"We are pleased to add Old Port to the firm's expanding nationalassets and excited about the possibilities this portfolio offers toresidents and visitors to downtown Portland," says Kalmon Dolgin'sJoshua Dolgin. "The character of these properties — with theirdistinctive charm, cobblestone streets, and proximity to thewaterfront — are hard to duplicate and presented an excitingopportunity. Our long-term vision includes continuing the good workof upgrading the influx of retail tenants initiated by the Baumannfamily in recent years."

The portfolio is 90% retail and 10% residential, with all theproperties housed in the city's historic Old Port District. KNDManagement Co. Inc., a Dolgin family firm, will manage theproperties.

This acquisition is Kalmon Dolgin's second transaction in thePortland market place. As GlobeSt.comreported in December, the firm purchased the Time & Temperaturebuilding for $13 million. At the time of the sale, Dolgin toldGlobeSt.com that the firm is actively looking for additionalopportunities in Portland because the market is strong and thevacancy is extremely low.