FOR SALE State Leased Property 198 Main St / 200 Main St / 3 Lowell St LEWISTON, MAINE Calkain Companies, through Calkain Institutional Advisors and its partners/affiliates, is offering for sale a 100% fee interest in 198 and 200 Main Street as well as 3 Lowell Street in Lewiston; Maine’s second largest city. Situated just off of Route 196 and less than 3 miles from Interstate 95 (the Maine Turnpike), these two modernized and recently renovated/expanded office buildings, are prominently positioned within Lewiston’s central business district. TENANT OVERVIEW State of Maine Department of Health and Human Services leases 200 Main Street in its entirety through 2020. 198 Main Street is occupied by high quality tenants deeply rooted in the City of Lewiston LEASE TERMS Escalating rents with Operating and CAM expense reimbursements DEBT (Only encumbering 200 Main Street) Attractive assumable debt structured with rapid amortization FINANCIAL BENEFITS Additional leverage available on 198 Main Street 9.91% Cash on cash return without additional leverage on 198 Main Street (including principal reduction) Projected 10.78% Cash on cash return with additional leverage on 198 Main Street (including principal reduction) TAX INCREMENTAL FINANCING (TIF) Purchaser would be entitled to a real property TIF credit enhancement for 200 Main Street through March of 2015 200 Main Street Projected Net Operating Income $675,200 198 Main Street 1 Projected Net Operating Income $81,049 Total Projected Net Operating Income $756,269 TOTAL PURCHASE PRICE 2 $10,250,000 1 Income and expenses generated from 3 Lowell Street are accounted for in calculations for 198 Main Street. 2 200 Main Street, 198 Main Street and 3 Lowell Street must be acquired together. FOR ADDITIONAL INFORMATION, PLEASE CONTACT: CALKAIN INSTITUTIONAL ADVISORS A division of Calkain Companies, Inc. Joel Kahn, CCIM | (603) 689.2033 or Michael O’Mara | (603) 689.2034

 

Close Window