Investors snap up Hancock lobster pound and property for $2.5M

A turnkey lobster pound, two homes and vacant waterfront in Hancock have been sold for $2.55 million to a buyer who has already found a seafood processing company to lease part of the property. 

The John Paul and Paige Helm Maginel Joint Revocable Trust purchased 126-136 Pound Road from Just in Case of Maine LLC. The property has been on and off the market since 2019, and includes the 31,064-square-foot lobster pound along with the two residences and land.

Jonathan Rizzo and Joe Italiaander of the Boulos Co. arranged the transaction.

“It was technically sold off market,” Italiaander told Mainebiz. “We had this on and off the market over the years dating back to 2019.”

The buildings and infrastructure are in good condition, said Italiaander of the location overlooking Mount Desert Narrows, and the property had seen significant interest over the years. 

The Maginels purchased the property as part of a 1031 exchange, allowing investors to swap out one property for another and defer capital gains or losses, or capital gains tax that would otherwise have to be paid. 

The buyers were attracted by the significant water frontage and wide range of potential uses across the 40-acre site, according to a news release.

Shortly after the sale, they leased a portion of the processing facility to MDI Fisheries Inc., a lobster wholesaler. 

“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.”

Just in Case of Maine is a lobster procurer that used the pound portion of the property, which has been a working lobster pound for many years, noted Italiaander.

“Over the years, their geographic needs changed and therefore they did not require the full capacity of the property,” Italiaander said. “They continue to operate out of a portion of the pound, along with MDI Fisheries Inc.”

He added, “John and Paige were the natural buyers for Pound Road, as they understood its importance to the lobster industry and the beauty of the island residences among the 40-acre property.”