Central Maine Market Forecast

CENTRAL MAINE MARKET FORECAST
Chris Paszyc, CCIM
January 2014
The Boulos Company
PREPARED FOR
PRESENTATION OVERVIEW
Lewiston/Auburn, Midcoast Region and Greater Augusta
2014 Forecast
 Trends in Development
 What People “In The
Business” are Predicting
for 2014
 My Predictions for 2014
and beyond
2013 in Review
 Significant Transactions
and New Developments
 Trends in Supply &
Demand
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Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014
LEWISTON/AUBURN
Investment Continues In Downtown
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Dominican Block
22,000± SF Historic
Tax Credit Project
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Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON/AUBURN
New Development – Argo Marketing on Lisbon Street
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BEFORE
AFTER
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Central Maine Market
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LEWISTON-AUBURN
Bates Mill #5 Redevelopment
• 350,000± SF
• Slated for demolition
• Saved from demo by
Grow L+A
• Target industries include
a growing operation,
food packaging,
food/beverage
processing and a co-op
grocery business
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5
Central Maine Market
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LEWISTON/AUBURN
New Development – Norway Savings Arena by Auburn Mall
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$10.5 million project
71,853± SF
1,940 person capacity
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Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON/AUBURN
Office market steady
19 Mollison Way, Lewiston
McKesson renews lease
60,000± SF
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Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON/AUBURN
Industrial demand steady
Sazarak purchased Jim Beam
(former White Rock Distilleries)
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Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON/AUBURN
Retail Projects – New Construction, Investment Sales
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Central Maine Market
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LEWISTON-AUBURN
Rail Line Expansion
• $3.0 million project
• 8,500± linear feet
• 400± AC accessed
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10
Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON-AUBURN
Future Growth Areas – Exit 80
Gendron Business Park
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11
Central Maine Market
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MEREDA Forecast Conference 2014
LEWISTON-AUBURN
Future Growth Areas – Fairgrounds Business Park
24 Mollison Way, Lewiston
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12
Central Maine Market
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MIDCOAST REGION
Brunswick Landing
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13
Central Maine Market
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MIDCOAST REGION
Brunswick Landing
• 300± AC & 26 buildings
sold
• 600,000± SF leased
• 750 jobs created
• 91,180± SF TechPlace
created
• Renewable energy
power plant to be built
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14
Central Maine Market
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MIDCOAST REGION
Brunswick Landing/Cook’s Corner/Topsham Commerce Park
Providence
School
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15
Central Maine Market
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MIDCOAST REGION
Future Growth Areas – Brunswick Landing
Brunswick Landing
54 Orion Street
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16
Central Maine Market
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WATERVILLE/FAIRFIELD REGION – FUTURE GROWTH AREAS
Medical Office is a Driving Force
 Hathaway Center
 Foreign Trade Zone #186
 Senior Housing
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Central Maine Market
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GREATER AUGUSTA
Gardiner
 Gardiner Growth Initiative
 Libby Hill Business Park
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Central Maine Market
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GREATER AUGUSTA
Deal Of The Year
Former State of Maine Offices
442 Civic Center Drive
Sold for $2.1 Million
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19
Central Maine Market
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GREATER AUGUSTA
2013 marked the opening of the Alfond Center for Health
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Central Maine Market
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GREATER AUGUSTA
Former hospital rebranded “Augusta East”
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Central Maine Market
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GREATER AUGUSTA
Many opportunities still exist for large office users
Former State of Maine Offices
26 Edison Drive
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Central Maine Market
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GREATER AUGUSTA
Central Maine Commerce Center a primary growth area
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Central Maine Market
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GREATER AUGUSTA
Augusta Joins Main Street Maine Program in 2013
• Augusta Downtown
Alliance hires first
executive director
• Renewed focus on
downtown district
• New upscale residential
apartments and condos
• Reducing Water Street
vacancy rates is a
priority
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Central Maine Market
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MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
Introduction of Natural Gas to Kennebec Valley Region
• Major Augusta Businesses and
Government Offices
Connected Early 2014
• Hallowell, Farmingdale, Gardiner
Business Districts
Served Early 2014
• Residential Neighborhoods
Connected 2014 - 2020
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Central Maine Market
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GREATER AUGUSTA – FUTURE GROWTH AREAS
American Tissue Redevelopment Site
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Central Maine Market
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GREATER AUGUSTA – FUTURE GROWTH AREAS
American Tissue Master Plan
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Central Maine Market
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MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
American Tissue Office Building and Restaurant
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Central Maine Market
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MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
American Tissue Market and Train Station
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29
Central Maine Market
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MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
Capitol Street Former MDOT Redevelopment Site
• 9.0± AC Site
• Former
Maintenance Facility
• On State
Government
Campus
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30
Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
Capitol Street Former MDOT Redevelopment Site
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31
Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014
GREATER AUGUSTA – FUTURE GROWTH AREAS
Capitol Street Former MDOT Redevelopment Site
The Boulos Company
32
Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014
THANK YOU
Many people generously contributed to this presentation:
George Dycio, Lewiston-Auburn Economic Growth
Council
David Graham, Graham Architects
Lincoln Jeffers, City of Lewiston
Nate Rudy, City of Gardiner
Bob Rocheleau, Ben Sturtevant, Steve Levesque,
Mid-Coast Regional Redevelopment Authority
Jim Howard & CJ Dirago, The Priority Group
Darryl Sterling, Central Maine Growth Council
David Gendron, Gendron & Gendron
Keith Luke, City of Augusta
Jamie LeBlanc & Roger Beaulieu, DeJour Realty
Kevin Mattson, Dirigo Capital Partners
Tony Armstrong, Baldacci Real Estate Group
Gary Peachey, Peachey Builders
Mac Simpson, Hunt Real Estate Company
Bob Gordon & Gerry McSweeney, CityNorth
Development
Kevin Fletcher, The Masiello Group
Michelle Peacock, CBRE | The Boulos Company
J. Hilary Rockett, Jr., JHR Development
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33
Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014
PROFESSIONAL PROFILE
Chris Paszyc, CCIM
Broker, Partner
Chris Paszyc joined CBRE|The Boulos Company in 2005. Mr. Paszyc has extensive knowledge of
the Maine commercial real estate market and business community, along with a strong track record in
business, governmental affairs, and real estate. His areas of expertise include investment sales,
disposition of distressed assets, tenant/buyer representation and development site location.
T +1 207 772 1333
M +1 207 939 4147
cpaszyc@boulos.com
Mr. Paszyc holds the prestigious CCIM designation. This designation is attained by fewer than 6% of
the commercial real estate professionals in the country. The CCIM designation is awarded to
commercial real estate professionals upon successful completion of an advanced analytical
curriculum and presentation of a portfolio of qualifying industry experience. The curriculum addresses
financial analysis, market analysis, user decision analysis and investment analysis – the cornerstones
of commercial investment real estate. CCIMs are recognized experts in commercial real estate
brokerage, leasing, asset management, valuation, and investment analysis.
CREDENTIALS
Maine Real Estate Broker License
Maine Commercial Association of Realtors
Certified Commercial Investment Member (CCIM)
Member of the International Council of Shopping Centers
EDUCATION
University of Maine, Master of Public Administration 2002
University of Maine, Bachelor of Arts, Public Administration 1997
The Boulos Company
34
Central Maine Market
CBRE | CLIENT NAME | PRESENTATION TITLE
MEREDA Forecast Conference 2014