February 21, 2020
NMS 28 Broad Street, LLC has purchased the luxury apartment building at 28 Broad St. in Bangor, ME from Broad Street LLC. Mike Cobb and Andrew Ward of Colliers International represented the seller and assisted the buyer in this $3.33-million transaction.
In 2015, developers invested approximately $1.6 million over two years to renovate the former Dakin Sporting Goods building for residential use. The property was fully occupied soon after its spring 2016 opening.
For New Hampshire-based Broad Street LLC, which acquired 28 Broad in 2017, the model was working but was somewhat unproven. Broad Street Lofts was commanding rental rates that were previously uncharacteristic for Bangor. However, Broad Street LLC was able to achieve year-over-year rental increases during its three-year hold.
“This really speaks to the economic growth and development of downtown Bangor,” said Cobb, managing director of Colliers International in Maine.
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