The former owners of One Monument Way in Portland have purchased a South Portland shopping center.
The shopping center at 740 Broadway was purchased on Oct. 1 for $4 million, said Mike Anderson of Paragon Commercial Real Estate, the broker for the buyers, 740 Broadway LLC.
The shopping center at 740 Broadway in South Portland was bought recently by the former owners of One Monument Way in Portland. Gabe Souza/Staff Photographer
The purchase was made a month after the buyers sold their Portland property, One Monument Way, a mixed retail and office building just off Monument Square. That building was sold to East End Corp. for $5.24 million.
Anderson said that by reinvesting the money in another piece of commercial real estate, the buyers of the South Portland development were able to defer capital gains taxes on the sale of the Portland building.
The South Portland development is on the site where Cap’n Newick’s seafood restaurant operated until 2007. The shopping center is anchored by the So Po Bar & Grill and has small stores, including a nail salon, a smoothie store, a yoga studio and a hair salon. Anderson said one of the storefronts is vacant and the new owners are looking to fill it.
One Monument Way has a bakery and a bookstore on the ground floor and offices on upper stories, Anderson said.
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