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J.B. Brown & Sons Acquires $9M Three-Building Portfolio in Portland
The Boulos Company has arranged the $8.7-million sale of 1 & 13 Davis Farm Road in Portland, ME. The three-building portfolio consists of more than 135,000-square-feet and sold in a partially off-market transaction.
Tony McDonald and Jon Rizzo of the Boulos Company represented seller The Davison Trusts, which redeployed the sale proceeds into other properties utilizing the 1031 Tax Deferred Exchange mechanism.
The Boulos Company’s Drew Sigfridson represented the buyer, J.B. Brown & Sons. According to the brokerage, the buyer was seeking development opportunities and value-add options and was attracted to the portfolio’s long-term rental income along with its size, scale and location on I-95.
The buildings were originally constructed on a “build-to-suit” basis for New England Telephone, which continues to occupy part of the property. 1 Davis Farm Road, a two-story 48,000-square-foot office building, will be converted into a shell for alternative development.
- ◦Sale/Acquisition
