May 4, 2020
The Boulos Company recently closed the $12.8-million sale of a 242,000-square-foot distribution facility in Portland, ME on behalf of the family ownership of building materials distributor Emery-Waterhouse. The property sold in a 1031 exchange to the Brockway Smith Corporation, represented in the sale by NAI/The Dunham Group’s Tom Dunham and Gregory Hastings.
Following its 2014 acquisition of Emery-Waterhouse, Ace Hardware consolidated distribution operations into a new facility in Fredericksburg, PA and closed the Portland warehouse in February 2019. The family that had owned Emery-Waterhouse retained Boulos’ Tony McDonald and Drew Sigfridson to market the Portland facility for lease.
While several prospective tenants expressed interest in leasing portions of the facility, there were also would-be buyers, including Brockway Smith, which successfully negotiated an acquisition. Over the coming months, Brockway Smith will renovate the building for its needs and relocate to the facility.
For comments, questions or concerns, please contact Paul Bubny