PORTLAND, Maine — A New York real estate developer has purchased two major downtown Portland commercial buildings for $66 million, adding to a Maine portfolio that includes Merrill’s Wharf on Commercial Street and the Fort Andross building in Brunswick.
Commercial brokerage CBRE The Boulos Co. on Wednesday announced the sale of One Portland Square and Two Portland Square, two commercial buildings that consist of 260,000 square feet of office and retail space with tenants including the law firm Verrill Dana, accounting firm H.M. Payson, and banks TD Bank and Wells Fargo.
The buyer is North River Co., which purchased the buildings from the national real estate investment trust RREEF North America, according to county records. RREEF purchased the two buildings in 1995 for $61 million, according to Portland tax assessment records. Before that, the buildings constructed in the late 1980s sold for about $43 million in 1999.
The brokerage said the deal was “one of the largest investment sales in Portland’s history.”
County records indicate the sale, which included two adjacent parking garages, was completed March 27.
The brokerage said the property had been marketed since the fall of 2014 by a company based outside of Maine.