Queen City Development Group Buys Southern Maine Industrial Asset

Burlington, VT-based Queen City Development Group has acquired a 100,255-square-foot industrial building in Brunswick, ME. JLL arranged $6.9 million in acquisition financing on behalf of the borrower, securing the five-year, fixed-rate loan through Bangor Savings Bank.

Built in 1996 and renovated in 2007, 43 Bibber Parkway is a single-story, shallow-bay industrial building located on 7.78 acres within Brunswick Industrial Park. At the time of financing, the property was 93% leased to tenants involved in architectural signage manufacturing and specialty retail. The facility has is adjacent to Route 1, less than one mile from Interstate 295 and about 15 miles from Interstate 95, providing access to the Southern Maine logistics corridor.

Brunswick has emerged as a hub for advanced manufacturing and innovation in Maine. The local industrial market benefits from low vacancy and demand from tenants seeking lower-cost alternatives to the Southern New Hampshire and Greater Boston submarkets.