Fork Food Lab Acquires Office Building On Darling Avenue, Portland, ME For $5.9M
95 97 Darling Avenue Portland, Maine 04106, Usa
$5,900,000
$140/SF
Building Size
42,000 SF
Asset Type
Office
Closing
May 19, 2023
AI
The property at 95-97 Darling Avenue in Portland, ME has been sold in a successful collaboration between East Brown Cow and Malone Commercial Brokers. The buyer, Fork Food Lab, has acquired the 42,000-square-foot office space for a total of $5.9 million. The property, currently undergoing construction, will be transformed into a shared commercial kitchen and food business incubator. This purchase fulfills Fork Food Lab's need for expanded facilities as they emerge from the pandemic with a growing waitlist.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $5,900,000
- Square Footage: 42,000
- Price per Square Foot: $140
- Address: 95-97 Darling Avenue, Portland, ME
- Market: Portland, ME
The buyer, Fork Food Lab, was represented by Brice O’Connor from The Boulos Company. On the other side, Joe Malone and Jennifer Small from Malone Commercial Brokers served as the seller's representatives in this transaction. This significant deal showcases the dedication of all parties involved in meeting Fork Food Lab's needs for expanded commercial kitchen and food business facilities.
Players
Portland Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93