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.