Westbrook industrial property sold for $13M in off-market deal

An aerial view shows two low-lying buildings and a parking lot.

Photo / Courtesy The Dunham Group A property encompassing 134,000 square feet across two buildings on 9.47 acres, at 22-48 Spiller Drive in Westbrook, sold for $13 million in an off-market deal.

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By Laurie Schreiber

A property encompassing 134,000 square feet across two buildings on 9.47 acres, at 22-48 Spiller Drive in Westbrook, sold for $13 million in an off-market deal.

TC Haffenreffer and Sylas Hatch from the Dunham Group represented the buyer and Steve Baumann from Compass Commercial Brokers and Josh Soley of CORE represented the seller.

The anchor tenant, at 48 Spiller Drive, is SIGCO, an architectural glass and metal fabricator and distributor that has a manufacturing plant at the location. SIGCO is a subsidiary of Oldcastle BuildingEnvelope, a building materials supplier based in Dallas.

This summer, Oldcastle shifted work from sites on Long Island, N.Y., and in Michigan and Kentucky to sites in Westbrook, Syracuse, N.Y., and Moorestown, N.J., according to trade publication reports.

Oldcastle BuildingEnvelope claims to be North America's leading vertically integrated manufacturer, fabricator and distributor of architectural glass, glazing systems and hardware and supplies, according to its website.

Long-term value

NRTI bought the property from Spiller Drive LLC.

NRTI is a joint venture between North River Co., based in New York City with offices in Portland and Brunswick, and Portland-based Two Island Real Estate, led by Mariah Monks.

“This acquisition checked a lot of boxes for us,” Peter Pachios, partner and managing director at North River, told Mainebiz.

North River owns and operates more than four million square feet of mixed-use properties and over 300 acres of ground-up development in New York, Massachusetts, Maine, Connecticut, Vermont, Rhode Island, Pennsylvania, Maryland, Colorado and California.

In Maine, North River's portfolio includes 5 Bradley Drive in Westbrook, Fort Andross in Brunswick and Hathaway Creative Center and Lockwood Mills in Waterville. Its Portland holdings include One and Two Portland Square, Merrill’s Wharf, the Browne Trading Building at 262 Commercial St. and an industrial building at 151 St. John St.

The firm seeks to acquire, manage and develop strategically located real estate assets to provide long-term value to investors through cash flow and asset appreciation, according to its website.

Quality tenant

Monks was an employee at North River, spun off Two Island a year ago and continues to team up with North River.

A number of factors made the Westbrook deal attractive, Pachios said. That included SIGCO as a quality tenant, the relatively large scale of the property and a good location near transportation.

“From the industrial standpoint, this hit the nail on the head,” Pachios said.

Monks credited Haffenreffer for bringing the property to her company's attention.

“I think he knew it checked a lot of boxes for both of our firms,” she said.

The transaction was financed through Bar Harbor Bank and Trust and equity raised through an investment syndicate that included repeat investors.

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