Bangor investor pays $12M for Portland office building
A Bangor investor has purchased the Maine Bank & Trust building in Portland for $12 million, making it the state's largest real estate investment deal this year.
L.E. Springer Inc., owned by Bangor real estate investor Lawrence E. Springer, bought the 10-story, 67,000-square-foot tower on Congress Street from GRE Congress Canal LLC, according to the Portland Press Herald. The former Portland Public Market parking garage was also included in the transaction, which was financed by Camden National Bank.
GRE Congress Canal is a subsidiary of Guggenheim Real Estate LLC, which acquired the building and parking garage as part of a seven-property deal with the Libra Foundation in August 2006. TheLibra Foundation was asking $65 million for the properties , which also included the three Canal Plaza office buildings and the former Portland Public Market. According to the Portland tax assessor's database, the sale price was $53.5 million.
Portland assesses the Maine Bank & Trust building and land at $5.2 million.
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