of fallout from the 2008-9 recession. Since Dinkle was hired in November 2017, the park has been more aggressive with marketing and other initiatives. The ramped-up marketing effort now touts the park's attributes, including shovel-ready lots, protective covenants, established infrastructure, high-speed fiber internet and its location in a foreign trade zone. 

Plans for 2021 and beyond include possible residential development on two of the parks back lots and developing a dog park on another West Campus lot.

  • Lot 4, Technology Drive, is under contract with a medical-related practice.  The property is 10.4 acres and the negotiated price is $90,000, with an anticipated closed on or before Jan. 29.  It will be the first building built on Technology Drive.
  • J.B. Brown & Sons, Portland, bought 133 FirstPark Drive for $10.7 million in April. The property is home to T-Mobile's Oakland call center. The building is 78,610 square feet and it is on 26 acres.
  • PHAT LLC bought a 6,000 square foot office condo at 25 FirstPark Drive in March for $685,000. The condo suite is home to Maine Eye Doctors.
  • Except for a 485 square foot corner office suite at 46 FirstPark Drive, there is currently no existing space for rent within FirstPark, yet there is demand and Dinkle is in discussion with two active prospects.
  • L.L.Bean is marketing its 29 acres on Lots 2 and 3 on Technology Drive.

A map shows a large area divided into 22 numbered lots
Courtesy / FirstPark
Lots 1 through 12 at FirstPark in Oakland are waiting to be developed, including 2 & 3, owned by L.L. Bean, which were just listed and 11 & 12, which are targeted for residential. A dog park is planned for the "surplus lot" between 4 and 12.

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