Local Developer Expands Commercial Footprint with $45M in acquisitions
PORTLAND (ME) – Port Property and their broker, Porta & Company, are pleased to announce the acquisition of a 595 space parking garage along with an abutting substantial real estate portfolio in the West Bayside neighborhood of Portland – a vibrant, evolving community in the heart of Maine’s largest city. In total, the multi-building portfolio comprises approximately 180,000 square feet of retail space that will now join the Portland-based management company’s growing list of properties in West Bayside.
The new acquisition includes the 595 space Portland Public Market Garage along with the existing commercial properties at 62 Elm Street, 77 Preble Street and 197 Oxford Street along with 165, 175, 185, 190 and 196 Lancaster Street and approximately 420 surface parking spaces. Port Property will be overseeing management of the properties with a dedicated Property Manager and has already begun working with existing tenants in support of their continued occupancy.
This transaction expands upon Port Property’s existing portfolio in West Bayside, which includes the recently acquired and adjacent Public Market Garage, a 595-space parking structure located at 315 Cumberland Avenue, the recently renovated residential property known as The Linden, the historic Schlotterbeck & Foss building which is now a modern residential community known as 117 Lofts, the commercial property at 82 Hanover Street which is home to Port Property’s headquarters, and a new multi-use development currently under construction at 52 Hanover Street slated to include 171 apartments, two levels of parking, and 6,500 square feet of retail space.The portfolio purchase was brokered by Joe Porta of Porta & Company representing the buyer and Charles Day of Porta & Company representing the seller. The acquisition was finalized as of October 13, 2022. The parking garage transaction closed a week prior on October 5th, 2022 and brokered by Mac Simpson and Joe Porta, both of Porta & Co.
“The ability to control and close on the garage simultaneous to the portfolio of existing facilities and surface parking unlocks a lot of opportunity for value creation via more density. The garage acquisition enables the west bayside portfolio to be decoupled with its 6 acres of surface parking, over time. We’re very excited to deepen our teams’ collective commitment to this community,” said Joe Porta, founder of Porta & Company. “We were thrilled to partner with them on these transactions.”
“We’re proud to welcome these properties into our burgeoning West Bayside portfolio,” says John Laliberte, the Principals’ head of acquisition and development in southern Maine. “For years, we’ve been actively working to contribute to the unique community here. Our recent development efforts in the area have focused on creating live-work-play environments designed to strengthen community connections and synergy between residents and the surrounding urban fabric. Better utilization of the existing garage unlocks potential future uses of surface parking lots in better keeping with this urban design concept.”
Founded in 1993, Port Property is one of Maine’s most established property management companies, with a team of 50+ in southern Maine and coastal North Carolina. As the management arm of a multi-faceted group that also includes investment, development, and construction divisions (Bush Watson and Tom Watson & Co.), they are dedicated to exceptional quality and first-class service. With a mission statement to “make home happen” for the communities in which they are located, Port Property has earned numerous accolades for the properties they manage – including the Maine Real Estate and Development Association’s Notable Project Award in 2021 and 2022. Learn more at www.portproperty.com.
About Port Property
Port Property has been making home happen for residents for more than 25 years. As a locally owned and operated business, Port Property manages more than 100 unique residential properties throughout southern Maine. Port Property and its dedicated employees take pride in contributing to the communities in which they work and live and are committed to providing residents with quality buildings and apartment homes that are safe, secure and professionally maintained. More at www.portproperty.com.
About Porta & Company
Founded in 2017, Porta & Company is a commercial real estate services firm based in Portland, Maine offering a broad range of professional services including brokerage, private equity sourcing and institutional financing, as well as comprehensive asset management. The company’s in-depth knowledge of regional and national markets, coupled with problem-solving abilities for the most complex issues, distinguishes Porta & Company’s brokers while creating lasting client relationships. With more than 50 years of combined experience, Porta & Company prioritizes strategy – combining market-leading research with in-depth analysis and collective insight for consistent results. Learn more at www.portacompany.com