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Joint Revocable Trust Buys Lobster Pound in Maine for $3M
The John Paul and Paige Helm Maginel Joint Revocable Trust has purchased a coastal property from Just in Case of Maine for $2.55 million.
Located at 126–136 Pound Road, the asset includes a fully-functional, 31,064-square-foot lobster pound, two residences, and vacant waterfront land. The Boulos Company’s Jonathan Rizzo, SIOR and Joe Italiaander arranged the transaction as part of a 1031 exchange. The Maginels were attracted to the property’s significant water frontage and potential uses across the 40-acre site. They leased a portion of the processing facility to MDI Fisheries after the sale.
“Paige and I are very excited and happy to have this opportunity to enjoy such a special property in such a beautiful environment,” said John Maginel. “Joe and Jonathan did a tremendous job negotiating the transaction and bringing it to closing. We look forward to working with them in the future.”
