2 Livewell Drive, Kennebunk, ME 04043

Porta & Company has been exclusively retained to sell the multitenant medical office complex, Livewell Campus, in Kennebunk, Maine.

The Livewell Campus is a two-story, Class A multi-tenant medical office property totaling 140,725 square feet of net rentable area on a 12.8 acre site in Kennebunk, Maine. Constructed in 2007 of steel and masonry construction, the building is in impeccable condition and 100% air-conditioned. The property is currently 97% occupied by regional and national medical tenants including Southern Maine Health Care (SMHC), Quest Fitness, Kennebunk Center For Dentistry, and Miracle Ear who have all made long-term commitments to the campus. The rent roll experiences significant increases in 2028 and value-add opportunity exists through absorption of a 4,049 SF 2 floor finished office space and monetizing 16,500 SF of 2 floor unfinished shell space which is accessed by two elevators on both North and South entrances.

As a market we have seen a shift over the last two years from one where buyers pursued long term value/appreciation via rent growth and recapitalization, to one that is more considerate of shorter term yields and impacted by uncertainty in commodity costs and debt pricing elasticity. We continue to see net new absorption of office/retail in York County bolstered by population growth coming to Maine, and market rate occupancy levels at 95%. Per square foot rents for new medical office inventory ranges from $30.00- 40.00/SF, with steel frame medical office construction costs ranging from $500 to $600 per square foot depending on design choices, scale, and site specific restrictions. The most competitive recent appraisals for inventory built in the last 20 years have been valued in the 6.00% to 7.75% cap rate range with implied pricing up to $350.00+ per square foot.

We are offering Livewell Campus with an asking price of $24,950,000. We will conduct tours as requested and offers will be considered on a rolling basis.