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V O L . X X V I N O. X I V J U N E 2 9 , 2 0 2 0 6 Unemployment rate stabilizes Maine's unemployment rate, which had previously tripled to the highest level on record, decreased slightly in May to 9.3%, the state Department of Labor said June 19. In April, the rate had soared to 10.4% — slightly revised from the initial report of 10.6% — as the state endured its first full month of the COVID-19 pandemic. Prior to April, Maine's unemployment rate had remained below 4% for over four years. e number of nonfarm payroll jobs in the state increased by 14,300 in May, the largest monthly gain on record. e private sector added 18,400 jobs, primarily in the leisure and hospital- ity, manufacturing, retail, and health care and social assistance sectors, each of which had sharp job losses in the previous two months. ose gains were partially offset by a decrease of 4,100 jobs in the public sector, mostly in state government. Despite the unemployment rate's modest decline in May, however, it was the second- highest monthly figure recorded by the Labor Department. e national unemployment rate also fell slightly in May, from 14.7% to 13.3%. N O T E W O R T H Y S T A T E W I D E The Maine Department of Health and Human Services in Augusta said it received a four-year, $8.5 mil- lion grant from the U.S. Substance Abuse and Mental Health Services Administration to improve behavioral health services for children in their homes and communities, particularly in underserved areas of the state as well as an additional $1 million from the administration to help Maine people cope with the psychological effects of the COVID-19 pandemic, through both direct support for indi- viduals exposed to the virus and pro- active outreach aimed at reducing the long-term behavioral health impacts of the pandemic. The Maine Public Utilities Commission in Hallowell said the state received $2.59 million through the 48th auction of carbon dioxide emission allowances recently traded. The results of the auction were an- nounced by the Regional Greenhouse Gas Initiative, a cap and trade B U S I N E S S M A I N E Business news from around the state S T A T E W I D E Dead River sells last of its commercial investment properties B y L a u r i e S c h r e i b e r S o u t h P o r t l a n d — The final of three major investment properties held by Dead River Co. sold for $9.95 million. 175 Running Hill LLC bought 175 Running Hill Road in South Portland from Dead River Running Hill LLC. The deal closed June 5. Josh Soley of Maine Realty Advisors represented the buyer in the deal and Charles Day of Porta & Co. represented the seller. It was the first major transaction between the two brokerage companies, which both formed in 2018. "This is the highest-quality office building in South Portland, characterized by its extremely modern facade and huge glass windows," Soley said. The Class A office property comprises a three-story, 62,615-square-foot building on 13 acres of landscaped grounds, with 250-plus parking spaces, according to Porta & Co.'s listing brochure. It's six miles from downtown Portland. Nearby companies include Anthem BlueCross BlueShield, ON Semiconductor, IDEXX Laboratories, Texas Instruments, Unum and WEX. The property is close to the Maine Turnpike/I-95 and I-295. It was marketed as an attractive investment or owner- user opportunity with strong cash-flow. It includes a 2.1-acre pad site that's zoned for restaurants, retail, bank with drive- through, hotel or office use. Originally built in 1984, the building was redeveloped in 2005 for professional office use. Jackson Brook Institute psychiatric hospital was the original occupant of the building. Dead River acquired it in the early 2000s as an investment and undertook the rede- velopment that was completed in 2005, Day said. The property went on the market about a year ago and generated a lot of interest from potential buyers around New England, Day said. The second and third floors are occupied by Hartford, Conn.-based Hartford Financial Services Group Inc. (NYSE: HIG). The vacant first floor is being marketed for lease and can accommodate flexible layouts, Soley said. The $9.95 million price comes in at $158 per square foot. "For a Class A office space, that's a discount," said Soley. "We were able to get that price because of the existing vacancy. But it has a strong outlook." Dead River previously sold 80 Exchange St. in Bangor and 82 Running Hill Road in South Portland. In 2018, Dead River sold 80 Exchange St. in Bangor to J.B. Brown & Sons of Portland. Dead River continues to occupy one floor of the building, noted Day, who represented the company in that deal, too. In 2017, Dead River sold 82 Running Hill Road in South Portland to father-and-son partners John and George Cacoulidis of Grand Metro Builders of New York, in Jericho, N.Y. At nearby 165 Running Hill Road, Confluent Development LLC last January bought a 6.27-acre property to develop a 116,000-square-foot, three-story assisted living and memory care facility. Running Hill Road is within a stone's throw of 600 Sable Oaks Drive, where Atlantic Federal Credit Union, Maine's largest credit union, in February bought a Class A office building of nearly 100,000 square feet for $18.1 million. It will become Atlantic FCU's new headquarters. Soley said that, despite the pandemic, the investment real estate market in Greater Portland has been busy. The uncertainty of the market is generating deals that are attract- ing the interest of long-term investors. "There isn't enough supply to meet investment demand in the Greater Portland area," he wrote on his blog. B R I E F P H O T O / C O U R T E S Y O F P O R TA & C O. This is the highest-quality office building in South Portland. — Josh Soley Maine Realty Advisors Dead River Co. sold 175 Running Hill Road in South Portland for $9.95 million. Hartford Financial Services Group Inc. is the anchor tenant

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