In April 2022, J.B. Brown and Sons purchased a fully leased 200,000± SF
industrial distribution facility from Penobscot Logistics Solutions in Bangor. This was an off-market investment opportunity uncovered by Drew Sigfridson, SIOR of The Boulos Company through contacts with the Seller. The buyer had a 1031 exchange requirement and was looking to acquire property in different locations throughout Maine. This property was a strategic acquisition to purchase a high-quality industrial facility at a good basis with existing cash flow, while also acquiring abutting land for a future development project. J.B. Brown and Sons is one of the oldest and largest property owners in Greater Portland. The company owns, leases, and manages commercial properties including office, warehouse, manufacturing, retail, parking lots, and mixed-use buildings.
The transaction was arranged by Drew Sigfridson, SIOR, of The Boulos Company