Relationships key to a South Portland deal
Photo Courtesy/NAI The Dunham Group
The 15,800-square-foot building located on 324 Cummings Road that Spectrum Medical Group recently purchased for $2.013 million.
SOUTH PORTLAND — Relationships were key to the sale of a lovely office/medical building at 324 Cummings Road in South Portland.
The 15,800-square-foot building was never on the market. But T+T Development, local real estate investors who built it as an investment in 2001, had indicated to brokers Katie Millett and Thomas Moulton, who are both with NAI The Dunham Group, that they would consider selling if the right buyer came along. As it happened, Moulton has had a long-term relationship with the Spectrum Medical Group, which has an office building next door to 324 Cummings Road, at 324 Gannett Drive.
“Spectrum indicated they would be interested,” said Millett.
In a deal that closed Jan. 25, Spectrum paid $2.013 million for the property. Moulton acted as the buyer’s representative, and Millett represented the seller.
Spectrum is a physician-owned professional organization, comprised of over 200 physicians. It provides services at many of Maine's hospitals throughout the state and in eastern New Hampshire.
The building already has three other tenants, who will remain, said Millett: CCMSI, a third-party administrator for worker’s compensation; Embrace Home Loans; and CHA Design/Construction. Spectrum will take up a small portion of the office space. And about 1,272 square feet is currently available for lease, although there’s some possibility that Spectrum will take that space as well, said Millett.
T&T Development owns properties in South Portland and Westbrook. It recently sold a South Portland strip center, 740 Broadway.
The Cummings Road property is in a commercial area located within a mile of I-95 and I-295 and just across the street from Sable Oaks Golf Course. It includes an 84-space parking lot.
Moulton said that at his firm off-market deals are not uncommon.
“Most investment properties that we deal with are not on the market,” he said. “We match up people who own and need properties.”
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