511 Congress Street Sells to Local Investor

May 7, 2014 in Articles

Author: Staff

PORTLAND – Cardente Real Estate is pleased to announce the sale of 511 Congress Street located in Portland, Maine. The property consists of approximately 130,000 square feet of Class A office and retail space, onsite surface parking, and a freestanding drive-thru ATM.

On behalf of the Sellers (511 Plaza, LLC), the property went up for sale earlier this year through Cassidy Turley and was marketed locally by Michael and Matthew Cardente of Cardente Real Estate. The property was sold to Ed Gardner of Ocean Gate Plaza, LLC for $12,450,000 on April 18, 2014. Mr. Gardner is well known in the Greater Portland area for his real estate holdings, impressive commercial & residential redevelopments, and as the owner and a residential broker of Ocean Gate Realty. “The purchase of 511 Congress Street is great opportunity for Ed and is a win for the City of Portland.” said Matthew Cardente of Cardente Real Estate who represented Mr. Gardner in the sale and is now the leasing broker for the property. “Ed has a vision that will redefine the Financial District of Portland.”

The nine-story office tower has been renamed to Ocean Gate Plaza and changes to the interior and exterior will compliment the new title and image.

“511 Congress Street is a familiar building to me; one that I have been doing business in for years” said Ed Gardner. “I have always been in awe of the views and natural light that the building offers to its occupants, but more impressed with the inspiration that the tenants realize from this more modern office complex. As a real estate investor and broker, I recognize a great property when I see it and this one has it all; from it’s outside plaza to its large and airy lobby. Rebranding this property to the Ocean Gate Plaza, along with planned renovations, will surely breathe new life into this pinnacle of Portland's skyline.”

At closing, the property offered a 91% occupancy rate. Within one week of advertising, there are already several viable candidates interested in occupying the vacancies on the 1st and 5th floor. “We have been overwhelmed by the amount of inquiries and showings we have had at Ocean Gate Plaza within such a sort period of time,” said Matthew Cardente, “I think a lot of the interest is accredited to the fact that people know Ed and the quality of product he provides.” Mr. Gardner is planning on moving his real estate firm to the building as well. “I am so excited to be at the helm of this wonderful downtown property and I look forward to renewing its amazing assets.” states Mr. Gardner.  For further information on leasing office, retail, and restaurant space, contact Matthew Cardente at Cardente Real Estate.




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