Courtesy / Keller Williams Realty
Development activity in downtown Portland’s Monument Square attracted an investor group with roots in Maine and Massachusetts to buy 24 Preble St.
March 27, 2022
A Monument Square building sold to buyers with Maine, Mass. roots
Courtesy / Malone Commercial Brokers
Development activity in downtown Portland’s Monument Square attracted an investor group with roots in Maine and Massachusetts to buy 24 Preble St.
The redevelopment of Portland's iconic Time & Temperature Building to a hotel attracted new investment by a group with roots in Maine and Massachusetts.
Parkingway Management LLC bought 24 Preble St. from 24 Preble Street Properties LLC for $2.175 million.
The deal was somewhat discounted from the asking price of $2.5 million.
Michael Anderson of Malone Commercial Brokers and Jed Rathband of Keller Williams Realty brokered the transaction.
The property comprises a four-story 15,840-square-foot office building dating back at least a century, according to its listing.
The mixed-use brick building, adjacent to the multi-million-dollar renovation at the Time & Temperature Building, has been well maintained and much-improved over the years. Improvements have included a fire suppression system, new internal rear staircase and significant tenant improvements.
Three floors are fully-tenanted office space. There’s a vacant 2,835-square-foot commercial space on the first floor.
Anderson, who represented the buyer, said he’s marketing the first-floor space for lease and received interest in the first week of it being on the market.
“We are looking for the right fit for this great downtown location and unit which, although attractive on its own, is surely to only increase its curb appeal alongside the redevelopments and new developments happening in this area of downtown and the nearby neighborhood that is West Bayside,” Anderson said.
No major additional investment into the property is planned, other than the potential of accommodating a future tenant’s needs for the first floor, he added.
The buyer group consists of Mike d’Hemecourt and his partners Terrence J. Murray and Patrick Cleary.
D’Hemecourt moved from Massachusetts in 2020 and now lives in the Portland area. Together, the partners own properties in Maine, Massachusetts and New Hampshire.
A vintage photo from the city of Portland’s 1924 tax record shows the building was occupied by Potter’s Furniture, owned by one Harry Potter. It remained a furniture store through the 1980s, said d’Hemecourt.
Interesting historical features include exposed brick throughout much of the building and original tin ceilings in portions.
Courtesy / City of Portland
A vintage photo from the city of Portland’s 1924 tax record shows 24 Preble St. was occupied by Potter’s Furniture, owned by Harry Potter.
The building is in excellent condition and much of it was renovated within the past five years, he said.
The first floor was occupied by Arcadia National Bar, a combination arcade and bar that opened in 2014.
The business performed renovations of the space in 2018.
Arcadia moved earlier this year to a larger space at 504 Congress St, Portland.
The second floor of 24 Preble St. is leased to Shift Portland, a fitness center that hired BarrettMade to renovate its space and restore the old tin ceilings and exposed brick.
The third and fourth floors are occupied by the Greater Portland Immigration Welcome Center, which offers support and other resources for immigrants.
D'Hemecourt said he had been looking at the greater Portland market since 2017. The group purchased its first building in the market at 450 Payne Road in Scarborough in 2019. Anderson assisted with that purchase as well.
D’Hemecourt has been in the commercial real estate industry for nearly 20 years, starting as retail broker, then expanding to investment and development.
Up to the Scarborough purchase, the partnership’s investments had all been in Massachusetts and have included retail, office, multi-family and medical office properties that are mostly older, vacant buildings in need of redevelopment for subsequent leasing.
COURTESY / MIKE D’HEMECOURT
The partnership that purchased 24 Preble St. includes Mike d’Hemecourt, left, and Patrick Cleary.
D’Hemecourt’s wife is from Maine and the Portland market in particular was attractive, he told Mainebiz in 2019.
What attracted him to 24 Preble St.?
“Attractiveness of Portland overall and its evolving neighborhoods,” he said. It's "just a half block from Monument Square.”
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