Mainebiz

V O L . X X V I N O. X X A U G U S T 2 4 , 2 0 2 0 8 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E United Way of Greater Portland said it established a Racial Equity Fund. With funding from lead founding partner, IDEXX, and other partners BerryDunn, Gorham Savings Bank, Hannaford, KeyBank and WEX, this initiative sup- ports the work of local nonprofits led by and serving people of color in our community, while advancing the work at the heart of the community-devel- oped Thrive2027 initiative. Girl Scouts of Maine in South Portland awarded $15,500 in Future Leader's Scholarships. ORPC Inc., an energy solutions company in Portland with expertise in microgrid de- velopment and marine renewable energy systems that generate power from free- flowing rivers and tidal currents, select- ed Downeast Machine & Engineering in Mechanic Falls to build the structural components for its second commercial RivGen Power System device. New residences planned at Sunday River Sunday River Resort unveiled plans for two new residential developments on its slopes. e Merrill Hill devel- opment will have 24 lots for single- family homes, with lots ranging from $400,000 to $1 million. Site construc- tion will include new trails and chair- lift-service to connect the development to existing Sunday River infrastruc- ture. Construction is expected to run from May to October 2021. Elsewhere, the Dream Maker Lodge project will have 22 condominium units in a single building. Units range from two to four bedrooms and prices will range from $580,000 to $1.4 million. e site is on the resort's Dream Maker Trail on North Peak and just above Vermont real estate company pays $10 million for Portland industrial building B y L a u r i e S c h r e i b e r P o r t l a n d — The owner of the State Theatre building in downtown Portland saw a leasing-revenue opportunity in the acquisition of a 167,154-square-foot industrial building a little farther out in the city. The buyer entity, 187–209 Read Street LLC, bought 203 Read St. from Brockway-Smith Co. for $10 million. The LLC is owned by Burlington, Vt.-based Redstone, which develops, brokers and manages properties, primarily in Vermont, though it has owned the build- ing housing the State Theatre, at 609 Congress St., since 2015. The building houses the theater plus retail, office, art studios and other commercial tenants. Redstone's Joe Engelken, an associate, told Mainebiz the Vermont company has its eyes open for other Maine deals, especially industrial and warehouse space. The Read Street deal, which closed July 1, was brokered by Tom Dunham, Greg Hastings, Sylas Hatch and TC Haffenreffer from NAI The Dunham Group. The seller, Brockway-Smith Co., also known as BROSCO, is based in Wilmington, Mass. Founded in 1890, the fourth-generation family-owned business is the larg- est distributor of millwork products in the Northeast, according to its website. BROSCO has regional distribution centers in Portland and Hatfield, Mass. The company opened its 203 Read St. location in 1963. Substantial additions were made to that plant in 1972 and 1984. In April, BROSCO bought a larger, more efficient facility for its Portland opera- tions just 3 miles away, at 7 Rand Road, for $12.8 million. The 203 Read St. building, just off Interstate 295, is on 6.8 acres. The space is set up for warehousing, distribution or manufacturing, and includes 7,000 square feet of air-conditioned office space. The building can be divided into smaller spaces. There are 14 interior loading docks and paved parking for 140 vehicles. BROSCO plans to be completely moved to its Rand Road digs by the end of October, said Hatch, who represented the buyer and has the building listed for lease now. The Read Street property is Redstone's second acquisition in Maine, said Hatch. Engelken cited the demand for industrial space in the Portland market as a selling point, as well as Read Street's proximity to interstates, the airport and downtown. The building was also attractive because it can be easily subdivided. "It's flexible, so it's not all or nothing. They're open to subdividing," said Hatch. And at $60 per square foot, the price was reasonable. "That's a good range," Hatch said. "The market's changed so drastically over the last two years or so. A couple of years ago, that building probably would have been closer to $50 per square foot. Now it's $60, and pretty soon it will be $70. The market is changing pretty quickly." The building, although dating back to the 1960s, is in great shape, he added. Minor capital improvements are planned, such as fixing up the parking lot. Hatch has listed the building for lease, either in part or in whole. "Interest has been strong," said Hatch, who has received at least three or four queries for partial space and at least half a dozen for the whole thing. Q: My clients are bedeviled by missed deadlines and cost overruns any time they try to accomplish anything new, no matter how many people join the effort and how much time they spend. What can I tell them? ACE advises: The first thing to tell them is that any innovation is, by definition, a project — and should be treated that way. We typically err by sliding into the effort with the attitude, skills and practices of our regular day-to-day activities. Such a business-as-usual approach guar- antees that we'll miss the mark on all three essential metrics: schedule, cost and quality. The secret to success is to study the matter in detail, working out with all key participants just what is expected, the spe- cific actions it will take to achieve it, the challenges to be met, who is going to do what — and especially how progress is to be measured. It is really important to surface and analyze all assumptions that underly the expectations, and how they are to be verified in practice. Everything is put in writing, and endorsed explicitly by all the key stakeholders. In every project (read: group effort) of my experience that was disappointing in some respect, some or all of those factors were skipped or ignored on the assumption they were unnecessary and/or too time-consuming. Invariably in such cases, the price paid is the time required to catch up later, the cost of overruns and the shortfall in quality — if not outright failure of the effort. Success in innovation is earned by planning, communication and collabo- ration. Doing it right once equips an organization with skills that permanently upgrade its performance. With practice, they find high quality is achievable in less time with lower cost. A S K AC E A n s w e r e d B y J i m M i l l i k e n , C o n s u l t a n t The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Jim Milliken is a solo practitioner of project management and a trainer in communication, leader- ship and organizational effectiveness. He can be contacted at millikenproject@gmail.com Success in innovation is earned by planning, communication and collaboration. B R I E F P H O T O / C O U R T E S Y T H E BO U L O S C O. Brockway-Smith Co. sold 203 Read St. for $10 million as part of its relocation 3 miles away to 7 Rand Road. The buyer is Burlington, Vt.-based Redstone. C E N T R A L & W E S T E R N

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