The seller successfully completed the disposition of a marquee asset, while the buyer secured long-term operational presence in a landmark building,” Boulos said.
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An off-market deal resulted in the $4.7 million sale of Two City Center, a six-story office building in Portland’s downtown.
The property was acquired by Nakatomi Plaza LLC, Aerotyne International LLC and Maine Exchange Services LLC, as qualified intermediary for Kliner Industries LLC. The seller was Two City Center LLC.
Gregory Boulos of the Boulos Co. represented the seller.
1031 exchange
The buyer, Kliner Industries, is an investment vehicle created by the acquisitions division of Portland brokerage firm CORE, led by Josh Soley. Kliner recently sold its first investment property, a Belfast shopping center at 15 Starrett Drive in Belfast, and acquired Two City Center through a 1031 exchange that allowed it to defer capital gains taxes from the Belfast property and redeploy the capital toward the Portland property.
Competitive market
Built in 1983, Two City Center is six stories totaling 14,845 square feet. It adjoins a pedestrian plaza and a connection to Monument Square.
The acquisition was driven by the buyer’s view of Two City Center as a prized, strategically located downtown asset, said Boulos.
“With a tenant scheduled to vacate this spring, the timing created a rare and strategic owner-user opportunity in a highly competitive market where comparable downtown buildings seldom become available — particularly through off-market channels,” he said.
Well-located, high-quality assets like Two City Center are in strong demand, he said.
The transaction offered advantages for all parties, he noted.
“The seller successfully completed the disposition of a marquee asset, while the buyer secured long-term operational presence in a landmark building,” Boulos said.
Additionally, the owner-occupancy component brings sustained investment and activity to the downtown core, while preserving tenancy and stability for existing occupants.
Soley has said he expects the property will be a long-term hold.
