Photo / Peter Van Allen
The State Theatre in Portland.
June 13, 2025
Building housing State Theatre in Portland goes on the block for $11M
Photo / Courtesy Porta & Co.
The 99,488-square-foot State Theatre building also houses numerous retail, creative studios and collaborative commercial suites.
The well-known State Theatre building in Portland’s Arts District was listed for sale Wednesday for $10.95 million.
The building is owned by Redstone, a Burlington, Vt., real estate investment company. Porta & Co. is handling the listing.
Redstone and its partners bought the nearly century-old building in 2015.
Located at 142 High St., the six-story, 99,488-square-foot building, also known as the Congress Building, sits on 0.67 acres on the corner of the high-traffic High Street and Congress Street corridors.
The building is home to the 21,206-square-foot State Theatre performing arts venue, which has the address 609 Congress St. The theater opened in 1929 and was restored in 2010. The venue continues to offer performance art and live music with a capacity of 1,870 seats. Acts on the schedule this week include Clutch, a “heavy riffs and heady twists-of-phrase” band, and the Big GAY Dance Party in partnership with Portland’s Equality Community Center and Coast 93.1.
The remaining square footage consists of retail, creative studios and collaborative commercial suites.
The listing is positioned as offering investors the opportunity to capitalize on below-market rents and invest in a reduced risk asset with long-term potential of repositioning the property as a historic landmark.
A buyer could have the ability to quickly add 12% to 15% to the gross rents, resulting in a net operating income increase above $750,000, according to the listing.
The building is almost entirely leased but provides flexibility for new tenants when there’s turnover, according to the listing, which refers to the building as “a creative commercial hub.”
While the property has been positioned as startup and maker spaces at low rents, future tenant options could include higher-end retail, services, offices and conversion to housing, the listing says.
Mainebiz web partners
Most Recent
Most Recent
0 Comments