J.B. Brown and Sons purchased 1 & 13 Davis Farm Road in Portland from The Robert C. Davison Revocable Trust of 1998. The three-building portfolio consists of over 135,000± square feet and sold for $8,685,000 in a partially off-market transaction. The buildings on Davis Farm Road were originally constructed on a “build-to-suit” basis for New England Telephone. The telephone company fully occupied all three buildings until they vacated 22,000± square feet of industrial space at 1 Davis Farm Road to make way for Summit Natural Gas. Subsequently, the adjacent 48,000± square-foot office building became available for sublease or redevelopment. The remaining 65,000± square-foot fleet building at 13 Davis Farm Road remains occupied by the telephone company to this day. The Davison Trust elected to sell the properties and redeploy the sale proceeds into other properties utilizing the 1031 Tax Deferred Exchange mechanism.
The transaction was arranged by Drew Sigfridson, SIOR, Tony McDonald, CCIM,
SIOR, and Jon Rizzo of The Boulos Company.