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V O L . X X V N O. X I I J U N E 1 0 , 2 0 1 9 6 B U S I N E S S M A I N E Business news from around the state Three deals, two days: $30M of properties sold in Portland B y L a u r i e S c h r e i b e r Portland — A series of three related transactions amounting to $29.85 million was accomplished in Portland over the course of two days. The deals closed on April 23-24, and started with: Cianchette Family LLC purchased One Monument Way in Portland from East End Corp. for $7.25 million. Joseph Porta of Porta & Co. brokered the sale of the mixed-use property. The property is centrally located in downtown Portland, adjacent to Monument Square. KeyBank has a ground-floor branch, but a second space is being marketed as a retail or restaurant space, overlooking the square. East End Corp. turned around and purchased a 55,000-square-foot Class A mixed-use office and retail property located at 312-326 Cumberland Ave., 15-19 Preble St., and 32-36 Elm St. in Portland, for $12 million. The seller was 25 Preble Street LLC. Porta represented the buyer and Steve Bauman of Compass Commercial Brokers represented the seller in the deal. Although there are different addresses associated with the property, it's all one building. Formerly occupied by Portland Public Market, it's now occupied by EVO Payments International and a small restaurant. Cianchette Family LLC sold 34 and 41 Hutchins Drive in Portland for $10.6 million. Cross Realty LLC was the buyer of the 52,644-square-foot office complex of three connected buildings on 6.65 acres and an addi- tional 2.75-acre parcel. Charles Day of Porta & Co. represented the buyer and Joe Malone and Jennifer Small of Malone Commercial Brokers represented the seller in the deal. The property is the headquarters of engineering firm Woodard & Curran Inc. Off-market deals The three deals unfolded mostly simultaneously, said Porta. One Monument Way last changed hands in September 2015, when East End Corp. paid $5.24 million. Porta also brokered that deal, which was off market at that time as well. "At the time the property was originally acquired, we had underwriting projections of what we hoped to accomplish" with regard to income for the property, Porta said. "We achieved a lot of those goals to sub- stantially improve the net operating income." This time around, East End Corp. wasn't necessarily looking to sell One Monument Way and the property was never officially on the market, Porta said. But the broker was aware that the Cianchette fam- ily was interested in selling its asset at 34 and 41 Hutchins Drive. He also knew the Cianchette family's motivation to sell would be driven by their options for a 1031 tax exchange. So Porta approached East End Corp. about selling One Monument Way. The idea was that East End Corp. could realize the value they added to One Monument Way. The Cianchette family, in turn, would be able to defer the capital gains tax on the sale of 34 and 41 Hutchins Drive by purchasing One Monument Way. "We seemed to have a potential win-win," Porta said. B R I E F P H O T O / P O R TA & C O, . Cianchette Family LLC purchased One Monument Way in Portland from East End Corp. for $7.25 million in a transaction that closed in late April.

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