Mallside Plaza, a 118,000-square-foot retail center at 198 Maine Mall Road, has been sold for $20 million to a real estate investment firm with plans to enhance the property.

Mallside Plaza in South Portland Photo courtesy of 3D Maine

Mark Malone of Malone Commercial Brokers represented the seller, NECG Mallside BH LLC, while Scott Schubert of Anagnost Realty and Development represented the buyer, Wood Hill Realty Associates LLC, according to a news release issued Tuesday.

Located in the Maine Mall shopping district, Mallside Plaza is anchored by national tenants DSW, Planet Fitness, Dollar Tree, Guitar Center, Five Below, Five Guys and Jackson Hewitt Tax Service, in addition to local tenant Theory Wellness of Maine.

The property was listed for $21 million and sold for $20 million, as the new owner plans to invest in property improvements, including a parking lot renovation, according to the release.

“A diverse and established tenant roster, combined with a central location and continued possibility for growth, make this shopping center both a desirable commercial real estate investment as well as a great shopping destination for the community and region,” Malone said in the release.