15 Lowell St
Portland, ME 04102
Maine Eye Center · Office Property For Sale

Stan Johnson Company is pleased to exclusively offer for sale to qualified investors the 34,000 square-foot medical office building, Maine Eye Center, located at 15 Lowell St, Portland, ME (the “Property”). The offering is comprised of an approximately 1.2 acre plot, along with fee-simple ownership rights to a medical office building/ambulatory surgery center that is 100% leased by Maine Eye Center, P.A. The facility is centrally located within a medical epicenter and has fourteen (14) years remaining on a fifteen (15) year base term with four (4), five (5) year options to renew. The lease also features two percent (2.0%) annual rental increases, and a rare absolute NNN expense structure featuring absolutely no landlord responsibilities. Situated with immediate access to the area’s main Interstate, I-295, the Property is just minutes from downtown Portland and Portland Harbor. Within a half-mile of the Property are the area’s two major hospitals; 637-bed Maine Medical Center, the largest hospital within a 75-mile radius, and 103-bed Mercy Hospital. Furthermore, the property benefits from dense demographics, boasting a population exceeding 124,000, and an average household income over $75,000 within a 5-mile radius. In addition, just under one-mile from the Property is a proposed $105 million mixed-use development, Thompson’s Point, aimed at transforming a 30-acre industrial site into an arts-and-entertainment hub. Maine Eye Center has been caring for patients for nearly 110 years and has developed into one of the region's largest eye specialty practices. The practice began in 1907 with a single ophthalmologist and has expanded over the years to include 14 physicians across 3 locations. Furthermore, the state of Maine requires all ambulatory surgery centers to apply for a certificate of need. Maine Eye’s establishment as a licensed ambulatory surgery center imposes a barrier to entry from outside competition looking to enter the market, and provides further confidence the practice will stay in business over time.