Eight business buildings in Portland’s West Bayside neighborhood have been bought for $25 million by Port Property Administration, an actual property firm based mostly in West Bayside.
The buildings are at 62 Elm St., 197 Oxford St., 77 Preble St. and 5 addresses on Lancaster Avenue: Nos. 165, 175, 185, 190 and 196. The properties embody 180,000 sq. ft of retail house and roughly 420 floor parking spots, the corporate stated in an announcement on Monday.
The town leases 197 Oxford St. as a part of a homeless shelter. One other constructing within the portfolio, 62 Elm St., adjoins the Portland Public Market Storage, a 595-space parking facility at 315 Cumberland Ave. that Port Property additionally owns.
The true property firm relies at 82 Hanover St., and owns and manages a number of different properties within the neighborhood. They embody a not too long ago constructed constructing at 52 Hanover St., with 171 residences and 6,500 sq. ft of retail house.
Port Property stated a devoted property supervisor will oversee its newly bought buildings and that it has already begun working with tenants to take care of their present occupancy.
Porta & Co., additionally based mostly in Portland, brokered the transaction on Oct. 13 on behalf of Port Property and the vendor, who was not disclosed.