Ram Acquires Familiar Centervale Farm Property on Route 1 in Scarborough

Prime retail or office development envisioned for site, now home to Centervale Farm Antiques

PORTLAND, Maine – Howard Goldenfarb’s Ram Management Company has announced the acquisition of Centervale Farm, an attractive 18,000-square-foot building located on 6.5 acres in a prime location along Route 1 in Scarborough, Maine.

Ram plans on relocating its corporate headquarters from Portland’s Old Port to the location and leasing a large portion of the building back to the current owner, Centervale Farm Antiques, through 2006 to allow that well-known business to wind down.

Ram will immediately begin work to convert 5,000 square feet of the building to office space, with most used for Ram’s new corporate headquarters, said Todd Goldenfarb of Ram. Financial terms of the sale were not disclosed.

At the completion of Centervale Farm Antique’s lease, Goldenfarb said he expects a similar retail tenant or an office user to fill the approximate 13,000 square feet of available space, which is located on in a high-demand area of bustling Route 1.

Goldenfarb said the acquisition is a “mutually beneficial transaction” for both parties. Centervale Farm Antiques was started in 1992 as a second career by Steve Center, a former high level executive of Unum, and his wife Pat.

“Steve and Pat have created a location that is consistently recognized as the most attractive on Route 1, and an antique business that is very successful and well known,” Goldenfarb said. “They have decided to shift their focus from a large retail operation to a less time consuming wholesale and antique show-based business. Ram is benefiting by acquiring this beautiful property from them for our offices. This is a mutually rewarding transaction.”

He said Ram plans to market the building over the next year to potential tenants who want to be part of a unique property that offers strong Route 1 exposure as well as a beautiful and convenient location.

“Because of its strong reputation as a retail destination, a retail tenant will most likely fill the future vacancy,” Goldenfarb said. “However, as medical and office use expands in Scarborough, some may see Centervale Farm as a prime location for office use. Either way, the property will remain a jewel in the area.”

Goldenfarb said the acquisition of Centervale Farm fits Ram’s vision of identifying, acquiring and redeveloping prime real estate in Maine and throughout New England and South Florida.

“Ram has been known over the past 32 years as one of New England’s most innovative development companies,” Goldenfarb said. “We believe that this acquisition in the Scarborough market is not only a great fit with our existing portfolio, but puts us right in the middle of a growing real estate area where we believe we can add tremendous value down the road with future developments.”

Ram also is looking forward to working with Scarborough town officials, he said. “The town of Scarborough is forward thinking and keeps what is best for the community constantly in mind, a principle that Ram holds true to as well,” Goldenfarb said.

Ram, well known throughout Maine, New England and Europe for much-acclaimed retail, residential, industrial, and office developments, also is in the final construction stages of a major industrial redevelopment in Marlborough, Massachusetts. In addition, the company is in the approval process for a large industrial development in Miami for Penske Truck Leasing Corporation.

Over the years, Ram has been involved with many local, regional and international projects including: 21 historic renovations in Portland’s Old Port, outlet malls in Kittery, Freeport, England, Israel, and Belgium; residential projects including the Atlantic House in Scarborough and RiverPlace in South Portland; and office and industrial building development in Maine, New Hampshire, and Massachusetts. Recently the company has been renovating large industrial properties in Massachusetts into Class A industrial and office facilities. For more information, visit www.rammanagement.com.



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