Grossman Development Group, LLC, Hollister & Moore, LLC (H&M) & the New Haven Group, through an affiliated entity (collectively the “Sponsor”), has acquired the 151,000 square foot retail shopping center on 14.14 acres known as JFK Plaza in Waterville, ME.
The property is ideally positioned less than a mile off of Interstate 95 along the heavily-traveled Route 11 corridor in Waterville, ME. Over 70% of its tenant mix is anchored by nationally-recognized junior anchor retailers, led by one of the region’s strongest grocers, Hannaford Supermarket.
The current vacancy, 33,175 square feet, is ideal size for a junior anchor retailer either relocating within or expanding to the Waterville, ME market. Limited co-tenancy restrictions from existing tenants allow for a wide range of leasing potential for the vacancy including the potential opportunity to subdivide the premises and maximize value through tenanting multiple spaces.
Waterville is one of Maine’s fastest growing cities and is the region’s educational and medical hub. With over 40,000 people within a 10-minute drive time, Waterville additionally is home to two renowned colleges, Colby College and Thomas College. More than 3,000 students attend the colleges on an annual basis.
Trade area employers include Maine General Medical Center, Inland Hospital and Huhtamaki, a world leader in manufacturing paper products. Over 25,000 employees work within the trade area. Within the immediate area, Shaw’s Supermarket, Flagship Cinemas, Planet Fitness and several restaurants populate Route 11/137. The downtown district consists of a unique mix of local shops, restaurants, art galleries and other cultural amenities, including multiple museums and boutique theaters.
Multiple recreational events hosted in Waterville, ME on an annual basis bring tourists from Maine and throughout New England. Competitive retail centers in the trade area include Shaw’s Plaza (Shaw’s Supermarket, Planet Fitness, Flagship Cinemas); 0.7 miles from the property, Elm Plaza (Hannaford Supermarket, JC Penney); 2.6 miles from the property, and Waterville Commons (Walmart, Home Depot, Staples); 3.0 miles from the property.
JFK Plaza is considered the dominant center in the region based on strength of tenancy and tenant sales performance. Augusta, ME is less than 20 miles south of Waterville and the Augusta/Waterville region makes up the second largest labor market in Maine. Over 125,000 employees work within this region dominated by government , high-tech manufacturers, healthcare and financial services.