JPA Management Sells Maine Shopping Center

Falmouth Shopping Center is currently 89 percent leased to anchor-tenant Shaw's Supermarket, as well as Goodwill, Bank of America, Ocean State Job Lot and Sullivan Tire.
Falmouth Shopping Center, Falmouth, Maine

JPA Management has sold Falmouth Shopping Center in Falmouth, Maine, for $21 million. NKF Capital Markets and Porta & Co. negotiated the transaction on behalf of JPA.

Situated along Route 1, six miles north of downtown Portland, Maine, the property is currently 89 percent leased to anchor-tenant Shaw’s Supermarket, as well as Goodwill, Bank of America, Ocean State Job Lot and Sullivan Tire.

Brokerage team

NKF Capital Markets Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Geoffrey Millerd and Managing Director Justin Smith, as well as Porta & Co. Broker Mackenzie Simpson oversaw the transaction.

“Falmouth Shopping Center benefits from longstanding grocery tenancy combined with exceptional recent leasing momentum,” said Smith, in a prepared statement. “It also enjoys limited local grocery competition within an affluent Portland suburb, able to draw consumers from a wide geographic trade area.”

Earlier this week, NKF Capital Markets represented DDR in the sale of another shopping center, Southern Tier Crossing in Horseheads, N.Y., for $18.5 million.

Image courtesy of NKF Capital Markets