G.L. Rogers & Co., Inc. purchased a 29,816± SF retail building from Gendron Real Estate at 321-327 Elm Street in Biddeford, Maine. The Boulos Company was originally retained in 2017 to help stabilize the center, which suffered from high vacancy and a revolving tenant mix. Capitalizing on Family Dollar’s popularity, The Boulos Company crafted a marketing program that targeted complimentary businesses. Once on the market, the center brought multiple offers, with the successful bidder being G.L. Rogers out of New Hampshire. G.L. Rogers had been working on a 1031 exchange from a previous sale and saw 321-327 Elm Street as an investment that they’ll be able to add value to over time in a growing market.
The transaction was arranged by Chris Paszyc, CCIM, SIOR, and Christian Stallkamp of The Boulos Company.