Restaurant Real Estate: June 2024

Welcome to the June 2024 edition of the Portland Food Map restaurant real estate listings sponsored by The Boulos Company—a commercial real estate brokerage that has helped Maine’s restauranteurs buy and lease restaurant spaces since 1975.

This resource gathers in one convenient place the spaces available in Portland (and a few in the surrounding area) that could be potential sites for restaurants and food producers and retailers to locate their next business. Finding the right spot is one of the crucial early challenges in launching a new business and hopefully this resource will make that step just a little bit easier.

West End/Parkside

867 Congress St – the 3,200 sq ft former church that had been slated to be a new home of Vena’s is for sale for $725,000.

Arts District

553 Congress St – the commercial kitchen in the former Five Fifty Five space (now leased by the Core Cannabis Museum) is available to a co-tenant for $2,000/month (MG).

554 Congress St – 1,621 sq ft former Dunkin’ Donuts space for $2,301/month (NNN).

594 Congress St – the 2,592 sq ft space in the Upper H. H. Hay Building formerly occupied by Starbucks is available for $28/sq ft (MG).

600 Congress St – for lease signs are in the window of the ground floor space at the corner of High and Congress. The Schwartz Building has been under renovation for a decade. For more info call (207) 773-7100.

Bayside/Inner Washington

73 Cove St – a 5,519 sq ft industrial space in East Bayside is listed for $35/sq ft; it’s expected to become available later this year.

52 Hanover St – On the first floor of a new building will be 1,500 – 4,500 sq ft retail space available for $30/sq ft (NNN). One spot in the building has earmarked for a coffee shop.

178 Kennebec St – 2,644 sq ft of space are available in a newly constructed Bayside building for $25/sq ft (NNN).

55 Washington Ave – this 7,815 sq ft space is in the Nissen Bakery building right in between Cong Tu Bot and Hardshore Distillery. It’s available for $13,708/month (NNN).

Old Port

1 Canal Plaza – 4,284 – 14,412 sq ft of ground floor retail space will be available as part of upcoming renovations; $30/sq ft (NNN).

15 Chestnut St – the building that was home to Grace restaurant is for sale. It includes the property, business assets and all FF&E. The restaurant seats 175 and features a large circular bar on the first floor of the former church. The building has 14,358 sq ft of space. It’s for sale for $2,985,000.

185 Commercial St – a new building under construction will include 2,334 sq ft of ground floor retail space that will be available in 2024 for $55/sq ft (NNN).

383 Commercial St – 1,193 – 4,805 square feet of space in a newly constructed building on Commercial Street is available for $28/sq ft (NNN).

201 Federal St – a2,300 sq ft space in the new 18-story Casco building is available for $40/sq ft (MG). The building owners are looking for someone who wants to open a market in that space.

420 Fore St – the space formerly occupied by the Old Port Slice Bar is for lease. The 2,600 sq ft space is available for $40/sq ft (MG).

442 Fore St – the former Venus and Mars cannabis shop is for lease; 2,400 sq ft at $55/sq ft (MG).

477 Fore St – the 1,134 sq ft space formerly occupied by B + B Bakery is available for $25-30/sq ft (MG).

40 Free St – a 1,511 sq ft space in the new building constructed by JB Brown is available for $27.50/sq ft (NNN).

28 Market St – the 850 sq ft space formerly occupied by Lucky Juju is available for lease for $2,250/month (MG).

55 Market St – this 3,700 sq ft space on Market Street was formerly occupied by the Big Easy. It’s available for $18/sq ft (NNN).

111 Middle St – the 1,622 sq ft former Cabana building is for lease for $3,500/month (NNN).

121 Middle St – a 2,482 sq ft retail spot is available for $45/sq ft (MG).

157 Middle St – 1,091 – 5,155 sq ft of retail space is available for $27.95/sq ft (MG).

184 Middle St – this newly renovated space becomes available in August. It includes 1,169 sq of first floor retail and 808 sq ft of basement storage space all for $75/sq ft (MG).

5 Milk St – this 2,199 sq ft former hair salon is available for $28/sq ft (NNN).

1 Monument Square – 1,500 sq ft of first floor space adjacent to Cera is available for $25/sq ft (MG).

28 Monument Square – a number of spots on the first and second floors of the Public Market House are available.

25 Pearl St – 1,689 sq ft former Subway space available for $30/sq ft (MG).

66 Pearl St – 5,796 sq ft of space—the former Bull Moose retail shop—is available for $15.75/sq ft (MG).

24 Preble St – the original Arcadia space is available. The 2,835 sq ft storefront near Dutch’s and Slab is listed for $20/sq ft (NNN).

3 Spring St – the space formerly occupied by Stage Cannabis is for lease; 2,000 sq ft for $15.50/sq ft (NNN).

144 State St – 2 retail spaces are available in the former Mercy Hospital building on State Street. The 1,100 and 2,477 sq ft spaces are available for $20-24/sq ft (MG). Chocolate Passions occupies the 3rd commercial space in this new development.

53 Wharf St –a 1,600 sq ft space on the corner of Wharf and Union Streets is available for $30/sq ft (MG).

India Street Area

144 Fore St – the former VA building is near the Portland Foreside development and adjacent to several new office buildings off Thames Street. It has 1,560 – 10,620 sq ft of space available for $22-29/sq ft (NNN).

Outer Forest Ave

503 – 509 Forest Ave – the exterior of this building is slated to be restored to its historic design. It has 1,268 – 6,313 sq ft of space available for $10-15/sq ft (NNN).

701 Forest Ave – 3,147 – 6,405 sq ft of space in a former Walgreens building is available for $16/sq ft (NNN). The building has its own parking lot.

Deering

164 Veranda St – the 1,000 sq ft former location of Other Side Deli is available for $2,500/month (Gross).

550 Washington Ave – 2,000 – 2,400 sq ft of the former Botto’s bakery is available to lease for $18/sq ft (NNN).

Elsewhere in Portland

Northgate Shopping Center – 2,000 to 3,500 sq ft of space is available.

Westgate Shopping Center – three spaces are for lease 1,400, 3,800 and 5,000 sq ft. The lease rates are negotiable and the property owner has a strong interest in finding a restaurant tenant for the shopping plaza.

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

Outside of Portland

Trudy Birds, North Yarmouth – The business, land and both building are for sale for $1,825,000.

358 Main St, Yarmouth – the building that had housed a collection of gluten-free baking businesses is for sale for $499,000.

Ferry Village – The building that’s been home to the Knitting Nook will be available starting on June 15th. 500 -1,200 sq ft at $2,000 (MG).

188 Lincoln St, Lewiston – this 2,371 – 5,554 sq ft former fire station has been renovated for use as a retail/restaurant space. It’s listed at $5-14/sq ft (NNN).

Fuzzy Udder Creamery, Whitefield – the business and property are for sale for $595,000.

60 Mile Rd, Wells – an 8,684 sq ft turnkey restaurant in Wells is for sale for $2,150,000.

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.