One Of Portland’s Largest Buildings, Ocean Gate Plaza, Goes Up For Sale
Anyone who has attempted to buy property in Portland over the last several years knows that the market in Maine's largest city is red hot. That's partly because business is booming, especially in downtown Portland. So when one of the largest buildings in the city goes up for sale, people are going to take notice.
According to MaineBiz, Ocean Gate Plaza at 511 Congress Street is officially on the market. The property boasts 130,000 square feet of office and retail space. It's anchor tenant, Wood, a global engineering and environmental firm, occupies nearly three floors of the nine-story building alone. The ground floor, which is highly visible to those walking along Congress Street, is filled with a mix of what makes Portland great. Restaurants, real estate and small localized businesses. But it wasn't always this way.
511 Congress Street was purchased by Ed Gardner in 2014 when it felt like it was stuck in another decade. Gardner has spent the last several years thoroughly renovating the property, making it both brighter and more functional for modern business. Additionally, because of the crunch on parking in downtown Portland, Gardner commissioned a 256-space parking garage to be built adjacent to the property. That garage opened this past August. MaineBiz states that Gardner has decided the time is right to sell the building and garage and focus his efforts on his personal real estate business.
The building is being sold via sealed bid by Cardente Real Estate. Tours need to be scheduled and bids on the building turned in by December 6th.