$3.3M commercial property sale in Gray seen as ‘strong’ investment opportunity

An aerial view shows buildings, parking lots and trees with lettering overlaid.

Photo / Courtesy Boulos Co. Before the sale, leases were secured for two of the three buildings, positioning the property as a strong investment opportunity with immediate income and long-term upside.

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By Laurie Schreiber

A three-building commercial and office complex in Gray was picked up by the buyer as a strong investment opportunity with immediate income and long-term upside.

The buyer, 235 Portland LLC, bought 235 Portland Road from 235 PR LLC for $3.345 million.

Mike Cobb and Abigail Woodman of Colliers-Maine and Noah Stebbins of the Boulos Co. brokered the deal.

The property consists of 37,600 square feet across the three buildings on 14 acres.

Stable lease income

Before the sale, Cobb secured leases for two of the three buildings, positioning the property as a strong investment opportunity with immediate income and long-term upside.

The property was nearly 70% occupied at closing, anchored by Everon, a commercial security firm formerly known as ADT Commercial, which signed a 10-year corporate-backed lease at the end of 2024 for 22,671 square feet across Buildings 1 and 2.

In July 2025, Nu-Yar Construction, a Gray firm, leased 3,000 square feet in Building 3 under an initial five-year term.

“This transaction demonstrates the continued demand for stabilized investment properties in southern Maine, especially those with strong tenancy and flexible building configurations,” said Cobb.

With its mix of national credit tenancy and local business presence, 235 Portland Road offers stable income and growth potential, Colliers said.

Visibility

Additional features include multiple curb cuts, ample parking and excellent accessibility, which could further enhance the property’s long-term appeal, the company said.

The property, built in 1990, was marketed as a highly visible office campus with ample on-site parking and development potential. It has 580 feet of frontage on Route 100, also known as Portland Road; less than three miles to I-95 and about five minutes to the center of town.

Building 1, fully leased by Everon, is 19,600 square feet consisting of first-floor office and lower-level industrial space.
Building 2 has 15,000 square feet of shell condition office and commercial space; Everon occupies 3,071 square feet in the basement.
Building 3 is 3,000 square feet of turnkey office space with a large warehouse in the rear.

‘Strong upside’

The property was on the market for about six months, Woodman told Mainebiz.

“We spoke with several interested buyers and, given the property’s investment-grade profile and strong upside potential, each approached the valuation a bit differently based on their individual investment criteria and how they could add value to the property,” she said.

The sellers owned and operated Portland Safe Co. at the location for many years before the sale.

“After Portland Safe was acquired by Everon, a new 10-year lease was executed with Everon, which in turn helped initiate the sale conversation,” Woodman said.

Several factors made the timing ideal for a sale — both owners were ready to retire, market conditions were favorable due to limited inventory of investment-grade assets and the new 10-year lease by a nationally credited tenant.

At the time of the sale, the buildings were mostly occupied except for 10,000 square feet of vacancy in Building 2.

The buyer

The property was purchased by a group of investors from Maine and out-of-state, Stebbins told Mainebiz.

“The buyers purchased the property for investment purposes,” he said. “There are two existing long-term tenants providing stable cash flow, and a 10,000-ssquare-foot vacant shell space that we're planning to bring out to market for lease, creating a value-add opportunity. The buyers are willing to invest in and repurpose the vacant space for a new tenant.”

Several factors drew the buyers’ interest.

“The buyers are bullish about this area of southern Maine, driven by evolving demographics and population trends, which are fueled by local employment opportunities, excellent quality of life, transportation access and the overall appeal of the Greater Portland area,” said Stebbins.