Porta & Co Brokers Arrange 20-Year Lease For Mixed-Use Property In Portland, ME
511 Congress Street
Building Size
126,000 SF
Asset Type
Mixed-use
Closing
Feb 1, 2023
About this deal
AI
The recently closed transaction involves a mixed-use property located at 511 Congress Street and 48 Brown Street in Portland, ME. The property spans a total of 126,000 square feet and was offered for lease. The deal was facilitated by brokers Joseph Porta, Vince Ciampi, and Peter Gwilym from Porta & Co. The lease term for the property is set at 20 years.
Summary of transaction details:
- Property Type: Mixed-use
- Asking Rent: $18 per square foot
- Lease Term: 20 years
- Brokers: Joseph Porta, Vince Ciampi, and Peter Gwilym - Porta & Co
This transaction highlights the collaborative effort of the brokers involved, namely Joseph Porta, Vince Ciampi, and Peter Gwilym from Porta & Co. They successfully negotiated the 20-year lease agreement for the mixed-use property situated at 511 Congress Street and 48 Brown Street in Portland, ME. The lease was secured at an asking rent of $18 per square foot.
On the Map
Mixed-use
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Market Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
881277.78%
Cash-on-Cash
-251871.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93