Abigail Henderson / July 17, 2019
LEWISTON, ME — July 17, 2019 — The Boulos Company, Northern New England’s largest commercial real estate firm serving owners, investors, and tenants, announced that Little Canada, LLC., controlled by Matt Hancock, has purchased The Lewiston Gateway Portfolio at 500 Canal Street for $6,387,500 from Franklin Properties and Franklin Property Trust.
The iconic six property portfolio, in the heart of downtown Lewiston, is comprised of three fully-leased class A office buildings, a land leased lot containing a parking garage, and two vacant lots. The portfolio has additional development potential as retail, office, or residential. Initial development concepts are being considered by Hancock.
“I’m thrilled to be invested in Lewiston – it’s a great community,” said Hancock. “I’ve been looking for the right opportunity for some time.” Hancock, who sees the benefit of investing in college towns because of their vibrant cultures, also owns properties in Waterville, Brunswick, and Windham.
“The City of Lewiston is enthused that the Northeast Bank and FirstLight buildings, as well as other Southern Gateway holdings properties, attracted the investment of an investor of the caliber of Matt Hancock,” said Lincoln Jeffers, director of economic development, City of Lewiston. “He was a delight to work with during the transition and I look forward to working together on future projects.”
Tim Millett, a Broker with the Boulos Company, represented the sellers. Jessica Estes, Partner and Designated Broker with The Boulos Company represented the buyer. “This portfolio presented a unique opportunity to invest in newer, quality buildings with solid long-term tenants, while providing upside to the buyer with its development potential”, Estes said. Both brokers at Boulos are bullish on Lewiston. “Over the last couple of years, we’ve noted increased interest from investors and users in the Lewiston area”, explained Millett, who is a native of the area. “It has been exciting to see the growth in this market.”