Downtown Damariscotta centerpiece sells to tenant for $1.45M
PHOTO / Courtesy Rockwater Group of Keller Williams
The Damariscotta Center Building, a well-kept, century-old building that’s a centerpiece of the downtown, saw plenty of interest when it was listed for sale.
A well-kept, century-old building that’s a centerpiece of Damariscotta’s downtown saw plenty of interest when it was listed for sale — and was ultimately scooped up by one of the tenants in the building.
Main Sail LLC bought 157 Main St. from Ross Flood Properties LLC No. 4 for $1.45 million, a bit lower than the list price of $1.495 million.
Roy Donnelly of the Boulos Co. represented the buyer and Dave Costello of Rockwater Group of Keller Williams represented the seller.
The 8,238-square-foot Damariscotta Center building — near shops, art galleries and cafes — has 12 units and 100% occupancy. It was marketed as presenting a strong and reliable income stream for office building investors.
The seller
The seller had owned the building since around 2000, managed it himself and was ready to step back, said Costello.
“We saw a tremendous amount of interest,” Costello said. “I did 12 to 15 showings within the first week or so.”
He continued, “Of all the buildings in Damariscotta, it’s one of the nicer buildings and well-maintained. The owner was meticulous, really making sure the building was always presenting itself in its best light for tenants and the public.”
The majority of queries were local, with some from throughout Maine and a couple from out-of-state.
A couple of firm offers came in. Ultimately, the seller decided on his tenant.
“The seller leaned toward the buyer because he knew him and he knew that he would treat the tenants fairly, as opposed to an investor from away,” Costello said.
The buyer
The Damariscotta Center was built in 1857, soon after Walpole became known as Damariscotta in 1847, said Donnelly. It was known as the WM Hilton Block, and now houses 10 commercial units and two residential units.
“The commercial units are largely retail and office, including co-working space, an art gallery, bead-making and gift sales, jewelry and a hair salon,” Donnelly continued. “The two residential units are two floors and have back porches with great views of the Damariscotta River.”
Donnelly said the buyer owns the co-working space.
“The buyer's plans are to continue operating as-is, and continue to make it a commercial anchor for small businesses in downtown,” he said.
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