COURTESY / PORT PROPERTY
Seen here is a mock-up of some of the West Bayside properties owned by Port Property, with a garage acquired in October 2022 on the left.
Updated: November 3, 2022
Port Property invests another $20M in West Bayside, buying parking garage
Courtesy / Porta & Co.
Port Property last month acquired the Public Market Garage in Portland’s West Bayside neighborhood for $20 million.
In addition to its $25 million off-market acquisition of a multi-building portfolio, Port Property has spent $20 million to buy the Public Market Garage, for a total recent investment of $45 million into Portland’s West Bayside neighborhood.
The Public Market Garage was brokered by Joseph Porta and Mac Simpson of Porta & Co.
The multi-building portfolio was brokered by Porta and Charles Day, also of Porta & Co.
The 595-space garage, at 315 Cumberland Ave., comprises 242,000 square feet on seven stories.
It includes one 2,400-square-foot retail space on the ground floor that’s vacant.
Porta & Co. has the retail space listed for lease.
The garage was built in 1998 by the Libra Foundation and is across the street from the Portland Public Market building.
The garage was renovated in 2018.
The garage was originally listed for $23 million, Simpson, who with Porta represented the buyer, told Mainebiz.
There were some nuances to the deal. The revenue didn’t fully support what the seller was asking, so Simpson and Porta asked the seller to finance a portion of the sale.
Port Property, a Portland management company, has been active in the neighborhood’s development and revitalization for a number of years.
West Bayside portfolio
The multi-building portfolio included commercial properties at 62 Elm St., 77 Preble St. and 197 Oxford St., along with 165, 175, 185, 190 and 196 Lancaster St. and approximately 420 surface parking spaces.
In total, the multi-building portfolio comprises approximately 180,000 square feet of retail space.
John Laliberte, Port Property’s head of acquisition and development in southern Maine, said the garage purchase ties into the company’s vision for the neighborhood.
“The ability to consolidate nearby parking at the Portland Public Market Garage will help manage traffic, promote pedestrian access and strengthen the connection between Bayside and the rest of downtown Portland,” Laliberte said.
Further investment into the garage is being studied.
“We continue to analyze ways in which the garage’s ground level space could be activated with other commercial and retail uses,” he said.
The garage purchase was financed through Kennebec Savings Bank and private partner equity.
The West Bayside neighborhood is bounded by Cumberland and Forest avenues, Franklin Street and Marginal Way.
“It’s exciting for the future of Bayside,” said Simpson. “I think it will be a beautiful transformation for that area.”
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