LIHC Investment Group Acquires Flex Office Property on Portland’s Eastern Waterfront
144 Fore Street, Portland, Maine (aerial 1)
on: December 2, 2020
Located at the base of Munjoy Hill, 144 Fore Street occupies a prime position amid ongoing waterfront revitalization projects in the area
PORTLAND, Maine. — LIHC Investment Group today announced the acquisition of 144 Fore Street, a 44,000 square foot flexible office and industrial property in the heart of Portland’s burgeoning Eastern Waterfront. The Eastern Waterfront is home to several new corporate headquarters and ambitious plans are underway to infuse the area with new housing options, Class-A office projects, retail, restaurants, and public open spaces.
“We are excited to be a part of the revitalization of Portland’s historic Eastern Waterfront,” said Andrew Gendron, Principal, LIHC Investment Group. “Over the past five years, we’ve watched businesses, employees, and new sources of investment breathe new life into one of the city’s oldest neighborhoods. As a Portland-based company, we’ve been searching for more ways to get involved and found that opportunity in 144 Fore Street.”
144 Fore Street, Portland, Maine (aerial 2)
The acquisition expands upon LIHC’s holdings in downtown Portland, which include Munjoy South Apartments, a nearby affordable housing community that overlooks the harbor. The City of Portland, including 144 Fore Street,¬ benefits from an Opportunity Zone as established by Congress to encourage long-term investment in low-income urban and rural communities, which has helped fuel economic growth, job creation, and new construction in recent years.
Portland’s Eastern Waterfront is home to the city’s passenger port with Casco Bay Island ferry service, international ferry service, and cruise ship facilities. 144 Fore Street is immediately surrounded by a thriving business hub highlighted by: Tilson, Wex, Covetrus, Bernstein Suhr, Baker Newman Noyes, Bangor Savings Bank, Cashstar and the Beacon Group.
Located 100 miles north of Boston, Portland is considered the epicenter of the Maine economy with its greater community experiencing a boom in population in recent years. The area provides a mix of both business and retail and is considered one of the state’s premier destinations.
144 Fore Street, Portland, Maine