South Portland Retail Center Sells for $20M

[PORTLAND, MAINE, December 21, 2021] Malone Commercial Brokers is pleased to announce the sale of one of South Portland’s most recognizable retail centers: Mallside Plaza, a 118,422 SF, 2.9 AC retail center at 198 Maine Mall Rd, situated just off I-295 and the Maine Turnpike. Mark Malone, CCIM, Principal/VP/Broker at Malone Commercial Brokers, represented the owner (NECG Mallside BH, LLC) and Scott Schubert of Anagnost Realty and Development represented the buyers.

Mallside Plaza | 198 Maine Mall Rd | Portland, ME

The buyer, Wood Hill Realty Associates, LLC, acquired this 96.5% occupied property. Located in the heart of the Maine Mall shopping district, Mallside Plaza is anchored by national tenants DSW, Planet Fitness, Dollar Tree, Guitar Center, Five Below, Five Guys, and Jackson Hewitt Tax Service, in addition to local tenant, Theory Wellness of Maine. NECG Mallside BH, LLC has owned the project since 2017.

The property was listed for $21 million and sold for $20 million, as the new owner plans to invest in property improvements, including a parking lot renovation. In addition to the main retail building, the center has an outparcel occupied by Five Guys with another outparcel possibility of 2K-5K SF. There is currently one vacant space for lease, totaling 4,200 SF.

According to Mark Malone, “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.”

For additional information, contact Molly McGuire, Designated Broker|Operations Manager at molly@malonecb.com

MCB Welcomes Four New Team Members

New team members Cassie Demick, Susie Pollard, Carly Parent and Luke Malone

Malone Commercial Brokers (MCB) is pleased to announce the expansion of their team with these four professionals:

Luke Malone comes to MCB after four years of development work with Essex North. During his tenure there, Luke helped coordinate the roll-out of the AC Hotel, the 20 Thames Condominium Building, and managed the financial analysis and preconstruction of the 5 India Apartment building. In addition to an M.S. in Real Estate from the University of Denver, Luke’s industry experience will be an asset to the brokerage team at Malone as he supports them in this research and analyst role.

Susie Pollard recently relocated from Austin, Texas, to join MCB as Marketing Specialist. Originally from Florida, her experience includes photography, design, and marketing, and spans from Paris, France, Los Angeles, and Austin, where she worked in commercial real estate for over a decade at local and international firms including JLL and CBRE. Susie is excited to bring her creative innovation and industry knowledge to Maine and the dynamic Malone team.

Carly Parent comes to MCB as Broker Assistant and Marketing Specialist. In addition to a previous marketing position with The Boulos Company, she holds a marketing degree from the University of Maine. Carly now leverages her industry and marketing experience for MCB brochures and presentation design, social media content creation, media planning, and general broker support.

Cassie Demick recently joined MCB as Operations Assistant. A graduate of the University of Maine in Orono, Cassie is a great fit for this multifaceted role at MCB, where she can utilize her marketing and photography skills in addition to providing general support to the Malone team. Cassie is especially pleased to bring something new to a family-owned business local to Maine, where her own roots are grounded.

Luke, Carly, Cassie and Susie are looking forward to working with the MCB team and our clients in Portland and all throughout Maine.