2 Livewell Dr 140,045 SF 100% Leased Office Building Kennebunk, ME 04043 $24,950,000 ($178.16/SF)

Exclusive Offering
Porta & Company has been exclusively retained to market for sale the multi-tenant medical office complex known as Livewell Campus, located in Kennebunk, Maine.
Investment Summary
Overview
Livewell Campus is a two-story, Class A, multi-tenant medical office property comprising 140,725 square feet of net rentable area situated on a 12.8-acre site in Kennebunk, Maine. Constructed in 2007 with steel and masonry construction, the building is in impeccable condition and is fully air-conditioned throughout.
The property is currently 97% occupied by a strong roster of regional and national medical tenants, including Southern Maine Health Care (SMHC), Quest Fitness, Kennebunk Center for Dentistry, and Miracle Ear, all of whom have made long-term commitments to the campus.
The rent roll features notable increases beginning in 2028, and the asset offers value-add potential through the leasing of a 4,049 square foot finished second-floor office space, as well as the opportunity to monetize approximately 16,500 square feet of second-floor unfinished shell space. The shell space is accessible via two elevators located at both the north and south entrances of the building.
Market Overview
Over the past two years, the market has experienced a shift from a buyer focus centered on long-term value appreciation through rent growth and recapitalization, to one that places greater emphasis on shorter-term yields, influenced by uncertainty surrounding commodity costs and debt pricing elasticity.
Despite these factors, York County continues to experience net new absorption in office and retail properties, supported by ongoing population growth in Maine and market occupancy levels averaging approximately 95%. New medical office inventory in the market is achieving rents in the range of $30.00 to $40.00 per square foot. Current steel-frame medical office construction costs range from $500 to $600 per square foot, depending on design considerations, project scale, and site-specific constraints.
Recent competitive appraisals for medical office properties constructed within the past 20 years have reflected capitalization rates between 6.00% and 7.75%, with implied values reaching $350.00+ per square foot.
Sale Process & Timeline
Livewell Campus is being offered for sale with an asking price of $24,950,000. Property tours will be conducted upon request, and offers will be reviewed on a rolling basis.