The building turned over three times in three years. Market rates for small offices didn’t support the need for large capital expenditures. The residential conversion rides a wave of development activity in the city.
A series of sales and acquisitions over the past year have helped South Berwick real estate developers Jim and Rebecca Henry tune their portfolio to new opportunities, as Maine becomes the go-to state for people looking to move from larger metropolitan areas.
The Henrys, owners of real estate development company Remington Street Properties, come from software technology backgrounds in Boston, then became active in real estate investment in Massachusetts, New Hampshire and Maine.
Jim Henry is originally from Maine.
Their focus initially was on the Portland multi-family market. In 2019, they took their first plunge into the office market with the purchase of the Cinamon Building at 1 Pleasant St. in Portland’s Old Port and also expanded geographically, buying 19 mostly multi-family buildings in Augusta.
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N.S. Giles Foundations Inc., a concrete and foundations company from Bangor, is opening a local branch in Auburn to have better access to the southern Maine market.
This week the Buzz is building for 2021 and beyond.
First up: A $5.2 million investment and new Bangor neighbor for Auburn.
Bangor-based N.S. Giles Foundations Inc. will move into a new office and shop at 46 Wrights Landing to grow the company’s reach into Southern Maine, according to President Shane Giles.
He said the new location, which should wrap construction this summer, will give the company a good regional base to better oversee local projects as well as help with speed and efficiency.