Custom Handbag Maker from Brunswick Secures Lease in Old Port's Boyd Block

Brunswick's renowned custom handbag maker, Rough & Tumble, has recently garnered attention from actor Allison Janney and made an exciting move. The company has signed a seven-year lease for a stunning 2,126 square feet of storefront space located at 178 Middle St. in Portland's vibrant Old Port neighborhood. The lease was skillfully brokered by Pete Harrington of Malone Commercial Brokers, and the store is set to open its doors this upcoming fall.

Situated on the ground floor of the historic Boyd Block, which was acquired by East Brown Cow in 2021, the space holds a rich history, having been built back in 1867. Established in 2008, Rough & Tumble specializes in crafting exceptional leather and waxed canvas handbags. Their products have gained national recognition through partnerships with renowned brands like Garnet Hill and Sundance Catalog. Notably, they primarily source their leathers from esteemed regions such as France and Italy.

East Brown Cow acquired 178 Middle St. (known as the Boyd Block) in 2021, and has been actively renovating the retail spaces on the first floor. These spaces are expected to be delivered to Rough & Tumble and Bangor Savings Bank this fall.

This new location at 178 Middle St. will serve as Rough & Tumble's flagship store, showcasing their finest creations. The space was previously occupied by Starbucks before becoming available last year. Joining a series of prominent retailers that have recently flocked to the neighborhood, including Bella Funk, Madewell, Anthropologie, Athleta, Urban Outfitters, and West Elm, Rough & Tumble embraces the high levels of foot traffic that grace the area.

In addition to serving as a retail hub, Rough & Tumble intends to utilize the space as a launching pad for partnerships with other talented Maine makers, designers, and artists. Natasha Durham, the owner of Rough & Tumble, brings a wealth of experience to the brand. Having studied at the Maine College of Art in Portland and spending 17 years in the food industry, owning three restaurants in Portland, she embarked on her journey with Rough & Tumble in 2008. The company's website reveals that it all began when Durham created a handbag for herself, subsequently selling her first two bags on Etsy overnight in 2009.

Durham's commitment to craftsmanship and quality led her to open a storefront in Norway in 2013, where she hired her first employee. Two years later, she established a flagship store in Portland, further expanding her presence in 2017 with a remarkable 32,000-square-foot space in the Fort Andross mill located at 14 Maine St. in Brunswick. Today, Rough & Tumble boasts nearly 40 employees and offers a diverse range of Italian leather products, complemented by their expertise in textile design.

The handbag maker gained significant exposure in 2020 when their products were prominently featured on a 4,000-square-foot billboard in New York City's Times Square and the Disney building at 1540 Broadway. Notably, actor Allison Janney was spotted donning one of their exquisite handbags, generating further buzz for the brand.

Overall, Rough & Tumble's venture into the heart of the Old Port neighborhood is a testament to their success and dedication to providing exceptional handcrafted products. With their flagship store poised to become a focal point of style and craftsmanship, customers can anticipate an unparalleled shopping experience as they explore the diverse range of handbags on offer.

Migis Hotel Group Acquires Saco Dormitory to Address Workforce Housing Challenge

Migis Hotel Group, like many other employers in Maine, has been facing difficulties in recruiting staff due to the lack of affordable housing. In response to this challenge, the company recently acquired a 6,076-square-foot student dormitory located at 95 King St. in Saco. The purpose of this purchase is to provide workforce housing for the professional restaurant employees working at two of Migis Hotel Group's local properties, namely Higgins Beach Inn and Black Point Inn. The dormitory, situated on 0.75 acres, is handicap-accessible and comprises 11 rooms, seven full bathrooms, and one half-bath.

The seller of the property was Thornton Academy listed at $784,000. Cheri Bonawitz and Karen Rich from Malone Commercial Brokers represented the buyer, and Sylas Hatch and TC Haffenreffer of the Dunham Group represented the seller.

Jesse Henry, the director of marketing for Migis Hotel Group, emphasized the significance of affordable housing in addressing the challenges faced by the company in recruiting employees.

Migis Hotel Group, based in Westbrook, is a hospitality management services company that operates various independent hotels, destination resort properties, and dining facilities across Maine. Some of their properties, such as Migis Lodge on Sebago Lake, already provide workforce housing on their campuses. However, Higgins Beach Inn and Black Point Inn, both located in Scarborough, lacked such accommodation options, and the availability of affordable housing in the area was limited.

Consequently, the decision was made to secure affordable housing for the workforce by acquiring the dormitory. Following the completion of the sale, the building quickly filled up with food and beverage professionals primarily employed at the two inns. The investment in workforce housing was necessary to ensure the availability of a professional workforce and the smooth operation of both properties, especially considering the challenges faced during the pandemic and subsequent years.

“For the last couple of years, we’ve been actively putting most of our focus on obtaining the professional workforce we need,” Henry said. “That’s been our No. 1 focus. As we have internally reexamined our recruiting process and what we need to do to distinguish ourselves around obtaining the workforce resources we need, we felt that providing affordable housing made sense.”

To optimize the functionality of the property, Migis Hotel Group has completed a site plan review with Saco's planning board. The building will undergo a conversion process, transforming it from a dormitory with shared bathrooms and a shared kitchen into six independent units, each with its own bathroom and kitchen. The majority of the units will be two-bedroom, with an additional four-bedroom unit in the main house and a one-bedroom unit. The units will initially be available for a six-month period to accommodate the professional workforce of the company, and there is potential for year-round use as well. During the off-season, the units may be opened up to professionals from other industries.

The dormitory plays a crucial role in attracting and retaining industry professionals who come to Maine for the season to work for the company, making it a valuable recruitment and retention tool.

Augusta Real Estate Portfolio Achieves Impressive Turnover: Purchased for $5.75M in 2020, Now Sells for $13M

In a noteworthy off-market transaction, a multi-family portfolio in Augusta that was previously sold for $5.75 million in 2020, has recently changed hands for an impressive $13 million. This sale has attracted attention as it highlights the potential of the properties and the increasing value they hold in a strengthening market.

The buyer of the portfolio, consisting of 219 units across 48 buildings and four vacant lots, is Door Fund Inc., an entity that specializes in real estate investments. They acquired the properties from Capital Properties LLC, with Brandon Mitchell from Malone Commercial Brokers representing the seller and Tyler Hall from Keller Williams Realty representing the buyer. The deal was successfully closed on June 9.

Capital Properties LLC, led by Aaron Walker, was the seller in this transaction. Walker's investor partnership had initially acquired the majority of the portfolio, consisting of 204 units across 44 buildings, from a Maine investor who had painstakingly assembled the properties over a span of 30 years. Under Walker's ownership, improvement projects were undertaken to enhance the value of the properties. Brandon Mitchell had also represented Walker in the previous deal.

The properties are conveniently located within a half-mile radius of each other, primarily on Northern Avenue, Washington Street, Mt. Vernon Avenue, Bridge Street, Green Street, and Chapel Street. These buildings boast an average age of 100 years and vary in size from one to eleven units, with a significant portion consisting of three, four, or five units.

Walker believed that the timing was right to sell the portfolio, as he typically aims to recoup equity within three to five years of acquiring properties. He acknowledged the contributions of Brandon Mitchell and Eleanor L. Dominguez from Ainsworth, Thelin & Raftice, his legal counsel, in facilitating the deal.

On the buyer's side, Tyler Hall, one of the partners involved, initially expressed interest in purchasing 77 units from Walker. However, during their conversation, Hall discovered that Walker owned a total of 219 units in the area. Realizing the potential of the entire portfolio, Hall decided to pursue the entire package, leading to an organic agreement between the two parties.

Hall personally put the deal under contract and then worked with Door Fund Inc., a Massachusetts-based firm led by his friend Michael Marchetti, to structure the remaining aspects of the transaction. They formed a syndicate of approximately 14 investors, including Hall and Marchetti, who collectively supported the deal. Hall and Marchetti, as the largest shareholders, will oversee the day-to-day operations of the portfolio.

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Bella Funk Boutique secures lease for storefront in Portland's Old Port

Bella Funk will open their location at 43, Exchange St, where Peruvian Link used to reside.

Bella Funk, a boutique specializing in clothing and gifts, has recently secured a four-year lease for a street-level retail space at 43 Exchange St. in the Old Port. The lease was brokered by Pete Harrington of Malone Commercial Brokers. The store celebrated its grand opening over Memorial Day weekend.

Originally founded by sisters Katie Stafford and Stefanie Moody, who hail from New Hampshire, Bella Funk first established its boutique in Littleton, N.H., in 2006. The store offers a range of women's clothing, accessories, beauty products, and gifts, with a focus on locally and domestically made, small-batch, handmade items.

Katie Stafford expressed her excitement about the new location, stating, "Portland's Old Port is not only inviting but also vibrant and full of energy, and embodies the essence of our brand."

East Brown Cow, the owner and manager of 43 Exchange St. acquired the property in 2022. Built in 1867 by the Preble family, the building boasts distinctive architectural features such as a mansard roof with dormers and semicircular pediments, unique pseudo-three-centered arch windows, a brick façade, and a storefront adorned with granite, cast-iron, and wood paneling.

Tim Soley, President and CEO of East Brown Cow, expressed his enthusiasm for the addition of Bella Funk, stating, "43 Exchange St. is a building rich with local history, and we are thrilled to introduce a local boutique that honors and showcases Maine artisans." He believes that the store will contribute to the thriving retail scene in Portland.

Local accounting firms merge and prepare to move to new headquarters in South Portland

In an exciting development, two accounting firms located at 22 Free St. in Portland have recently merged and are now making preparations to relocate to a permanent headquarters with a captivating water view in South Portland.

373 Broadway LLC has acquired the property at 373 Broadway from Hornby Zeller Properties LLC for a total of $825,000. The deal was successfully brokered by Tim Millett of Porta & Co. and Peter Harrington and Joe Malone of Malone Commercial Brokers.

The property itself consists of a three-story office building spanning 3,786 square feet. It boasts an exceptional location between the coastal neighborhoods of Ferry Village and Knightville, with close proximity to downtown Portland. Situated adjacent to the South Portland Greenbelt Walkway, the property witnesses a significant daily traffic count of over 14,000 cars. It also offers unobstructed water views of downtown Portland.

Brown & Kelly LLC merged with Dawson and Souter LLC last November. Initially, Dawson and Souter leased a suite at 22 Free St., coincidentally where Brown & Kelly also had their offices. Recognizing their shared values and objectives, the two firms decided it was time to combine their forces. The merged entity, now known as Kelly, Dawson & Souter LLC, specializes in providing tax compliance and planning services to individuals, small businesses, trusts and estates, and nonprofits.

Dawson expressed his satisfaction with the chosen building, stating, “This building was good square footage, a great location — five minutes from downtown Portland. It has off-street parking — we really wanted that for clients. This one checked all the boxes. We wanted to buy and we’re glad we were able to find a building that fit our needs so well.”

Approximately $75,000 has been allocated for renovations, which will involve repositioning a few walls. The firm intends to move into the new premises promptly, even as renovations continue.

With their merger and impending move to a new headquarters, Kelly, Dawson & Souter LLC is poised to provide enhanced accounting services while continuing to prioritize their clients' needs.

Read more HERE