AUGUSTA — Kennebec Savings Bank bought a Civic Center Drive office building Wednesday that it will use for additional space for back office staff.
The bank bought the North Park office building for $1.59 million from developer Kevin Mattson’s firm, according to the listing agency, RE/MAX Capital Chris Vallee Associates in Hallowell.
The 20,800-square-foot building at 330 Civic Center Drive is partially occupied by the U.S. Social Security Administration and the Food and Drug Administration, and the bank will move some employees there in the near future, said Andrew Silsby, executive vice president and chief operating officer of the bank headquartered on Memorial Circle.
“We are growing and are finding not enough space in our current building,” Silsby said.
The building is adjacent to an electronic banking center at 316 Civic Center Drive that Kennebec Savings recently opened.
Harpers North, LLC, under Dirigo Capital Advisors, LLC, bought the building in 2002 for $1.4 million, according to city assessing records. Mattson, president of the development company, said the sale is part of a goal to sell $50 million worth of assets this year. So far this year, the company has sold six buildings, mostly in the Augusta region, for roughly $25 million, he said.
The largest was the sale of the 51,000-square-foot medical services building housing the MaineGeneral Musculoskeletal Center on Enterprise Drive in Augusta to a national real estate investment firm for nearly $15 million in February.
Mattson said he expects the company to sell another $25 million worth of real estate by the end of the year.
Part of the reason for the sales is the company is focusing its energy on redeveloping the former MaineGeneral hospital campus on East Chestnut Street in Augusta, Mattson said.
MaineGeneral closed the 317,000-square-foot hospital in November when it opened the regional MaineGeneral Medical Center in north Augusta.