Off-market deal nets $6.15M for century-old Old Port building
Courtesy / The Boulos Co.
An Old Port building converted from a warehouse to offices and dating back to 1913 sold for over $6 million.
A century-old building in Portland’s Old Port sold for $6.15 million in an off-market deal.
“It was the right buyer at the right time,” said Nate Stevens, who represented the seller in the deal. Greg Boulos represented the buyer. Both are with the Boulos Co.
Olympia Milk Street LLC purchased the 28,139-square-foot office building, at 5 Milk St., from 5 Milk Street LLC.
The buyer plans to utilize a portion of the building as an office location for its business unit, Olympia Equity Investors, said Stevens.
The Olympia Companies is a real estate organization based in Portland primarily devoted to development, hotel management, and equity investment opportunities, according to the March report from the Boulos Co.
Shoe manufacturing
The six-story building dates back to 1913 and was originally part of a shoe manufacturing company, said Stevens.
In more recent years, he said, it was owned by Fore River Co., an owner and developer of office, warehouse and retail space. It was converted into offices with features that include high ceilings, large windows and some water views.
Stevens’ client, 5 Milk Street LLC, bought the building in 2017 for around $4 million.
The principal of the group was originally from New York, has family ties to Maine and now lives in Montana. Although he likes the Old Port, 5 Milk St. was his only property in the Maine and it seemed prudent to sell when an offer came up, in order to redirect the cash to his projects elsewhere, said Stevens.
“My client enjoyed owning this building and wasn’t actively looking to sell it,” said Stevens. “We just connected the dots. The Olympia Co. needed an office building and my client could get a decent return on their position from just four years ago.”
The building is in great shape, he added.
“It’s a really nice, solid Class B building that has 10 parking spaces, which is pretty rare,” Two retail tenants – a hair salon and home furnishings company – occupy the ground floor. The upper stories are all professional office spaces.
The buyer was looking for an asset in downtown Portland that was in good condition that they could occupy for their business, he said. The building had experienced some vacancies during the pandemic.
“That building happened to have the right amount space,” he said. “They’ll occupy 15 to 20% of the building. It worked well with space coming available and what the buyer needed.”
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