Investor Plans Revitalization of Northern Maine Shopping Mall

MILLINOCKET, Maine, July 20, 2021 /PRNewswire/ -- The Northern Shopping Plaza shopping mall at 800 Central Street has sold for $1.6 million to real estate investment company Northeast Living LLC, which has plans to bring new businesses to the retail center.

This 82,505 square-foot shopping plaza, currently home to Tractor Supply Co., and other businesses, has a total of nine retail spaces, which the owner and SVN The Masiello Group are currently working to fill. SVN The Masiello Group will take the lead on the lease assignments.

Northeast Living LLC is owned by Uri Peer, who approached SVN The Masiello Group looking for a multifamily investment property. Because of the high demand and short supply of housing in the New Hampshire and Maine markets, SVN sales leads Chris Pascucci and Brian Dano recommended shifting property classes and instead search for retail properties. The two tapped the SVN network and expanded the search nationwide to identify properties that would deliver a more significant return on investment.

The Northern Shopping Plaza soon emerged as the leading investment opportunity, not only because Maine is an attractive market for investment today, but because Millinocket's revitalization efforts, proximity to tourism destinations, and business-friendly leadership make it a community on the rise.

"Retail property was not something I had considered before working with SVN The Masiello Group, but the suggestion of Millinocket was a great fit from a business perspective," said Peer. "Help from Chris and Brian was essential to the deal, and I look forward to working with SVN moving forward to bring this property to its fullest potential."

About Millinocket 
Known as Maine's biggest small town, Millinocket is located at the headwaters of the Penobscot River near Mt. Katahdin, Baxter State Park and the Katahdin Woods & Waters National Monument. Once a thriving paper mill town, Millinocket faced difficult economic times when the mill closed in 2008. In recent years, the town has worked to reinvent the community as a recreation hub and gateway to Maine's uniquely stunning North Woods wilderness. Millinocket's existing infrastructure and close access to Interstate 95 make it a prime opportunity for those looking to invest in Maine's exciting real estate market.

About SVN The Masiello Group 
SVN The Masiello Group was founded in 1987 with the goal of improving the commercial real estate industry for all stakeholders through cooperation and organized competition. With over 1,600 advisors and staff in more than 200 offices across the globe, SVN offers significant geographic coverage and outreach to traditional, cross-market and emerging buyers and tenants. The result of our unique Shared Value Network is the ability to deliver maximum value to our clients.

For more information about SVN The Masiello Group or the Northern Shopping Plaza property in Millinocket, please contact 833-746-6479.

SOURCE SVN The Masiello Group