Portland Press Herald Buildings Sold – Will Undergo Substantial Renovations
On July 10, 2009, 390 Congress Street and 385 Congress Street, Portland were sold to Metro Media Properties, LLC, whose principal is John Cacoulidis, by MTM Portland Properties, LLC. Thomas W. Moulton, CCIM, SIOR, a partner at NAI The Dunham Group brokered the deal on behalf of the Purchaser.
Located on the corners of Exchange, Congress and Federal Streets, 390 Congress Street encompasses two buildings (built in 1925 and 1945) totaling over 84,000 SF and .23 acres. Just across the street and connected to 390 Congress by an underground tunnel, 385 Congress Street (built in 1965) encompasses over 76,000 SF and 2.26 acres. 390 Congress Street has served as the center of Portland’s print media industry and was home to the Portland Press Herald and its predecessors for over 85 years.
Metro Media Properties, LLC, a New York based firm with strong ties to the area, has yet to finalize any formal redevelopment plans for the buildings. However, both buildings will undergo substantial renovations and will be part of a high quality, environmentally conscious, mixed use development. Completion time will depend on the extent of the development and necessary approvals but is slated for Fall of 2011.
Tags: Commercial Real Estate, maine commercial real estate, NAI The Dunham Group