Portland brokerage’s acquisition division scoops up retail plaza in Farmington for $850k

An aerial view shows buildings and a parking lot.

Photo / Courtesy CORE Location on a main road to Sugarloaf plus value-add improvements made a retail plaza in Farmington attractive as an invesment.

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By Laurie Schreiber

The acquisitions division of Portland commercial real estate firm CORE scooped up a retail plaza in Farmington for $850,000.

The plaza, at 369 Wilton Road, is anchored by tenants like KFC and Taco Bell.

The off-market cash transaction closed July 7.

“We have immediate plans to improve the property and invest in the success of our existing tenants,” said Josh Soley, CORE’s president.

CORE was represented by Bob Horvath of Horvath & Trembley, a commercial real estate agency in Lynnfield, Mass

The fully occupied plaza is located on a thoroughfare to Sugarloaf in Carrabassett Valley to the north and it’s two miles from the University of Maine at Farmington.

The seller was Thurston Family LLC, Soley told Mainebiz. The 8,200-square-foot plaza, on 2 acres, was built in 1960.

A portion of it that’s occupied by Taco Bell and KFC were recently renovated and are in a great condition, said Soley.

The rest is in fair condition, he said. The immediate plan is to update the property, including repairs, upgrades to mechanical systems, replacing doors and a makeover for the parking lot.

Equity funding

CORE launched its acquisitions division in July 2024 to provide a chance for investors to derive passive income through real estate acquisition, Soley said at the time.

The division launched a real estate private equity fund and raises money primarily from Maine investors.

The Farmington property was attractive as an investment due to its long-term potential, he said.

CORE’s investment fund “looks for value-add retail and industrial assets from Maine to Florida,” he said. “We love to pick up properties in our backyard in Maine.”

The potential includes working with existing tenants to update their spaces and reupping their leases, he added.

Last October, CORE bought the 24,000-square-foot Kittery Shopping Center at 360 U.S. Route 1 as a value-add opportunity.

That was followed in December with the purchase of 464,000 square feet of space across 13 buildings at the Pepperell Mill complex in Biddeford for $17.5 million, through a partnership with Finard Properties, a Boston real estate development and management company with an office in Portland.