$18.5M commercial transaction largest in recent Augusta history

aerial of big building and parking lot with cars

Courtesy / The Boulos Co. Central Maine Commerce Center tenants include the Maine Department of Public Safety, Maine Department of Labor, Office of Information Technology, Change Healthcare, Scientific Games and Maine Information Network.

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By Laurie Schreiber

The $18.5 million sale of the 317,400-square-foot Central Maine Commerce Center complex in Augusta is the biggest investment deal in the city’s recent history.

45 Commerce Drive Leasing LLC bought the complex at 45 Commerce Center Drive from Central Maine Commerce Center LP.

The deal was brokered by Chris Paszyc, Greg Boulos and Dan Greenstein of the Boulos Co.

“The sale of [Commerce Center] is the largest investment transaction for the Augusta area in recent history,” said Paszyc, a partner at the Boulos Co. “It is especially notable given the nationwide work-from-home trends and a shifting capital markets environment which has experienced increased borrowing costs.”

Tenants in the building include the Maine Department of Public Safety, Maine Department of Labor, Office of Information Technology, Change Healthcare, Scientific Games, Maine Information Network and DXC MS LLC.

The one-story center was built in 1980. It’s on 40.59 acres and has 1,425 parking spaces. The location has nearby access to I-95 exits 112 and 113.

Until 2003, the center was owned by Digital Equipment Corp. A major revitalization effort began in 2004 that required an investment of more than $30 million and resulted in the thriving commercial hub seen today.

“Commerce Center presented an enticing value-proposition to the investors, with excellent underlying fundamentals, below-market rents, and quality credit tenants anchored by the state of Maine,” Paszyc said.

The acquisition is the buyer’s first purchase in Maine.

“The new owners are excited to make entry into the market and look forward to a successful stewardship of this asset,” Paszyc added.

The Boulos Co. will work with the new owners on leasing. Lawson Property Management will remain on to manage the building, in which two office suites of around 20,000 square feet in total are available to lease.