Wealth advisory practice doubles its space in Scarborough
Photo / Courtesy The Boulos Co.
Hughes Wealth Advisors bought 5,190 square feet of office condo space at 10 Market St. in Scarborough.
Hughes Wealth Advisors doubled its space with the purchase of a 5,190-square-foot of office condo at 10 Market St. in the Downs in Scarborough for $1,686,750.
The practice is affiliated with Ameriprise Financial Services LLC (NYSE: AMP), a holding company based in Minneapolis.
The deal followed the sale of Hughes’s 2,654-square-foot office building two miles to the south at 5 Ward St., also in Scarborough, for $635,000.
The Boulos Co. represented the buying and selling parties across both transactions. For 10 Market St., Sasha Phillips represented the buyer and Drew Sigfridson and Jon Rizzo represented the seller, 10 Market Street LLC. For 5 Ward St., Phillips and Craig Young represented the seller and Noah Stebbins represented the buyer, BW Industries LLC.
Hughes completed the fit-out at 10 Market St. and relocated in May — just one week before closing on the sale of its 5 Ward St. location. The deal involved several purchase and sale agreement extension periods, according to a news release.
The move came about when the firm outgrew the former location, which it occupied since 2012. The transition to 10 Market St. allowed the company to create a customized environment and accommodate future growth.
The practice employs three private wealth advisors, three associate financial advisors and a client support team.
The Downs
The founder, John Hughes, started his Ameriprise practice in 1994 and formed Hughes Wealth Advisors in 2021. Most clients are referred into the practice by other clients.
The search for a new location took a year.
Hughes’s practice includes retirement planning, investment strategies, wealth preservation and estate planning.
The 31,753-square-foot building at 10 Market St. is at one of the main entrances to the Downs, the 577-acre mixed-use complex off US Route 1 in Scarborough. As the newest commercial building at the complex, construction was still underway in February. It offers retail and office spaces, for purchase as condominiums or for lease.
Risbara Brothers Construction, of Scarborough, is the general contractor
Other users coming into the building include the Allagash Brewery Tasting Room, LifeStance Health, Spurling Fitness and Maine Oral Surgery.
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