Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a fully approved hotel development site at the former Rufus Deering Lumber Co. in downtown Portland, Maine.
The HFF team represented the seller, Reger Dasco Properties, and procured the buyer/developer Norwich Partners, LLC.
The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153-square-foot mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 square feet of retail space, 155 hotel rooms and 313 parking spaces. The hotel will be among the first phase of development and upon completion will operate as an Aloft Hotel. The six-story, 112,439-square-foot building will feature 155 guestrooms, restaurants, meeting space, fitness center and 22 on-site parking spaces in addition to hotel valet parking. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous award-winning restaurants, art galleries and retail shops. Additionally, the hotel is within close proximity to the city’s leisure and corporate lodging demand drivers, including The Maine Medical Center, the University of Southern Maine and corporations such as IDEXX Laboratories and Tex Tech Industries.
The HFF investment advisory team representing the seller consisted of managing director Denny Meikleham, senior director Alan Suzuki and director Matthew Enright.
About Reger Dasco Properties
Reger Dasco Properties is Portland’s premiere residential/mixed-use development team. Hobson’s Landing is the fourth project on the peninsula that Reger Dasco has overseen as part of Portland’s next residential renaissance. Reger Dasco Properties has extensive experience with real estate investments, high-quality residential developments and mixed-use projects. Learn more at: www.regerdasco.com.
About Norwich Partners
Norwich Partners is a New England and Florida-based developer of and investor in commercial real estate, primarily hotels in the northeastern U.S. and Florida. Founded and capitalized in 2003, the company formalized a long-standing business relationship between the three founding members. Learn more at norwichpartners.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
