Port Property Acquires Portland Multi-Building Portfolio For $45M
62 Elm Street
$45,000,000
$250/SF
Building Size
180,000 SF
Asset Type
Package Deal
Closing
Oct 13, 2022
AI
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.
Players
Portland Package Deal Market Snapshot
Boundary boundary · Package Deal · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93