LEWISTON — The six-parcel Gateway development on Canal Street, which includes Northeast Bank, has been sold to a developer who invests in college towns.
The Boulos Company announced Wednesday that investor Matt Hancock has purchased the “Lewiston Gateway Portfolio “at 500 Canal St. for $6.38 million from Franklin Properties and Franklin Property Trust.
The portfolio of six properties includes three Class A office buildings, which are already leased, a leased lot with a parking garage and two vacant lots.
The portfolio has additional development potential as retail, office, or residential and Hancock is considering “initial development concepts,” Boulos said in a news release.
“I’m thrilled to be invested in Lewiston — it’s a great community,” Hancock said. “I’ve been looking for the right opportunity for some time.”
Hancock also owns properties in Waterville, Brunswick and Windham, and according to the release “sees the benefit of investing in college towns because of their vibrant cultures.”
Lincoln Jeffers, director of economic and community development in Lewiston, said the city is “enthused” that the properties attracted an “investor of the caliber of Matt Hancock. He was a delight to work with during the transition and I look forward to working together on future projects.”
Tim Millett, broker with Boulos, represented the sellers, while Jessica Estes, partner and designated broker with the Boulos Co. represented the buyer.
“This portfolio presented a unique opportunity to invest in newer, quality buildings with solid long-term tenants, while providing upside to the buyer with its development potential,” Estes said.
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