The owner of Gorham Bike & Ski has purchased the building where his Portland store is located.

Jamie Wright said he completed the purchase of 691-693 Congress St. in late May. The price was $467,317, Wright said, but that reflected several years of lease payments that were applied toward the purchase. The store has operated in that location since 2008.

Wright said the purchase represents financial stability and a chance to build some property equity for his company.

His other locations are leased, Wright said. Gorham Bike & Ski also has stores in Saco and Brunswick.