New owners of South Portland office building expand Maine holdings
CBRE | The Boulos Company
Father-and-son partners John and George Cacoulidis have purchased a premier four-story Class A office building, at 82 Running Hill Road in South Portland from the Dead River Company. Terms of the purchase were not disclosed.
SOUTH PORTLAND — Father-and-son partners John and George Cacoulidis have purchased a premier four-story Class A office building, at 82 Running Hill Road in South Portland from the Dead River Company. Terms of the purchase were not disclosed.
The 82 Running Hill Road property is a 114,017-square-foot building on 12.37 acres. Its assessed value, according to the South Portland Assessor’s Office, is $15,760,300.
The Calcoulidis family considers this an excellent investment opportunity, said Thomas Moulton who with Katie Millett, both of NAI The Dunham Group, represented the family.
“It was a very competitive process to get it under contract,” Moulton said.
John Cacoulidis is chairman of the family’s real estate investment and development business, Grand Metro Builders of New York, located in Jericho, N.Y. George Cacoulidis is the company’s CEO and is in charge of the company’s operations and strategic planning and implementation.
The Cacoulidis family purchased the South Portland property under the name Time Management Corp. in a deal that closed Jan. 18.
Dead River will stay on as an anchor tenant in the building, as will the other tenant, Fairchild/ON Semiconductor. The building currently has a 13,000-square-foot vacancy, said Moulton.
Portland and South Portland are favorite cities for the Cacoulidis family. Moulton, who has been working with the family for 17 years, said the family originally discovered Maine through the purchase of Hope Island in Casco Bay as a summer retreat. That introduced John Cacoulidis to the southern Maine commercial property market. The family’s portfolio also includes notable buildings such as Two Monument Square in Portland (a 145,000-square-foot, nine-story Class A office tower with onsite parking), 300 Southborough Drive in South Portland (a 120,000-square-foot Class A suburban office building), the former Portland Press Herald printing press building and associated parking at 385 Congress St., multiple industrial buildings as well as a 35-acre waterfront development site in South Portland (it’s in the land planning stage for future development).
In the 1970s, said Moulton, John Cacoulidis was the general contractor in the renovation of the original Yankee Stadium.
The property was developed in 1987 by Joe Boulos for Unum, according to a release from CBRE|The Boulos Company. In 2006, Boulos sold the property to Dead River, which owned and managed the property up to now.
CBRE|The Boulos Company began marketing the property in the summer of 2016, and attracted interest from buyers across the United States. Its great location, plus low interest rates, helped make the property a prime investment target, CBRE|The Boulos Company’s Charles Day, who represented the seller, said in the release.
“This building is well-maintained and offers great amenities,” Day said.
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