The six-parcel Gateway development in downtown Lewiston, which includes Northeast Bank, and was the focus of a revitalization effort by the city and private developers, has been sold. Courtesy image Photo courtesy of The Boulos Co.

LEWISTON — The six-parcel Gateway development on Canal Street, which includes Northeast Bank, has been sold to a developer who invests in college towns.

Investor Matt Hancock has bought the “Lewiston Gateway Portfolio “at 500 Canal St. for $6.38 million from Franklin Properties and Franklin Property Trust, The Boulos Co. announced Wednesday in a news release.

The portfolio of six properties includes three Class A office buildings, which are already leased, a leased lot with the Southern Gateway Parking Garage, and two vacant lots.

According to the news release, the portfolio has additional development potential as retail, office, or residential and Hancock is considering “initial development concepts.”

“I’m thrilled to be invested in Lewiston — it’s a great community,” he said. “I’ve been looking for the right opportunity for some time.”

Hancock, of Casco, also owns properties in Waterville, Brunswick and Windham. He said Wednesday he “couldn’t be more excited” to move forward with exploring the potential of the property, and working with the tenants on how to “make that an even more attractive place.”

Tenants of the Gateway buildings, situated between Canal and Lisbon streets, include Northeast Bank, First Light and Oxford Networks and Purdue University Global.

The two vacant lots, across Lisbon Street, are included in some lease agreements, but could see development in the future.

Hancock said Wednesday that before he bought the portfolio, he investigated what could be done on the parcels, which he said could “really supplement what’s down there.”

“It’s a little too early for me to comment in detail on it, but the wheels are turning, for sure,” he said.

Hancock is a member of the Hancock Lumber family, but has focused most of his career on commercial real estate. He said he looked at roughly eight to 10 properties in Lewiston over the span of a year.

“I love college towns, generally,” he said. “I think they contribute to a unique culture that non-college towns have a hard time replicating.” He added that the “cluster” development, with multiple buildings in one portfolio, was appealing.

Lincoln Jeffers, director of economic and community development in Lewiston, said the city is “enthused” that the properties attracted an “investor of the caliber of Matt Hancock. He was a delight to work with during the transition and I look forward to working together on future projects.”

“His acquisition is a reflection of the caliber of the initial investment in the area,” Jeffers said in an email to the Sun Journal. “It will also bring new energy and focus to an important gateway into the community.”

 

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