A vacant industrial building in highly visible part of downtown Portland has been sold to a company that has developed several condominium properties in the city.
There are no future plans for the 2.2-acre property, which includes a parking lot, according to the new owner.
“We are going to leave it the way it is,” said Gordon Reger, CEO of Reger Holdings, a real estate development company in West Seneca, New York. “We are going to leave it the way it is and park cars there. Everyone needs a place to park, that’s our plan.”
The property, at 385 Congress St., includes a building that once housed the Portland Press Herald printing press, two parking lots and an auto detailing business in a second building. The parcel is bordered by Congress, Myrtle, Pearl and Cumberland streets, next to Portland City Hall and across from the Press Hotel and Portland Fire Department.
George Cacoulidis sold the property on Oct. 20 to 385 Congress LLC, according to a deed filed with the Cumberland County Registry of Deeds.
385 Congress LLC shares a West Seneca, New York, mailing address with Reger Holdings.
Reger is a principal with Reger Dasco Properties which is involved in several condominium and mixed-used developments in the India Street neighborhood and a hotel and condominium at the former Rufus Deering Lumber yard on Commercial Street.
In an interview Thursday, Reger said the property was a Reger-Dasco purchase. He would not disclose the purchase price. A $7.5 million mortgage on the property was filed by 385 Congress LLC.
The assessed value of the property is $2.3 million, according to the city’s tax assessment office. The land is valued at $1.4 million and the building is valued at almost $944,000.
Cacoulidis bought the property and the former Press Herald office building at 390 Congress St. in 2009. Cacoulidis sold the Press Herald building to hotel developer Jim Brady in 2012. Cacoulidis did not return a phone message Thursday seeking comment on the sale.
It is unclear how long the property was listed before the sale. Reger would not say what led him to buy the parcel.
“We are always looking, it was brought to us, and we made a deal that worked,” he said.
Peter McGuire can be reached at 791-6325 or at:
pmcguire@pressherald.com
Twitter: @PeteL_McGuire
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