Longtime South Portland industrial building changes hands

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    Longtime South Portland industrial building changes hands

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    A 35,705-square-foot light-industrial building on 2.06 acres, at 53 Wallace Ave. in South Portland has changed owners, offering new possibilities after nearly two decades as a woodworking business.

    Wallace 53 LLC bought the property from Wallace Realty LLC for $2.05 million. TC Haffenreffer represented the buyer and Tom Dunham and Greg Hastings represented the seller; the three brokers are with NAI The Dunham Group. The transaction closed Dec. 19.

    Haffenreffer said the buyer is in the process of negotiating a lease with a potential tenant.

    Pond Cove Millwork, an architectural woodworking firm, occupied the building for nearly two decades before moving to 22 Mill Brook Road in Saco in 2018.

    Wallace 53 LLC is owned by Luke Morong, who founded commercial real estate investment and development company Shoreline Development Group.

    “We’ve been in business five years,” Morong said. “We started with multi-family properties. But in the past two years, we’ve been pursuing industrial properties.”

    Morong said he focuses on properties within a 30-mile radius of Portland.

    Attractive pricing

    Morong said the property has numerous advantages. It’s large enough to be subdivided down to 10,000 square feet for multiple tenants. The steel frame with metal siding has ceiling heights of 18 feet to 20 feet, heavy electrical service, four loading docks and two drive-in overhead doors. It’s about a mile from the Maine Turnpike and Interstate 295.

    The building, which…

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