"We are pleased to add Old Port to the firm's expanding national assets and excited about the possibilities this portfolio offers to residents and visitors to downtown Portland," says Kalmon Dolgin's Joshua Dolgin. "The character of these properties — with their distinctive charm, cobblestone streets, and proximity to the waterfront — are hard to duplicate and presented an exciting opportunity. Our long-term vision includes continuing the good work of upgrading the influx of retail tenants initiated by the Baumann family in recent years."
The portfolio is 90% retail and 10% residential, with all the properties housed in the city's historic Old Port District. KND Management Co. Inc., a Dolgin family firm, will manage the properties.
This acquisition is Kalmon Dolgin's second transaction in the Portland market place. As GlobeSt.com reported in December, the firm purchased the Time & Temperature building for $13 million. At the time of the sale, Dolgin told GlobeSt.com that the firm is actively looking for additional opportunities in Portland because the market is strong and the vacancy is extremely low.
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