Acquisition Date: Q4 2006
Disposition Date: Q1 2022
The Machias Prescott office buildings were 100% occupied by the State of Maine at purchase. During our ownership, the State had major budget reductions and fortunately we were able to maintain a good working relationship during a period when the State was closing 50%+ of their office locations. Ownership was successful in negotiating a 10-year lease renewal as a result. This 10-year renewal enabled an opportunistic sale and influenced our investment criteria to move away from single-tenanted properties in low-growth markets.