Commercial Real Estate

Our agency specializes in Commercial Real Estate with an emphasis on Hospitality and New Condo Development – a vital piece to Maine’s economy.

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Commercial Real Estate Service Offered

Covering an area of 35,380 square miles, Maine is the largest and the most geographically diverse of the New England states. More than 80% of the state is covered in forests with mountainous terrain running southwest to northeast, separating it from Canada in the north, east to the coastline, and New Hampshire in the south/ south-west. Hence, most of the population is situated on the southern coast of Maine, which stretches over 3500 miles.

The southern coast of Maine is bustling with small towns, villages, and cities like Portland, Scarborough, Biddeford, Biddeford Pool, Saco, and Old Orchard Beach. These areas showcase Maine’s coastal beauty with estuaries, peninsulas, beaches, lighthouses, and even coastal mountains.

Maine has plenty of industries that boost its economy, but they are largely agricultural in nature, relying on lobster and blueberry harvests. Additionally, forestry is pretty big in Maine, but it too has restrictions imposed on it to preserve the land. Hence, a bulk of Maine’s revenue comes from tourism and the service industry surrounding it.

They don’t call Maine vacationland for nothing. The geography of the state makes it ideal for a varied range of activities like fishing, skiing, surfing, hiking, and climbing.

The tourism industry creates waves of tourists, heavily during the summer months, that want to experience all that Maine has to offer. Many businesses and individuals want to capitalise and invest on the tourism demand in Southern Maine, making it a seller’s dream. With a multitude of potential buyers, the fall season is a great time to list your commercial real estate for sale.

Listing and selling commercial real estate in Maine is very seasonal due to its heavy summer tourism. In order to maximize the season, it is important to have the property under contract by April 1st. Looking to get into the tourism industry? The best prices for buying will be during the fall. There is typically a 90 day turnaround time on a transaction – from figuring out lending options, to licensing, and finally closing. Whether you are buying or selling, Talk to one of our agents today to create a plan that is right for you!

Acquiring Commercial Real Estate in the South of Maine

When tourists flock to towns and cities near the coast, they’ll need a place to stay during their visit. Luckily, there are plenty of real estate options to choose from in these areas, like hotels, motels, inns, and lodges. The process for acquiring them is quite simple, but you’ll require the services of a trusted real estate agent that knows the community well, as many properties may not be listed.

Searching for Commercial Properties

The advantage of having a local real estate agent by your side is that they have access to resources that you normally might not have. Sure, you can check websites like Zillow or Realtor.com, but a majority of their listings come from the MLS (Multiple Listing Service) – a database of homes for sale that only real licensed estate agents can use. Additionally, when buying property, you’ll have a budget of how much you can spend. A real estate agent can gather listings based on your budget and needs and show you listings that fulfill your requirements. When your agent knows the community in which you are looking to buy, they can give you insight into history and trends that will make a difference in you acquiring the best property for a successful operation.

Location Analysis

Once you’re satisfied with a particular property you want to buy, a real estate agent with sound knowledge of the local commercial property market can tell you how to devise your business plan such that it generates the maximum revenue. Since tourism is a seasonal industry, your revenue depends on how you operate your business during peak season. For Maine, peak season comes in the summer, with many tourists preferring to visit from York to Cumberland County due to a pleasant summer temperature, averaging 70 OF, and a calm sea breeze. Your real estate agent can acquire the tourist data for these towns if they are well known in the community, allowing you to plan your business accordingly.

Processing Commercial Property Requirements

Commercial properties like a hotel or inn are pricier, owing to their square footage and any special amenities, like a pool or gym, they may have. Depending on the commercial property you are selling, there may be certain state requirements regarding taxation or standards to look out for. Charlene’s team can help point you in the right direction of resource law offices, contractors, attorneys, and appraisers to ensure everything is done in yours, and the buyer’s best interest.

Types of Commercial Properties to Look Out For in Coastal Maine

So if you’re dead set on dipping your hands in the service industry of Maine, here are some commercial properties worth exploring. You’ll find a variety of locations with varying price ranges that are suitable for your needs.

Hospitality

Commercial properties grounded in hospitality, like hotels, inns, lodges, and motels, are probably the first types that pop into one’s mind when considering tourism.
Towns on the southern coast of Maine have plenty of commercial properties that focus on accommodating tourists. You’ll find a range of hotels, motels and resorts that overlook sandy beaches, complete with all amenities like a pool, gym, suites, and facilities for room service, laundry, and entertainment. Properties close to the beach are more likely to attract tourists as it gives them access to the beach as well as any sources of entertainment near it, like restaurants, shopping areas, and attractions.
Some hotels are more inland; however, it makes them closer to forests which are ideal for tourists looking to go camping under the stars. They may even have golf courses nearby, allowing tourists to include a round or two of golf in their itinerary.
You’ll even find waterfront properties like lodges that are adjacent to one of the many lakes of Maine. These properties showcase a breathtaking view of surrounding forests and allow tourists to enjoy activities like fishing if there is access to a dock or pier.

Retail Shops

Retail stores will always be a requirement of successful tourist attractions as long as tourists visit a location, with Maine not being an exception to this. Positioning a property to be sold and transformed into a retail shop is a valuable skill realtors have acquired around Southern Maine. There are plenty of ways you can mold a property into a successful business in Maine, and positioning this picture to prospective buyers helps sell properties.
Tourists love to collect memorabilia and souvenirs to take back home. Properties can easily be transformed into gift shops to sell T-shirts, mugs, postcards, and snow globes, or a simple convenience store for everyday items. Seafood is also a great attraction for tourists, particularly the Maine lobster.

The cool waters of Maine provide a haven for soft shell lobsters with huge claws that are rich in sweet and tender meat. These lobsters are readily caught and supplied to local restaurants, making them less expensive than other areas due to minimal transport and refrigeration costs. Additionally, many tourists love walking down the beach and stopping by shacks to enjoy lobster rolls.

Whether you are looking to sell you retail space, or are in the market to purchase one for a potential business, our team can guide you through the process!

Mixed Use

Isn’t it wonderful when you get a two-for-the-price-of-one deal? Fortunately for you, there are many commercial properties for sale in Maine that give you the opportunity to take advantage of such a deal.

You’ll be astonished to find an apartment with room for a retail shop on the ground floor. These kinds of properties are excellent for starting a family-operated business, allowing your family to enjoy a peaceful life in Maine with the added advantage of a stable income.

Listing your home or motel could be perfect for someone looking to run a B&B. Many tourists prefer to stay in these places during their visit if they’re on a tight budget so there certainly is a demand for properties that fit this bill. It allows them to gain a more wholesome experience of Maine as they get to interact with the local community. The closer to landmarks such as parks, lakes, beaches, and shopping places the better as it will help drive the selling price of the property.