Stan Johnson Company Brokers Sale of Office Building in Suburban Portland, Maine for $11.8 Million
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant office building leased to Consolidated Communications. The property is located at 5 Davis Farm Road in Portland, Maine. The three-story Class B asset totals 80,683 square feet. Stan Johnson Company’s Chris Adams and Jim Gibson represented the seller, Pizzagalli Properties, a developer based in South Burlington, Vermont. An individual investor from California, represented by Josh Soley of Maine Realty Advisors, purchased the asset for approximately $11.8 million.
“This is a meaningful facility for the tenant which has a long history of occupancy. In recent years, they have invested significant capital into facility updates,” said Adams, Associate Director in Stan Johnson Company’s Dallas, Texas office. “Despite COVID-19 impacts and a relatively short lease obligation, we generated several competitive offers and closed with a strong private buyer.”
The property was originally constructed in 1974 on 18.3 acres and has experienced several improvement projects over the last decade. Adjacent to Interstate 95, the asset is located just 15 minutes northwest of downtown Portland, Maine.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.