Abbott buys its Scarborough plant for $17M
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Abbott Diagnostics bought 10 Southgate Road in Scarborough for $16.95 million. The bioscience firm had previously leased the building with an option to buy.
On top of recent expansions that are adding nearly 200,000 square feet in Scarborough and Westbrook, Chicago-based Abbott Diagnostics has bought the property that’s home to the medical test maker's primary Maine-based production facility.
Abbott Diagnostics Scarborough Inc. bought an 111,590-square-foot industrial building at 10 Southgate Road in Scarborough for $16.95 million.
The deal had been in the works prior to Abbott’s ramped-up production of its rapid test for COVID-19, according to Greg Boulos of the Boulos Co. The test was given the go-ahead by the U.S. Food and Drug Administration in April. Boulos and Robert Weber of CBRE brokered the transaction, which closed Aug. 13.
Abbott Diagnostics is part of Abbott Laboratories (NYSE: ABT), a Chicago-based bioscience company with sales of $31.9 billion last year.
Abbott has leased the building for a number of years with an option to buy, said Boulos.
Why exercise the option now?
“I think they felt they were going to be in Maine a long time, so it made sense to own,” he said. “The takeaway is that this is really good for the area because it shows that Abbott is in Maine for the long term.”
The price for the Scarborough building is a fair market value for the area, said Boulos.
“Lab space in this area is very difficult to come by,” he added.
Adjacent to the site is 7 Manson Libby Road, Scarborough, a 68,818-square-foot industrial building on 16 acres that Abbott recently contracted to lease as part of its expanded production.
Abbott hasn’t moved in yet, said Boulos.
Abbott also leased 126,072 square feet of industrial space at 5 Bradley Drive, in Westbrook's 5 Star Industrial Park. Scarborough-based Landry/French Construction has almost completed expedited renovation of the facility.
Boulos, who represented Abbott in the 10 Southgate Road deal, noted that the seller, Maine Medical DST (Delaware statutory trust), is not affiliated with Maine Medical Center or its parent, MaineHealth.
The building once housed the Joseph M. Herman Shoe Co. manufacturing plant.
The building was renovated in the early 1990s. Since then, it’s been home to Maine-based health care diagnostics firm Binax Inc., which in 2005 was bought by Waltham, Mass.-based diagnostics firm Alere.
Alere was purchased by Abbott in 2017.
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