Local developer buys historic building in downtown Portland
Photo / Courtesy of Malone Commercial Brokers
6-8 City Center is located to the left of the Curry Printing & Copy Center building.
A group led by a Portland developer has purchased a historic four-story building with office and retail space in the heart of the city’s downtown.
The building at 6-8 City Center was sold for $1.4 million to Six City Center LLC, a group led by Drew E. Swenson, president of Paragon Commercial Real Estate’s property management arm. The deal, which closed Feb. 24, was brokered by Michael Anderson of Paragon and John Doyon of Malone Commercial Brokers. The seller was Chase Custom Homes & Finance Inc.
Financing for the building’s acquisition and financing was provided by Bangor Savings Bank.
Constructed in the 1880s, the 28,047-square-foot building stands across from One City Center, the home of the Portland Press Herald. Its tenants include Men’s Room Salon & Lounge and the Tom Veilleux Gallery on its first floor and Styxx Nightclub on its lower level, accessible from Spring Street. Office space is located in the second, third and fourth floors. The building’s net taxable real estate value is $2.3 million, according to the city assessor’s records.
Swenson, the group’s managing partner, told Mainebiz in a Monday phone interview that he bought the building with three partners, whom he declined to name. He said this was the first purchase he made with the three partners, who all saw the same qualities in the property.
“It’s a beautiful, historic building with great bones and we think we can do something good with it,” said Swenson, who added that the buildings’ economics, structural integrity and historic value were the major factors driving the purchase.
Swenson said his plans for the building include enhancing the front facade to make it consistent with 4 City Center, which is contained within the same structure and was previously connected with 6-8 City Center as a department store. He added that the building’s elevator and heating, ventilating and air conditioning systems will be replaced.
According to his profile on Paragon’s website, Swenson has developed and financed more than $100 million in real estate projects. He is a founding member of the Maine Real Estate & Development Association, for which he has served as president, director and treasurer.
This story was originally published in the Mainebiz Real Estate Insider.
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