274 Western Avenue, Augusta, ME 04330

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Anthony A.

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Building Details:

• Year Built: 1961

274 Western Avenue is a mixed-use property for lease in Augusta, ME.

The Kennebec Journal Building and its 5.28 acre land parcel is for sale as a result of a decision by Maine Today Media to move to more modern and efficient space. A lease opportunity might also be entertained.

The 52,948 sq. ft. structure and surrounding 5.28 acres of land is strategically located for retail, drug store, office, restaurant or hotel re-use or redevelopment. It is 1/8 mile from the off-ramp of I-95. It also abuts the entrance and exit roads (one on each side) to the Augusta Crossing Shopping Center which is the home of Target, Best Buy, Lowe's. Staples and other major stores.

The structure and site are suited for structural conversion or for demolition and total redevelopment. The office section of the building is on a total of 25,278 sq. ft. two levels. The remaining section of 27,670 sq. ft. is warehouse type space that has been used for storage, printing, and production activities. With the equipment removed it could be an exciting re-use space. In spite of the re-development potential of the building it is possible that some parties may choose to partially or totally demolish the structure due to the high value of the location.

The site currently has approximately 80 parking spaces but there is open land which could be utilized for additional surface spaces or a parking deck.

Properties Northeast has developed alternative site plan configuations for development of pads and/or increased parking on the site. Properties Northeast has also obtained rough estimates of the cost of leveling and enlarging the parking to the rear of the structure and of demolishing the building to increase the area available fopr redebvlopment. This alternative is not meant to detract from the potential for re-use of the existing building. It is merely a reflection of the potential for redevelopment of the existing site for retail use.

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