A 114,000-square-foot office building in South Portland valued by the City Assessor’s Office at $15.8 million has been sold to a New York real estate investment firm for an undisclosed price, according to a broker involved in the transaction.
According to CBRE|The Boulos Co. in Portland, property owner Dead River Co. sold the building to Time Management Corp., a New York-based corporation with other holdings in Maine. Existing tenants in the building include Dead River and ON Semiconductor, formerly Fairchild Semiconductor International.
The sale transaction for the four-story “class A” office building at 82 Running Hill Road was completed Wednesday, according to Boulos, which represented the seller. NAI The Dunham Group in Portland represented the buyer.
The building, which sits on about 12.4 acres, was developed in 1987 by Joe Boulos for Unum Group. In 2006, Boulos sold the property for $15 million to Dead River Co., which has owned and managed it ever since. While Boulos would not disclose the sale price, the South Portland Assessor’s Office valued the property at $15.8 million in 2016 for tax purposes.
Charles Day, a broker at The Boulos Co., says the building’s location and amenities made it a “prime investment target.”
Boulos said in a news release that it began marketing the property on behalf of its owners last summer. It said the offering was well-received in the marketplace.
“We had interest from buyers throughout the United States,” said Charles Day, a broker at Boulos. “This building is well-maintained and offers great amenities. Add to that its ideal location, and it’s a prime investment target.”
According to Boulos, the overall vacancy rate across the Maine Mall area’s 1.7 million square feet of prime office space sits at a healthy 3.4 percent. According to a presentation on office space made at the annual Maine Real Estate and Development Association conference Thursday, the vacancy rate for mall-area office buildings was about 11 percent in 2014.
J. Craig Anderson can be contacted at 791-6390 or at:
canderson@pressherald.com
Twitter: @jcraiganderson
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