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V O L . X X V I I I N O. X I X S E P T E M B E R 5 , 2 0 2 2 6 Maine ranked among 'best places to live' Maine shot up eight places this year in an annual ranking of the best states in which to live — and almost cracked the top 10. e Pine Tree State placed No. 11 among the best, according to WalletHub. at rank is up from No. 19 in 2021. WalletHub compared all U.S. states using 52 criteria in five catego- ries: affordability, economy, education and health, quality of life, and safety. e individual metrics ranged from the unemployment rate to home-owner- ship rate to the number of restaurants per capita. Data was obtained from nearly two dozen public sources. New England states fared well in this year's comparison. Massachusetts, ranked No. 2 in 2021, beat out New Jersey for the top spot, after the Garden State had ranked No. 1 for the past two years. New Hampshire, which previously ranked No. 8, moved up to No. 6. Vermont came in just behind Maine, at No. 12. Connecticut and Rhode Island ranked No. 25 and No. 28 respectively. Home prices rise, but sales fall Continued strong demand for Maine homes drove up their sale prices in July. But lower than normal for-sale inven- tory is affecting the market, according to the Maine Association of Realtors. Data from Maine Listings shows that 1,691 homes sold statewide in July, a decrease of 15.28% from the number in July 2021. e median sales price reached $354,000 in July 2022, an increase of 12.38% over the July 2021 price. e MSP is the amount at which half of the homes sold for more and half sold for less. N O T E W O R T H Y S T A T E W I D E The Cystic Fibrosis & Multiple Sclerosis Fund of Global Partners, a national energy supply company, do- nated $30,000 to The Cystic Fibrosis Foundation, Upper New England Chapter. The chapter covers activities in the state of Maine. U.S. Sens. Susan Collins and Angus King and U.S. Rep. Jared Golden announced that 11 towns and orga- nizations in Maine received a total of $5,800,000 from the Northern Border Regional Commission to improve 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 B R I E F A retail center's value grows along with well-known neighbor B y L a u r i e S c h r e i b e r W e s t b r o o k — Before development started on Rock Row, a 110-acre, mixed-use complex in Westbrook, it was tough to find tenants for the Larrabee Complex, a neighboring retail center at 100 Larrabee Road. "We had a lot of vacancy in there and it was tough to get it leased up," said Frank O'Connor of the Dunham Group. "But as soon as Rock Row was announced, it started filling up." Now nearly fully occupied, Larrabee Complex attracted an off-market investment sale that recently closed for $14.9 million. O'Connor represented the seller, W/B Larrabee LLC, and Thomas Gadbois of F.O. Bailey Real Estate represented the buyer, 100 Larrabee LLC. The price is the biggest commercial transaction of its kind in Westbrook, said Gadbois. "It's a big deal in Maine," he said. The 102,000-square-foot multi-tenanted mixed-use retail center, built in 1970, is on 21.76 acres located less than one mile from Exits 47 and 48 of the Maine Turnpike/I-95. The site is easily accessible and offers excellent visibility. Seller owned the property for 4 years O'Connor said the seller owned the property for about four years. An investor who lives in California and has a sum- mer home in Camden, the seller has started selling off his portfolio and was willing to sell 100 Larrabee Road if he could get the right price, O'Connor said. The building is in good shape. It started out as a tire factory and has changed hands four times, including the recent sale. A mix of tenants includes Spa Tech Institute, Drouin Dance Center, Namco Pools, Sherwin-Williams and Sim-City Indoor Golf. Maine Community Bank has an operations center on a separate pad site. "Rock Row is driving everything around there," said O'Connor. Buyer used 1031 exchange The buyer is a local real estate investor who had a 1031 exchange to fulfill, said Gadbois. "It's a good deal on a price-per-square-foot basis, espe- cially with everything going on at Rock Row," Gadbois said. Also making it a good deal is the Larrabee Complex's under-market rents, he said. "There's a lot of upside," he said. The building has 3,500 square feet of vacancy remaining. "Even after we put it under contract, other buyers were interested," he continued. Gadbois attributed that interest to the scarcity of deals of similar size, with national and local tenants, in a neighborhood where major development is underway. "Keeping and getting tenants won't be an issue," he predicted. The buyer will improve the property as needed, he added. P H O T O / C O U R T E S Y O F F. O. B A I L E Y R E A L E S TAT E A retail center at 100 Larrabee Road in Westbrook sold off-market for $14.9 million.

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