Commercial bank puts Westbrook office building on the market
Courtesy / NAI The Dunham Group
One Riverfront Plaza, a six-story 131,000-square-foot office building in Westbrook, is on the market for an outright sale or leasing. Built in 2004, the office building is 100% vacant following the departure of Disability RMS a year ago.
U.S. Bank, the commercial bank that bought Westbrook’s largest office building in a foreclosure auction this February, is advertising the six-story building to prospective buyers and tenants.
The Portland Press Herald reported that One Riverfront Plaza, with 131,000 square feet of office space on the bank of the Presumpscot River, is listed for sale through NAI The Dunham Group.
Built in 2004, One Riverfront Plaza is described by NAI The Dunham Group as “100% vacant and available for immediate lease-up or strategic sale to an end-user. The building is ideally positioned for stabilization with the improving submarket fundamentals … One Riverfront Plaza is a compelling value-add opportunity allowing investors the opportunity to acquire a well-located property at significantly below replacement cost, with the ability to create substantial near and long-term value through lease-up.”
The broker’s marketing page for the property adds that the building has a leasehold interest in an adjacent municipally owned 540-space parking garage.
The Press Herald reported that the building has been vacant for more than a year, following the departure of Disability RMS for another location in South Portland.
Westbrook City Administrator Jerre Bryant told the newspaper he hoped a new owner or tenants could be quickly found to replace what had been one of the city’s largest employers.
NAI The Dunham Group’s website indicates that offers on the property were due by April 28.
Portland-based Boulos Property Management also is listing the building for lease at $16.50 per square foot per year, the newspaper reported.
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