Courtesy / Boulos Co.
An 83,322-square-foot multi-tenanted sports complex at 15 Lund Road in Saco sold for $6 million.
June 10, 2021
Pandemic drove significant interest in Saco sports complex
Courtesy / Boulos Co.
Multiple tenants offer orthopaedics, sports medicine and physical rehabilitation for teams and individuals.
An 83,322-square-foot multi-tenanted mixed-use sports complex in Saco saw substantial interest from multiple investors over just a few months on the market.
Ironsides Sports Center LLC bought 15 Lund Road from by Maine Sports Realty LLC for $6 million.
Greg Boulos of the Boulos Co. and Belinda Desmond of Keller Williams Realty brokered the transaction.
“The price we got worked out to about $72 per square foot,” said Boulos, who represented the seller. “That’s a good buy.”
Tenants of the mixed-use complex, called the OA Sports Center, include Spectrum HealthCare Partners, OA Centers for Orthopaedics, Results Engineering, River Rats Athletic Management, Kennebunk Gymnastics & Sport, 3 Step Sports and Dr. Kate Lynch.
The complex offers athletes and other individuals access to a fully integrated orthopaedics, sports medicine and physical rehabilitation center.
The property was on the market for several months and potential buyers were virtually all investors — some local and many from out-of-state, said Boulos.
“Interest picked up significantly during the pandemic,” he said. “A lot of people are attracted to quality commercial real estate.”
“OA” stand for Orthopaedic Associates, a group of sports medicine doctors in the facility.
Boulos said the sellers consisted of Orthopaedic Associates and Ron Cain, the former majority owner of the Portland Pirates hockey team. The Pirates, an American Hockey League team that played its last season in Portland in 2016, used to practice at the MHG Ice Centre that was part of the overall facility.
The complex, built in 1968, is used by teams and individuals for tournaments, workouts and practices. Boulos Asset Management manages the facility, which is in excellent shape, and will continue to do so under the new owner.
The center is near Maine Turnpike Exit 36. But an eventual Maine Turnpike Authority project to modify the interchange area is expected to make it even more convenient to get to facility, said Boulos.
Soccer meet
Desmond, who represented the buyers, said they are two partners who met and struck up a conversation at their sons’ soccer game six years ago, as they were the only two people wearing Boston Red Sox gear at an American Youth Soccer Organization game in Southern California.
“They soon discovered they both owned and managed real estate and were also Army veterans with family connections back in the Northeast,” she said. “The similarities were too much, and they started investing together in Massachusetts in 2016.”
The buyers are committed to a hands-on approach to all aspects of property management throughout the tenant and building lifecycle, she said.
“Ironsides expects to continue to add quality projects to its portfolio for the foreseeable future,” she said. “As a rule, its strategy is one of buy and hold rather than constant trading. The emphasis for Ironsides is, and will continue to be, professional management of properties in which it has an ownership interest.”
The buildings’ tenants “have great synergy and come from a place of collaboration, which made the purchase attractive,” she added.
At $6 million, the property was well priced, she said.
“The numbers made sense,” she said.
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