J.B. Brown to buy historic Portland buildings
Fore River Co.
An east side view of the 48 Free St. building.
Portland development company J.B. Brown & Sons is expected to buy two historic buildings and an interest in the ground floor of another one in downtown Portland. The transaction would essentially give the company near ownership of an entire block.
Vincent Veroneau, president and CEO of J.B. Brown & Sons, confirmed to Mainebiz on Thursday that it has entered a contract to buy the buildings at 48 Free St. and 22 Free St., along with the ground floor of 2-16 Free St., which contains a stretch of retail stores, including Arabica Coffee and Wigon Office Supplies. The company is also buying an interest in a parking lot next to 48 Free St.
“We are excited about the potential transaction,” Veroneau said. “J.B. Brown previously owned various portions dating back to 1850.”
The pending sale was announced to building tenants by current owner Fore River Co. on Wednesday. Mainebiz is a tenant of 48 Free St. The sale is expected to close in late January. Financial details of the transaction are not being disclosed.
Veroneau said the transaction will once again reunite J.B. Brown & Sons with Wigon Office Supplies, which has been an on-and-off-again tenant since the 1930s.
The building at 22 Free St., where Wigon Office Supplies is located, has a total of 39,109 square feet in space and was built between 1850 and 1905, according to a portfolio listing by Fore River Co. The 48 Free St. building, which has a highly visible mural on its east side, has 30,158 square feet of space and was built in 1910. The 16 Free St. building is 16,232 square feet and was built in 1866.
Veroneau said tenants of the buildings shouldn’t see any changes in how the buildings are managed. He added that the parking lot adjacent to 48 Free St. offers future development opportunities, but said there are no current plans.
“We’re in a growth mode and looking for assets that fit within our strategic growth plans,” Veroneau said. “They offer a good mix of historic buildings that we understand well and additional land for future development.”
Read more
J.B. Brown & Sons pitches Commercial Street rezoning
Most Recent
Most Recent
Comments