Boston (Portland), Maine Portfolio

Location Characteristics: The commercial water transportation industry in Portland plays an important role in the city's economy, with the Port of Portland is the second-largest tonnage seaport in New England. Portland is also accessible from I-95 (the Maine Turnpike), I-295, and US 1. U.S. Route 302, a major travel route, along with Portland International Jetport within two miles west of downtown Portland.

 

Market Insight: Out-of-state investment in the Portland industrial market continues to grow, as lease rates trend closer to double digits and vacancy rates continue to live below 2%. Thus, fueling the construction of spec buildings, and executed build-to-suit lease transactions.

Boston (Portland), Maine Portfolio

Location Characteristics: The commercial water transportation industry in Portland plays an important role in the city's economy, with the Port of Portland is the second-largest tonnage seaport in New England. Portland is also accessible from I-95 (the Maine Turnpike), I-295, and US 1. U.S. Route 302, a major travel route, along with Portland International Jetport within two miles west of downtown Portland.

 

Market Insight: Out-of-state investment in the Portland industrial market continues to grow, as lease rates trend closer to double digits and vacancy rates continue to live below 2%. Thus, fueling the construction of spec buildings, and executed build-to-suit lease transactions.

54 & 56 Milliken Street, Portland, ME 04103

2 Buildings Comprising 268,713 Square Feet

Center Point Business Park

Location:Portland, ME

Acquisition Date:11/20/14

Construction Completion Date:12/1/22

# of Buildings:2

Purchase Price/SF:$52.34

Tenant:Both are Multi-Tenant

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Salisbury Business Park

Portfolio Fit: The 56 Milliken multi-purpose industrial facility is currently home to a reliable long-term cold storage tenant. The complex is further enhanced by the addition of 54 Milliken, a new class A warehouse development situated right next door. This sleek and modern building has already welcomed a new tenant, adding 68,088 square feet of prime commercial space to the Portland market. 

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Metro Area Building Name Gross Building Area (SF) Property Sub-Type Tenant
Boston 56 Milliken Street 200,625 Warehouse/Light Manufacturing Multi-Tenant
Boston 54 Milliken Street 68,088 Warehouse/Distribution Multi-Tenant