Mainebiz

V O L . X X V I I N O. X V I 58 Fact Book / Doing Business in Maine B U S I N E S S R E S O U R C E S S cott Pulver and Eric Goodwin, owners of a Portsmouth, N.H., brunch spot, the Friendly Toast, had been interested in opening a Portland location for a long time. About three years ago, Pulver, a long-time real state developer, looked at about a dozen properties over a three-month period. "We got to know the market," he says. e goal? To be in the "hot zone" with other successful restaurants. A big factor in his searches for prospective locations is foot traffic. "We're always looking for a cool spot, too," says Pulver. A deal for one location fell through. At the time, says Pulver, their lender thought Portland was saturated with restaurants. ey turned their atten- tion to opening other locations in other states. "But Portland never left our thoughts," he says. When their broker, Dave Garvey of KW Coastal and Lakes & Mountains Realty, identified a 7,000-square- foot restaurant space at 211 Fore St., the Friendly Toast partners were ready to leap. ey had a lender in place and financing through the U.S. Small Business Administration's 504 program. "We'd already done the search so we had a good understanding of the market," says Pulver. Varied experiences Understanding the market is a core tenet in commercial real estate, par- ticularly given the variables of different segments. ere are a range of factors: Downtown versus suburban, heavy-duty infrastructure versus move-in offices, free parking, room to grow. e right space might pop up, or the quest could take months to years. "e experience of looking for com- mercial space varies greatly depending on the asset class, location and general requirements of the business," says Justin Lamontagne with the Dunham Group. Some businesses, such as heavy impact manufacturing, have com- plicated infrastructure needs. Office users might have municipal approvals and fit-ups to deal with. "e right search can and should be well thought-out, well communi- cated and pressure-free," he says. Even with a short search, negotia- tions can take a while. In October 2020, Chris Paszyc with the Boulos Co. was contacted by Ryan Peters, president of Newport- based Lakeside Concrete Cutting & Abatement. Peters had recently acquired a Westbrook company called Abatement Professionals. Now the company needed a larger site to serve southern Maine. ey wanted to be situated between Brunswick and Portland, at a site easily accessible from major highways. "e search didn't take too long," says Paszyc. ey identified a 2.55-acre parcel in Cumberland, at a subdivision called Captain's Landing, near I-295. "It took a couple months of evaluat- ing the site, understanding the permit- ting process with the town and restric- tions on Captain's Landing, and negoti- ating with the seller before we came to terms on the purchase in February 2021 and closed in July 2021," says Paszyc. "All of this was done during the pandemic, yet before inflation and supply chain issues reared their ugly head." Perfect fit In the case of Agren Appliance, the search was unhurried. e fast-growing Auburn appliance and mattress company, owned by Jason Agren, was looking for new headquar- ters and warehouse and distribution facilities expansion. "Jason was 'in the market' but relatively passively," says Lamontagne, Agren's broker. "He owns a store where his current employees were, so there was not a lot of pressure. So we had the luxury of waiting for the perfect fit." Agren already had a 12-acre parcel on Adamian Drive in Auburn. When Lamontagne spotted a for-sale sign at 11 Adamian Drive — a move-in-ready Class A office building with a 70-car parking lot, adjacent to appliance retailer's parcel — he quickly notified Agren. P H O T O / J I M N E U G E R P H O T O / M E L I S S A M U L L E N ART of the DEAL Finding the right commercial space is an intricate process B y L a u r i e S c h r e i b e r Scott Pulver, co-owner of Portsmouth, N.H., all-day-brunch eatery the Friendly Toast, says understanding foot traffic and other aspects of the market was key to finding the right Portland location. We spent two months scouring the inventory. — Justin Lamontagne Dunham Group Justin Lamontagne

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