Restaurant Real Estate: January 2021

Welcome to the January 2021 edition of the Portland Food Map restaurant real estate listings sponsored by The Boulos Company. This monthly column gathers in one convenient place the spaces available in Portland that could be potential sites for restaurants and food producers/retailers to locate their next business.

Even in these tough times for the hospitality industry some people are pursuing their dreams and opening new food businesses. Finding the right spot is one of the crucial early challenges in launching a new business and hopefully this new resource will make that step just a little bit easier.

West End

64 Pine St – The former Aurora Provisions space is for sale or lease. The 4,629 sq ft is listed at $12.83/sq ft (NNN) and is also available for sale for $1,395,000.

101 York St – a 15,000 sq ft sub-dividable space in the new building on the corner of York and High Street is available for $15-20/sq ft (NNN). The space already has a hood vent and grease traps installed.

Arts District

11 Brown St – the space where BRGR Bar is located on Brown Street is for lease. The 4,321 turnkey restaurant space is available for $19/sq ft (NNN). All furniture, fixtures & equipment included, as are 2 parking spots and 2,000 sq ft of storage space.

114 Center St –this 1,500 – 10,000 sq ft space off Free Street is for lease at $8-25/sq ft (MG).

555 Congress St – the former Five Fifty-Five is available to lease. The 1,089 – 3,647 sq ft space is listed at $22/sq ft (NNN).

593 Congress St – The former Vinland is available to lease. The 1,720 sq ft space is listed at $19.41/sq ft (MG).

605 Congress St – Two spaces in the State Theater Building is available. They are 543 sq ft and 2,685 sq ft and are listed at $25-35/sq ft (MG).

646 Congress St – this 960 sq ft former retail space adjacent to The Jewel Box is for lease at $25/sq ft (MG).

Bayside

15 Chestnut St – the 14,000 sq ft building that was the former home of Grace is for sale for $3,730,000.

84 Cove St – The former Milk & Honey in Bayside is available for $13/sq ft (NNN).

360 Cumberland Ave – a 1,900 sq ft back building hidden behind 360 Cumberland Ave is available for $20-25/sq ft (NNN).

23 Marginal Way – a 1,300 sq ft space in Century Plaza is available for $28/sq ft (NNN).

34 Portland St – the 4,256 sq ft building that was formerly was occupied by Candy’s is for sale for $695,000.

Old Port

1 Commercial St – the original location of Benkay at the corner of Commercial and India Streets is available. The 2,494 sq ft is for lease at $35/sq ft (NNN).

5 Commercial St – the former Rosemont Market at the corner of Commercial and India Streets is available. The 1,700 sq ft is for lease at $35/sq ft (NNN).

9 Commercial St – the former Commercial Street location of Arabica is available. 3,018/sq ft for $35/sq ft (NNN).

266 Commercial St – 6,689 sq ft of new construction retail space will be available for $20-22/sq ft (NNN).

383 Commercial St – 4 street retail spaces will be available (1,631 – 1,971 sq ft) at $28/sq ft (NNN) in a new building under construction at the corner of Maple and Commercial Streets. It’s building is expected to be finished in the fall of 2020.

98 Cross St – two retail spaces (991 and 1891 sq ft) are available for $20/sq ft (MG).

18 Exchange St – 1,800 sq ft of retail space for lease at $6,950/month (MG).

90 Exchange St – Eaux is moving to a new location and that’s freeing up their former location on Exchange St. 1,500 sq ft at $40/sq ft (MG).

225 Federal St – the former Old Port Po’ Boys & Pickles is available. 1,000 sq ft at $30/sq ft (MG).

345 Fore St – Vena’s is moving and that’s freeing up their current location. 2,310 sq ft for a $3,750/month.

363 Fore St – this 1,250 sq ft restaurant space at the corner of Fore and Middle Street is for lease at $6,500/month (MG).

422 Fore St – the former Pearl space is available, 2,400 sq ft at $38/sq ft (MG).

425 Fore St – The former Five Guys is available. $2,900/sq ft and $40/sq ft (MG).

443 Fore St – the space currently occupied by Evo Kitchen + Bar is for lease and will be available once Evo is moves into the Pattern Storehouse building at the 58 Fore site. The 1,706 sq ft are available for $54.51/sq ft (MG) or $7,750 per month.

446 Fore St – 1,600 – 3,400 sq ft in the former Pearl space with entrances on Wharf and Fore Streets is available for $30-40/sq ft (MG).

40 Free St – A new building is under construction on Free Street by JB Brown. The first floor will have 4/5 storefronts ranging in size from 1,358 to 3,067 sq ft. The construction is expected to be completed in early 2021. The rate is $30/sq ft (NNN).

55 Market St – this 3,700 sq ft space on Market Street was formerly occupied by the Big Easy. It’s available for $24/sq ft (NNN).

131 Middle St – this 3,512 sq ft retail space is for lease at $14.50/sq ft (NNN).

66 Pearl St – the 5,796 space formerly occupied by Bull Moose is available for $15.75/sq ft (MG).

2 Portland Square – the former Walter’s is back on the market. 3,219 sq ft for $28/sq ft (MG).

3 Portland Square – This new building will include 2,500 – 20,000 square feet of retail space for$28.50/sq ft.

3 Spring St – the 2,554 – 3,500 sq ft former Lio space is available at $23/sq ft (NNN).

5 Spring St – the first floor space located below the former home of Lio at the corner of Cross and Spring Streets. 3,069 sq ft at $20-23/sq ft (NNN).

23 Temple St – this 947 sq ft is located in the same building as the Nickelodeon. It’s for lease at $25/sq ft (MG).

India/Washington Ave

100 Fore St – 2 retail spaces are available in a new building planned for Fore Street. 1,141 and 1,914 sq ft respectively, $27 – 30/sq ft (NNN).

The Black Box – 300 sq ft, $1,450 per month (3 month minimum) which includes all utilities, high speed WiFi, and shared access to a common unit that includes two bathrooms (1 ADA) as well as shared use of the adjacent patio space that can accommodate outdoor seating.

Forest Ave

688 Forest Ave – the former Valley Chinese space is for lease for $12/sq ft (MG).

949 Forest Ave – the former Maelily Ryleigh’s is for lease. The 4,185 sq ft restaurant is available at $19/sq ft (NNN).

1190 Forest Ave – located right in the center of Morrill’s Corner. 3,000 – 5,082 sq ft at $12 – 20/sq ft (NNN).

Other

559 Brighton Ave – when Rosemont Market moved their kitchen, warehouse and office space in one building the retail space in their original building on Brighton became available for sale for $550,000.

1041 Brighton Ave – 1,200 -7,000 sq ft of space available in the strip mall that’s the longtime location of Panda Garden. The space is available for $10-13/sq ft (NNN).

441 Congress St – The 2,400 sq ft former home of Guitar Grave across the street from 1 Monument Square is available for $20/sq ft.

1283 Congress St – part of this build was in the process of becoming a restaurant. A hood was installed a couple years. Those plans have apparently been shelved and the space is now for lease. For more information call Harbor City Realty (207) 775-1991.

139 Riverside St – a 5,020 sq ft restaurant space available for $15/sq ft (MG).

249 Saint John St – a 3,41 sq ft building that has been occupied by one restaurant or another for years is for sale for $325,000.

Other Spaces – some vacated restaurant spaces haven’t yet been formerly listed for by the owner (e.g. Piccolo). Check the closing announcements for the latest information.

111 Main St, Westbrook – the former Ruby Tuesday’s in Westbrook Crossing shopping plaza off of Brighton is for lease. Contact nick.margitza@wsdevelopment.com.

117 Route 1, Freeport – the former Conundrum building in Freeport is for sale for $1.2M.

Glossary

MG – Modified Gross which indicates that the operating expenses (taxes, insurance, maintenance, etc.) for the property are included in the lease rate. The tenant would pay its own utilities, which sometimes includes heat.

NNN – Triple Net which indicates that operating expenses are not included in the lease rate, and the tenant will pay them separately. They are often referred to as CAM (Common Area Maintenance) charges and taxes, which are expressed as $/sf. The tenant is also responsible for utilities.

Gross – Gross indicates all expenses including utilities are included in the lease rate. The tenant would be responsible for phone and internet access, as well as interior janitorial.

One comment on “Restaurant Real Estate: January 2021

  1. Lot of available space. Unfortunately more to come. Hire professional representation, perhaps a well established local attorney with a solid reputation.
    Negotiate hardball, your future landlord will be playing for keeps. No space is worth it if all your cash flow gets sucked up by the lease. If you make good food no need for Commercial St. “prime” space, leave that for the turn & burn.

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