Howard A. Goldenfarb, founder of The RAM Companies, (RAM) announced the firm has acquired the 100% leased Atlantic Place office complex from 341 Park, LLC. Though very active outside of the state, this is RAM’s first acquisition in Maine in several years. RAM will rename the complex Atlantic Place Commerce Center; and will move forward with renovations to improve the tenant experience. The property will be professionally managed by the team at RAM.
Howard A. Goldenfarb, Todd Goldenfarb, and Mark Campbell led the acquisition effort on behalf of RAM and its affiliate, Mile Marker Investments. Jessica Estes and Drew Sigfridson of The Boulos Company represented the seller in the transaction.
“We spent significant time talking with current tenants before making our decision to go forward as we do with every acquisition,” Goldenfarb explained. “Most of the tenants are long-term and all are very satisfied with the complex and its location. The City of South Portland has a great vision for this area, and we are excited to be a part of it. The complex is centrally located near all of the amenities around the Maine Mall, which is very convenient for the tenants.”
RAM plans to upgrade the landscaping and parking lots, rebrand with new signage, replace the roof and HVAC systems, and upgrade the common areas. In addition, they plan to add electric vehicle charging stations which will not only add value to the physical property but will also meet today’s changing tenant needs.
Located off Darling Avenue in South Portland, the +/-74,000 square foot property contains three one-story buildings and boasts a five per 1,000 parking ratio. With an easily accessible location and 16-foot ceiling heights throughout each building, the property provides tenants excellent flexibility for use. Many tenants have direct entrances to their space providing ease of access for staff and clients.
Howard A. Goldenfarb is credited with igniting the redevelopment of Portland, Maine’s Old Port district in the 1970s with the purchase and redevelopment of more than 22 properties, including many historic buildings. Goldenfarb and RAM were the original developers of the 77,000 square foot Citicorp Park, (now called The Park at 100 Foden Road) which is located across the street from Atlantic Place.
Many of the building projects RAM developed have been noted as firsts in Maine and abroad. Those projects include The Maine Outlet in Kittery, the first multi-tenant, purpose-built outlet mall in New England; Citicorp Park in South Portland, (now the Park at 100 Foden Road) Maine’s first suburban office park; Foreside Common in Falmouth; The Atlantic House, the region’s first luxury oceanfront condominium project on Scarborough Beach; and RiverPlace in South Portland, the first waterfront luxury apartment complex in southern Maine. RAM also pioneered outlet mall development in England, Belgium, and Israel.
In recent years, the company has acquired several million square feet of industrial property, much of it value add. Through its Miami Beach, FL based affiliate, Mile Marker Investments, the company is involved in the development of luxury single-family homes and townhomes, a 38-story high-rise luxury apartment building in Austin, Texas; as well as a 48-key hotel to be built in the West End of Portland, Maine.