Eight commercial buildings in Portland’s West Bayside neighborhood have been purchased for $25 million by Port Property Management, a real estate company based in West Bayside.
The buildings are at 62 Elm St., 197 Oxford St., 77 Preble St. and five addresses on Lancaster Street: Nos. 165, 175, 185, 190 and 196. The properties include 180,000 square feet of retail space and roughly 420 surface parking spots, the company said in a statement on Monday.
The city leases 197 Oxford St. as part of a homeless shelter. Another building in the portfolio, 62 Elm St., adjoins the Portland Public Market Garage, a 595-space parking facility at 315 Cumberland Ave. that Port Property also owns.
The real estate company is based at 82 Hanover St., and owns and manages several other properties in the neighborhood. They include a recently constructed building at 52 Hanover St., with 171 apartments and 6,500 square feet of retail space.
Port Property said a dedicated property manager will oversee its newly purchased buildings and that it has already begun working with tenants to maintain their current occupancy.
Porta & Co., also based in Portland, brokered the transaction on Oct. 13 on behalf of Port Property and the seller, who was not disclosed.
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