JLM Enterprises purchased a 65,982± SF office building from Rubicon-Lewiston Holdings for $5,300,000. 198-200 Main was originally on the market for sale with The Boulos Company in 2019, however, a short-term lease with St. Mary’s in a portion of the building made it difficult at a price acceptable to the Seller. The property was subsequently taken off the market. Fast forward to 2022 when Chris Paszyc, CCIM, SIOR, was made aware the State of Maine had an office requirement in Lewiston. Chris was able to replace the tenant-at-will with the State in a long-term lease. Thus, the asset became an investment-grade property fully occupied and backed by the full faith and credit of the State of Maine. Coincidentally, the Buyer had an immediate 1031 exchange requirement at the time. Chris was able to negotiate an off-market deal that both Buyer and Seller were agreeable to.
The transaction was arranged by Chris Paszyc, CCIM, SIOR of The Boulos