
Colchester, VT Steve Donahue and Mike Provost, both of Donahue & Associates, completed the sale of a 30,735 s/f multi-tenant commercial Class A office building located at 401 Water Tower Circle.
The property includes 3.19 acres with potential to construct additional commercial space.
Purchased by LMJ, LLC from Tomar Development, Inc., the original builders of the building in 1998.
A three-floor brick commercial office building with 120 existing parking spaces (expandable) was sold fully occupied.
The sale price was $5.1 million.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.