With DHHS as long-term tenant, Bangor office building sells for $8.3M
Courtesy / Pouliot Real Estate
A long-term lease with the Maine Department of Health and Human Services helped sell a 45,900-square foot office building at 19 Maine Ave. in Bangor for $8.3 million.
A long-term lease with the Maine Department of Health and Human Services helped sell a 45,900-square foot office building in Bangor for $8.3 million.
An undisclosed buyer bought 19 Maine Ave. from 19 Maine Ave. LLC in a deal brokered by Matthew Pouliot of Pouliot Real Estate.
The building was formerly occupied by Bangor Savings Bank, which in 2019 moved to new headquarters on the Bangor waterfront.
That year, the DHHS moved from Griffin Road to the Maine Avenue building on a 30- year lease.
“The long term lease was very appealing to the buyer,” said Pouliot.
The buyer was a real estate investment company with other Maine holdings that have long-term office leases.
“In general, it’s attractive to a number of investors to buy property that’s being leased by the state of Maine, because the credit rating of the state is very solid right now,” he said.
Pouliot had previously worked with the buyer as a client, kept his eyes open for investment opportunities, reaching out to the owner of 19 Maine Ave. on his client’s behalf after the lease, which began in 2019, had matured some.
“We gave them a home run proposal to buy the building which they could not refuse,” he said.
Built in 1993, the structure is in great shape and had been extensively renovated in 2019, including the installation of modernized equipment and infrastructure, to make it ready to meet the state’s requirements for their lease, said Pouliot.
“There is strong demand nationally for properties that are anchored by a single, credit rated tenant,” he said. “They’re very hard to find. This is an example of a property that offered that and both the buyer and seller were thrilled that we put this deal together.”
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