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December 21, 2021

South Portland shopping plaza sells for $20M

aerial view of shopping mall Courtesy / Malone Commercial Brokers Mallside Plaza, shown here, has been sold for $20 million.

Mallside Plaza, a South Portland shopping center near the Maine Mall and home to national retail tenants such as the DSW shoe chain, has sold for $20 million to Wood Hill Realty Associates LLC.

The plaza, at 198 Maine Mall Road, encompasses 118,422 square feet on 2.9 acres of land. Space is 96.5% occupied, according to Malone Commercial Brokers, which represented owner NECG Mallside BH LLC.

Other tenants include Guitar Center, Five Below, Five Guys, Jackson Hewitt Tax Service and Theory Wellness of Maine. 

Mark Malone, principal, vice president and broker at Malone Commercial Brokers, handled the transaction on behalf of NECG, which had owned the property since 2017. Scott Schubert of Anagnost Realty and Development represented the buyers. 

“A diverse and established tenant roster, combined with a central location and continued possibility for growth, make this shopping center both a desirable commercial real estate investment as well as a great shopping destination for the community and region,” Malone said in a news release Tuesday.

The plaza went on the market on May 1 and was under contract on Sept. 1, Malone Commercial Brokers said. 

The property was listed for $21 million and sold for $20 million, as the new owner plans to make improvements including a parking lot renovation. More information about Wood Hill Realty Associates was not immediately available.

In addition to the main retail building, the center has a standalone parcel occupied by Five Guys, with another parcel suitable for developing space of 2,000 to 5,000 square feet. There’s currently one vacant space for lease, with 4,200 square feet.

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