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PORTLAND, ME-New York-based Kalmon Dolgin Affiliates Inc. has acquired the Time & Temperature Building at 477 Congress St. for $13 million. This acquisition marks the company’s first entry into Maine, where the company is actively seeking additional acquisitions.

“We were brought the building by CB Richard Ellis/the Boulos Co. We’d been working with them on some other projects and they thought it was natural for us.,” says Josh Dolgin, vice president of Kalmon Dolgin. “It’s a fantastic location, very stable asset and probably the most prominent building in the Portland skyline.”

Beyond the 195,000-sf building, Kalmon Dolgin also acquired a 436-space parking garage in the transaction. Dolgin says the garage brings in a lot of income. “We saw this as an excellent play and a great long-term hold.”

The seller was 477 Congress Street LLC which is headed by Jeffery Cohen, according to Dolgin. CBRE’s Daniel Greenstein represented the seller. The building sold at a cap rate just about 8%, according to Dolgin.

Built in 1924, the well-known office building’s tenant roster includes Lambert, Coffin, Rudman & Hochman, WMTW/Channel 8-ABC and TD Banknorth, Nassau Broadcasting. The building has an occupancy rate in the low 90%.

Kalmon Dolgin plans to own the asset 6 months before deciding what, if any capital improvements should be put into the building. “Certainly we want to enhance the building or keep it as prominent as it is,” Dolgin says.

The New York firm will continue to look for opportunities in Main and specifically in Portalnd, where Dolgin says the market is strong and vacancy is extremely low.

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