South Portland office park sold to local investor for $11 million
Photo / Courtesy Harnden Commercial Brokers
SouthBorough Office Park
The SouthBorough Office Park, a complex with more than 100,000 square feet of office space near the Maine Mall, sold for $11 million in a deal that closed Sept. 23.
The property located at 400, 500 and 600 Southborough Drive in South Portland between the Maine Turnpike and Interstate 295 is a professional office park campus comprised of three Class A office buildings. RREEF Real Estate Investment Managers sold the campus to 400 SouthBorough, LLC.
The buyer’s broker, Jim Harnden of Harnden Commercial Brokers in Yarmouth, declined to name the individual behind the company but said the buyer is a local resident who is seeking to diversify some of his other real estate holdings in the greater Portland area. Harnden Commercial Brokers will handle the asset management of the property.
Harnden said the new owner will perform some upgrades to the property, including to the interior and exterior common areas.
“SouthBorough is a great property. It’s just a little tired and needs basic upgrades,” Harnden said.
There will be 10,000 square feet available at the park after a leasing deal is finalized within the next month for 6,900 square feet of space, he said.
Samantha Hallowell and Matt Pullen of Cushman Wakefield represented the seller, along with Joseph Malone and Jennifer Small of Malone Commercial Brokers acting as the local representatives for the sellers.
The property was part of a large portfolio RREEF had purchased in the mid-2000s, Harnden said. The real estate investment trust company, owned by Deutsche Bank, also owned One and Two Portland Square in Portland, which sold for $66 million in April.
The SouthBorough Office Park is comprised of three brick and glass buildings on 7.4 acres: 400, a single-story building with 18,000-plus square feet, was built in 1987; 500, three stories with 60,000-plus square feet, was built in 1988; and 600, two stories with 33,000-plus square feet, was built in 1989. Tenants in the buildings include ADP; New York Life Insurance Company; Prudential Financial, Inc.; Amica Mutual Insurance Company; VHB, a planning, transportation, land development, energy and environmental services firm; Logisticare, a non-emergency transportation management; and SironaHealth, a healthcare services company.
Space for U.S. HealthWorks, an urgent care and occupational health service provider, is currently under construction. The company is scheduled to move into 5,900 square feet of space in November. Prudential is expanding by 2,400 square feet, for a total of 7,100 square feet.
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