JPA Management Sells Maine Shopping Center

By IvyLee Rosario

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