Developer buys former Unum building in South Portland, confirms WEX as tenant
A company run by Portland-based Monks O’Neil Development LLC confirmed that WEX Inc. will be the tenant of a 60,000-square-foot South Portland building it recently purchased.
“I’ve invested in a building at 123 Darling Ave. in South Portland,” Tim O’Neil, co-owner of Monks O’Neil Development, told Mainebiz, later confirming that WEX is the building’s tenant. He bought the building with partner Robert C.S. Monks through Darling Avenue Realty, a company that is run by Monks O’Neil Development.
The South Portland building was formerly occupied by Unum and is located near WEX’s corporate headquarters at 225 Gorham Rd.
O’Neil said Darling Avenue used the money raised from a recent $2.78 million equity sale to buy the building. The date of the first equity sale was April 23, and the total amount was sold, according to a May 1 filing with the U.S. Securities and Exchange Commission.
According to the South Portland assessor’s database, the land and improvements were assessed at $5.89 million in 2013.
The building's purchase price was not disclosed.
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