The retail center at 126 Main St., in Topsham sold to a Portland-based investment group last month for $1.55 million. Darcie Moore / The Times Record

TOPSHAM — The Topsham retail center at 126 Main St. was sold last month to the Portland-based Zenith Investment Group for $1.55 million.

John Soley of Maine Realty Advisors confirmed the property was sold by Topsham Place LLC, which belongs to developer J. Hilary Rockett.

Built in 1977 and formerly the home of the Maine Event Gym, Topsham Place LLC bought the site in 2014 for $540,000 according to town assessing records.

The building is now home to Habitat Humanity ReStore, Brunswick Martial Arts, Kid O’Therapy, Goodwill Industries of Northern New England and The Driving School.

Soley said Topsham Place was interested in selling the property but before advertising, he was able to form a group of investors interested in investing in the Midcoast area to buy the property.

The new owners don’t plan to develop at the building but expect to replace the heating and air conditioning system.

An estimated 2,000 square feet of office space will also be constructed on the second floor of the building, which should be advertised as available for lease by Maine Realty Advisors soon.

“There’s a strong synergy between the area and the tenants,” Soley said. “For instance, the (Habitat for Humanity) Restore is an excellent tenant to have in this location,” which isn’t far from where new construction is taking place. “Having the (Bureau of Motor Vehicles across the street is good having a driving school (as a tenant). We have Mt. Ararat High School across the street which works well with the martial arts. It really ties in well with the area.”

He said the investors with the Zenith Investment Group typically buy properties in the greater Portland area but are starting to look more in the Midcoast and York County as they look for more cash flow.

“This particular investment group really believes that Topsham has a strong future,” he said.

 

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