CRE Buyers all across Maine, New Hampshire, and Northern Massachusetts trust The Boulos Company to represent them and their interests when they need to buy commercial real estate. People buying properties work with Boulos commercial real estate brokers because we consistently deliver more than our competitors: more experience, more drive, more data, and more value.
We find our clients the commercial properties that work for them and enable their businesses to achieve the results they need. That could be a new headquarters for their business, a new location for their restaurant, or a cash-flowing investment property. If you choose to work with us, we’ll do everything in our power to get you the commercial property that you need, whether it’s available for sale or not.
Buyer Representation at Boulos: We’ll Help Get You More
The Boulos Company is the largest commercial real estate brokerage in Northern New England, which helps us provide our clients with the most experience, knowledge and data on commercial real estate in Maine and New Hampshire, along with twice the amount of comparable commercial property sales and lease information than our competitors. We put this experience and data to work for you to negotiate fair market rates and get you the deal that actually works for your business.
Finding Success For Commercial Real Estate Buyers with Diverse Requirements
77-Room Bar Harbor Hotel Back in Local Hands
The motel at 40 Kebo Street has always been a convenient lodging choice for those looking to enjoy Acadia National Park as well as downtown Bar Harbor. Built in 1958, the 77-room motel sits at a stoplight on Route 3—visitors passing through Bar Harbor can’t miss it.
The property was operated by the Witham family for many years and was purchased by Giri Hospitality in 2020. Based in Massachusetts, Giri owns 49 hotels in five states. Their time owning 40 Kebo Street was short but productive; it included the removal of an above-ground swimming pool, room remodels, and re-flagging the property under Choice Hotels’ Ascend Collection.
Local buyer Stephen Coston heads the Stay Bar Harbor hotel group, which owns a growing portfolio of properties in Hancock County, a significant number concentrated around downtown Bar Harbor.
The transaction was arranged by first-year Boulos associate, Roy Donnelly. Roy saw an opportunity, and after a few fortuitous cold calls, he and Stephen connected. After a few more, Roy connected with the leaders at Giri Hospitality, and the idea was hatched.
The negotiation process for this deal involved extensive communication, with Roy taking on the crucial role of intermediary. After reaching consensus on the price and terms, attention shifted to the existing franchise agreement. Giri’s strategy typically involves partnering with prominent hotel groups like Choice, while Stay Bar Harbor operates autonomously. Ensuring the property’s transition to an independent motel necessitated negotiations not only between the involved parties but also with Choice, who still had several years remaining on their contract. Ultimately, this led to a mutual agreement to share the burden of termination fees and associated penalties.
All’s well that ends well: the transaction brought the motel back into local hands, leaving the sellers free to invest in areas where they have more competitive advantages. The new owners plan additional improvements and have renamed the property the SeaSider Motel, a nod to Bar Harbor High School’s sports teams of yore.
In August of 2021, IDEALS, the non-profit institute tasked with finding a location for a new campus for the Roux Institute, was looking for a site in Portland to establish their new campus.
According to Executive Director Charles E. Hewitt, “[they] looked seriously at a lot of sites, made offers on several, but encountered owners who were really only in it for their own gain.”
That’s when IDEALS turned to the Boulos Company for help. They had a list of things they were looking for in a potential site, and only a few parcels in the Portland area could fit their requirements. Tony McDonald, a Boulos partner advising IDEALS, thought outside of the box: instead of looking at properties for sale, he turned to Google Earth aerial views just to see where the project might fit.
“Forget about who owns it, was it for sale or not. I just started looking for what Roux wanted: aesthetically pleasing, close to downtown and easy to get in and out of. That’s when I realized it was B&M.”
Tony drew on over a decade of experience and familiarity with the owners of B&M, who weren’t even selling the property, once they realized the offer was serious, the deal closed quickly. Even when the property wasn’t for sale, we managed to make a deal happen for our client and help them accomplish their goals.
“We were looking for an iconic location to establish a Maine legacy of innovative high tech and biopharma excellence to underpin the excellent work that the Roux Institute and its partners were already doing. We found it.”
Charles E. Hewitt
Executive Director
IDEALS
Contact Us
The Boulos Company has decades of experience brokering deals, performing research, building our commercial real estate database, and building an unmatched professional network. We’ll find you the property that works for your business.
If you’re interested in purchasing commercial property in the greater Northern New England Area, don’t hesitate to reach out. Remember: “more” is in our DNA.
The Portland, Maine Office:
One Portland Square
Suite 400
Portland, ME 04101
207-544-4382
properties@boulos.com
The Portsmouth, New Hampshire Office:
14 Manchester Square Suite 235
Portsmouth, NH 03801
(603) 427-1333
properties@boulos.com
