Courtesy / The Boulos Co.
The portfolio of three buildings includes this 65,000-square-foot structure at 13 Davis Farm Road in Portland..
February 15, 2022
Three-building commercial real estate portfolio in Portland sells for $8.7M
Courtesy / the Boulos Co.
The $8.7 million sale includes these two buildings at 1 Davis Farm Road in Portland.
By Staff
A portfolio of three commercial buildings covering a total of 135,000 square feet in Portland’s North Deering neighborhood has sold to a developer for $8.7 million.
Portland-based J.B. Brown & Sons purchased the properties, on Davis Farm Road, from the Davison Trusts, according to a news release. The deal was brokered by Drew Sigfridson, of the Boulos Co., and Tony McDonald and Jon Rizzo, representing the seller.
The buildings were constructed decades ago by Robert Davison for New England Telephone & Telegraph Co., and later owned by various Davison family trusts.
Consolidated Communications Holdings Inc. (Nasdaq: CNSL) currently occupies the 65,000-square foot building at 13 Davis Farm Road. The portfolio also includes a 22,000-square-foot industrial structure, occupied by Summit Natural Gas, and a vacant 48,000-square-foot office building, both at 1 Davis Farm Road.
J.B. Brown & Sons plans to improve and convert the two-story office building into a shell for alternative development, according to the news release. It said the new owner sees the buildings as expanding and diversifying its commercial real estate assets.
The North Deering neighborhood, bordering the Maine Turnpike and historically an agricultural and residential area, has seen a steady growth of investment over recent years. That has included the $11.75 million sale in early 2021 of an office building at 5 Davis Farm Road. The 80,700-square-foot building, also occupied by Consolidated Communications, was purchased by an undisclosed investor with other holdings in the region.
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