Port Property Acquires Portland Multi-Building Portfolio For $45M
SOLD
$45,000,000
Maine
See Similar DealsPackage Deal180,000 SF
Sold 10/13/2022
SOLD
Port Property Acquires Portland Multi-Building Portfolio For $45M
62 Elm Street
See Similar DealsPackage Deal180,000 SF
Sold 10/13/2022
Summary
MAINE
Asset Type:Package Deal
Price Per Square Foot:$250
Total Square Footage:180,000 SF
Transaction Type:Sale
Portland, ME - A package deal consisting of multiple properties has closed in Portland, Maine. The portfolio includes 62 Elm St, 77 Preble St, 197 Oxford St, and 165, 175, 185, 190, and 196 Lancaster St. The properties consist of approximately 180,000 square feet of retail space and 420 surface parking spaces. The sale also includes the 595-space Portland Public Market Garage.
Summary of transaction details
- Property Type: Package Deal
- Transaction Amount: $45,000,000
- Square Footage: 180,000 SF
- Price Per Square Foot: $250
- Market: Portland, ME
The buyer in this transaction is Port Property, represented by brokers Joe Porta, Charles Day, and Mac Simpson from Porta & Co. The deal closed on October 13, 2022.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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