Victor Tedford and I are representing the seller at 371-395 Civic Center Drive. This Augusta project — now four large single-family lots on 15 acres that was originally rolling farmland — got contract zone approval for the rental units from the city’s planning board a year ago. Read the article via MaineBiz.
If you are interested in Real Estate investing, you’ve probably heard about the so called 1% rule. It is used by a lot of investors and should be a tool at every real estate investor’s disposal. But what exactly is this rule? This article from Your Financial Toolkit is a great read for anyone looking to invest in real estate. Contact me when you’re ready and I’ll help you find the investment property that fits your needs.
I was invited to be one of the panelists at the Central Maine Business Breakfast about the emerging adult-use marijuana retail market held at the Holocaust and Human Rights Center at the University of Maine at Augusta on Wednesday. This article in the Kennebec Journal covers what to expect when the adult-use marijuana market launches later this year.
Are you looking to lease a commercial space and wondering who will pay for what? Commercial leases in Maine typically fall under three types: Gross, Modified Gross, and NNN (Triple Net). I’d be happy to explain how these lease types work in further detail, but this is a great article via SharpLaunch to get you started on what you need to know.
I’m enjoying working with Mastway Development as the listing agent for Stevens Commons. The campus has come alive with new businesses moving in and, most recently, the addition of UMA residence space. Stay tuned for more good things to come! Read the article via MaineBiz.
The 2019 MaineBiz Fact Book was released yesterday! “Fact Book: Doing Business in Maine showcases Maine’s many economic development opportunities and the attributes that make Maine a special place to work, live and play. For companies in Maine, and for companies who are looking to relocate or expand into Maine, the Fact Book: Doing Business in Maine is a great resource on Maine market stats and facts”. Get the digital copy here via Mainebiz.
I am excited to share with you that Magnusson Balfour Commercial & Business Brokers has moved over to Keller Williams Reality. As part of this transition Magnusson Balfour has been restructured with me, along with two others, heading the leadership team. This was a carefully thought-out decision that was based on sound business reasons that I have outlined below.
As a small business, we at Magnusson Balfour, found much of our time and effort was spent managing back-end technology and day-to-day administration work that was taking time away from our most important job function: servicing our clients. By moving over to Keller Williams Commercial, we have formed a strong partnership that allows us to benefit from their national exposure, industry leading technology and training systems, and the capability to collaborate with other Keller Williams commercial agents. This allows us the ability to expand our network while continuing to focus our time and energy on our clients.
The services offered by us are still the same, ranging from commercial real estate sales and leasing, business brokerage, and buyer representation. If you or someone you know is in need of assistance please contact me, and I will be happy to help you.
I look forward to continuing to work with you and will be in touch again soon. Should an immediate need arise, please call or email me at your earliest convenience.
(Note: this article was written by Laurie Schreiber and appears on the Mainebiz website.)
FARMINGDALE — A Brunswick couple making a first-time real estate investment settled on the purchase of a high-profile car wash.
Trailside Car Wash is just outside of Augusta and could be positioned to draw from the thousands of commuters who travel between the state’s capital and its surrounding bedroom communities. The facility is comprised of one automatic and three self-serve bays plus coin-op vacuums. The property, on three-quarters of an acre, includes a separate retail building that will provide rental income.
Thomas and Kimberly Scott from Tidal Investments bought the property for $300,000 in a deal that closed Sept. 28. Dennis Wheelock of Magnusson Balfour Commercial & Business Brokers brokered the deal for both the buyer and seller.
“They were looking for an opportunity to have a business that could somewhat run itself and diversify their portfolio,” said Wheelock. One of the great advantages of the carwash is its automatic bay, which can run 24/7 without requiring a full-time attendant, according to Wheelock.
The Scotts have lived in Brunswick for 10 years and were in the market for an investment.
“I always thought a car wash would be a good idea,” Thomas Scott told Mainebiz. “It seems to be in a good location, and we got a fair price on it.”
The location is on a busy corridor that runs from Brunswick to Jackman. And Augusta is hotspot central, according to Wheelock.
“Augusta is the local area employment center. Its population is 18,000-plus but increases to 40,000-plus during the workweek with the addition of state workers,” said Wheelock. “So on the west shore of the Kennebec River, you’ve got this corridor for everybody south of Augusta — Hallowell, Farmingdale, Gardiner are all bedroom communities for Augusta — heading to work and then back home each day. Roughly 13,800 cars go by [the car wash] every day.”
The car wash, which dates to 1986, has been in continuous operation, said Wheelock. The property is in good shape and the seller was simply looking to shed this item from his portfolio in order to concentrate on his other businesses, according to Wheelock.
“The carwash was one of the last businesses he bought, and he didn’t have any time to work with all of his businesses, so he chose to sell this one,” said Wheelock.
Upgrades by the seller includes $228,000 worth of equipment and building improvements, including a new roof.
Scott said he and his wife are looking at whether they’ll do any further upgrades.
“The separate retail building is in need of a new tenant, but has generally been occupied over the years,” said Wheelock.
The most recent tenant, who moved out-of-state mid-summer, ran a tattoo parlor. Other tenants have included U.S. Cellular, which outgrew the space.
“So it’s a great little spot for an entrepreneur or for someone who wants to start a business,” Wheelock said. “It’s such a high-visibility spot.”
Business owners know that the first impression is everything!
Now that the Maine winter is finally behind us, it is time to take a walk
around your commercial property to assess any winter damage, and spruce things up
for spring. Besides always wanting your business to look inviting to your
customers, it’s important to make sure your building and grounds are safe and
accessible. Even if you lease your business location, you know your surroundings
better than anyone, so alert your property manager of these important issues.
Assess &
Prioritize
The first thing to do is walk your entire property, notepad
and camera in hand, and inspect the buildings and grounds for any damage or
hazardous issues. Common building issues include damaged siding and roofing,
missing or damaged window screens and entrance doors, and peeling paint.
Landscaping always takes a beating in the winter, so look for loose walkway
pavers, fallen debris, and missing chunks of ground. These items not only look
bad, but affect the longevity of the building materials, so addressing them on
an annual basis is good risk management.
Make a list of things that need to be repaired or replaced,
and get on the schedules of your contractors. Of course, any safety hazard is a
top priority to get resolved quickly, but even landscaping has a big effect on
your appeal and property value. You won’t be the only property owner facing a
list of needs, so making your calls early ensures you will get on the schedules
of repair companies in a reasonable timeframe.
Clean Up
Getting any debris such as branches, leaves and trash raked
up is a quick and easy improvement, and also encourages healthy early grass
growth. Most professional landscapers have a “spring cleanup” offering, and
these professionals will come with all the right equipment, and can also sweep
up the sand left from winter.
Make sure all your parking areas and walkways are clean, and
in good condition. An annual power-washing of surfaces, of your building and
hardscaped areas, will make your place look its best. When you make your
business look like someone cares, you send a message to your customers about
your level of attention to detail.
Safety First
Pay careful attention to the travel path of your clients –
from car to footpath entrance – and make this your first focus of attention.
Once walkways are clear of any debris, parking spaces should be made easily accessible.
Also, consider the special needs of your customers by making sure paths are
level, and that railings and other appropriate safety precautions are in place.
HVAC Inspection &
Maintenance
With winter heating season behind us, attention now turns to
air conditioning systems. These should be serviced annually to inspect the
coils, drainage and replace filters. If your property has a sprinkler or
irrigation system, this too needs an annual maintenance inspection for any
leaks, blockages, or damage.
Plan Improvements
Sometimes, we don’t consider our commercial property’s “curb
appeal” as much as we do our residences, but the visual impression you make on
your customers says a world not only about how much you care about quality, but
also about your worth (read: pricing and value).
If your exterior and landscaping has become run down over
the years, or is minimalist, this may be the year to plan some exterior
improvements. Really look at your property from an outsider’s viewpoint: what
is messy, faded, or rundown looking? Re-sod your grassy areas and keep them
mowed nicely. Grass needs annual fertilizing and weed/insect control measures,
and during the spring growth is the perfect time to catch an issue early. Keep
your shrubs and trees pruned and cut back from walkways and parking spots. Have
landscaped beds cleaned of old mulch, and add a new layer. Don’t skimp on
mulching – it not only makes everything look much better, but it cuts back on
the need for weeding and watering. Adding some hardy perennials or annual
flowers to your planting beds will provide the finishing touch of color to improving
your visual appeal.
The Ballard
Center, in the heart of Augusta, is a welcoming, newly renovated historical
property, that has been thoughtfully restored and repurposed to provide much
needed quality commercial space to local businesses and organizations. Already
bustling with activity, this Class A building is well-located,
professionally managed, and centrally located to provide easy access and care
for local residents. Formerly
an iconic hospital for over a century, the Ballard Center was sitting vacant since
Maine General Medical Center moved to its new facility several years ago.
Dirigo Capital Advisors, who specializes in revitalizing older buildings for
new use, purchased the East Chestnut Street property in 2013. With
plans to repurpose the historical facilities into much needed commercial
facilities for the City of Augusta, this multi-purpose commercial complex is now
home to several local businesses, academic institutions, and non-profit organizations.
While so many
buildings sit vacant throughout the state, to see a large complex such as this
be refashioned into one of the most coveted commercial spaces in Kennebec
County is a testament to committed developers such as Dirigo Capital Advisors. Commercial real estate broker, Dennis Wheelock,
who represent the property, says “This property fills a vital need for
high-quality office space in Central Maine. The Ballard Center will keep
necessary community businesses and services local for residents, and is a phenomenal
representation of what can be done when there is a vision for an otherwise
vacant building.”
The complex consists of over 300,000
square feet, housed in five floors of newly renovated spaces, and offers sunny
office suites and offices of all sizes. The Class A development project is
built of the highest quality and energy efficient materials, with the attention
to detail you would expect in a project of this kind. Additional amenities
include a fitness center, comfortable common spaces, a café, security, and
plenty of free parking. The Ballard Center provides a modern,
state-of-the-art facility, competitive
with metropolitan areas of Maine.
Dirigo Capital
Advisors President, Kevin Mattson, believes repurposing our vacant, historic
buildings versus building new is essential when considering new development.
His passion for projects such as the Ballard Center is clear. “Our hope for the
future of the Ballard Center is to build on the past, because this structure
has been a staple in the community for over 100 years, and now to create a
future for it as an integral part of the fabric of the community for the next
100 years.”
Keller Williams | Magnusson Balfour is delighted to be part of the exceptional real estate offerings at the Ballard Center. Multi-purpose, commercial office space is currently available for lease, and the developer will build space to suit your specific needs. Please contact Dennis Wheelock for more information.