PORTLAND — Howard A. Goldenfarb, founder of The RAM Companies, announced the firm has acquired the 100 perent leased Warren Avenue industrial complex. The three-building property is located at 421 and 429 Warren Avenue in Portland. RAM plans to make several upgrades to the property and will use its in-house team for property management.
Howard Goldenfarb, Todd Goldenfarb, and Mark Campbell led the acquisition effort on behalf of RAM and its affiliate, Mile Marker Investments. Joe Malone and Jennifer Small of Malone Commercial Brokers represented the seller.
“Warren Avenue has been a strong industrial Portland sub-market market for many years,” Mark Campbell, SVP of Acquisitions & Development at RAM explained. “The property is well built and extremely functional. It has ample loading doors, 18-foot clear height, and a good mix of tenants anchored by Safelite. As Portland continues to grow, good industrial properties like this become even more in demand. We are very pleased with this acquisition.”
Going forward, the property will be known as the Portland Commerce Center. RAM plans to upgrade landscaping and parking lots, rebrand with new signage, paint, and make other needed capital improvements.
The +/- 64,000 square foot property contains three, one-story buildings with 9 tenants in total. With an easily accessible location and 18-foot ceiling heights throughout each building, the property provides tenants excellent flexibility for use.
Howard A. Goldenfarb is credited with igniting the redevelopment of Portland, Maine’s Old Port district in the 1970s with the purchase and redevelopment of more than 22 properties, including many historic buildings.
Many of the building projects RAM developed have been noted as firsts in Maine and abroad. Those projects include The Maine Outlet in Kittery, the first multi-tenant, purpose-built outlet mall in New England; Citicorp Park in South Portland, (now the Park at 100 Foden Road) Maine’s first suburban office park; Foreside Common in Falmouth; The Atlantic House, the region’s first luxury oceanfront condominium project on Scarborough Beach; and RiverPlace in South Portland, the first waterfront luxury apartment complex in southern Maine. RAM also pioneered outlet mall development in England, Belgium, and Israel.
In recent years, the company has acquired several million square feet of industrial property, much of it value add. Through its Miami Beach, Florida based affiliate, Mile Marker Investments, the company is involved in the development of luxury single family homes and townhomes, 700 River, a 43-story high-rise luxury apartment building in Austin, Texas; as well as The Longfellow, a 48-key luxury hotel in Portland’s West End.
The RAM Companies is a Maine-based firm with a strong focus on the acquisition & redevelopment of industrial/flex income-producing properties in New England and South Florida. RAM has pioneered office, retail, and residential property development for more than 45 years. The firm’s mission is to increase the prosperity of its associates and partners by strategically acquiring, developing, and managing real estate that adds value to our company’s portfolio and to the communities in which we work and live. The RAM Companies is headquartered at Centervale Farm in Scarborough. For more information, visit http://www.ramcompaniesusa.com.