February 1, 2022 – Joe DeSalvo, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the State of Maine Offices in Machias, Maine. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,150,000.
The State of Maine Offices are located at 38 & 53 Prescott Drive in Machias, Maine. The Property consists of two well-constructed and meticulously maintained office/professional buildings on 5.89 acres of land. 38 Prescott Drive is a 12,000 square foot building 100% leased by the State of Maine’s Department of Health & Human Services (DHHS). They signed a 10-year lease in 2016 and have 5+ years remaining on their lease. 53 Prescott Drive is a 10,500 square foot building improved by two tenants. The State of Maine’s Department of Labor occupies 8,582 square feet. They signed a 10-year lease in 2016 and have 5+ years remaining on their lease. The remaining 1,918 square feet is leased to Recover Together; they have 2+ years remaining on their lease. Both the State of Maine Tenants have modified gross leases, wherein they are responsible for increases in expenses over the base year (real estate taxes, insurance, common area maintenance), and Recover Together has a double-net lease wherein the tenant is responsible for their pro-rata share of real estate taxes, insurance, and common area maintenance. The Property is well located on Prescott Drive, 1,000 feet off of US Route 1, the primary commercial corridor running through Machias.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.