Boulos Brokers Sell 74,000 Square Foot Office Complex to Old Port Investor

At Boulos, we’re always focused on bringing our clients more: more sales, more income, and more connections. When Jessica Estes and Drew Sigfridson oversaw the sale of a 74,000 square foot office complex in South Portland to the Ram Cos., that’s exactly what our brokers did: they brought more.

Prior to marketing the property for sale, our brokers were also responsible for leasing available spaces, thereby creating a higher net operating income and making the property more valuable. “We spent the last few years leasing the entire property, to get a better stabilized net operating income, and the seller wanted to realize the gains from the current market climate and improved income stream from the property,” Estes recalls.

The two investors represented by Boulos purchased the property in 2014 for $8.5 million. After working on improving occupancy and doing extensive market research to come up with a fair market value, Boulos listed the property at $12.5m.

The property sold at $11.9m, securing the investors more than a $3 million profit in their 8 years of ownership. The Boulos Company didn’t just market the property for sale, but also put in the upfront work on the leasing side in order to get the maximum value possible at the point of sale.

One of the Largest Subsidized Multifamily Real Estate Deals in Recent Years

In addition to typical commercial properties such as office and industrial complexes, Boulos also works with niche properties such as low-income housing, tax credit multifamily buildings (known as LIHTC buildings), and more. In fact, the Boulos Company represented Silver Street Partners, a 120-unit apartment complex on Augusta’s east side, when they were interested in selling their low-income housing development at 82 Glenridge Drive in Augusta.

The complex ended up selling for a little over $8m, it was the largest multifamily transaction in Augusta in over a decade.

In marketing this property, Boulos brokers Nick Lucas and Tony McDonald conducted a nationwide search for buyers and they ended up with eight attractive offers. We work to get our seller’s properties in front of as many qualified buyers as possible, ensuring that we’re able to find the buyer that will get the most value from the property. By doing so, we create a win/win transaction for the buyer and seller.