A historic downtown Portland landmark hit the market Thursday.
The building that houses the State Theatre, located at 142 High St., was listed for $10.95 million by Portland real estate company Porta & Co.
The building is owned by Crostone Portland LLC, which purchased the property for $4.2 million in 2015, according to property records. It contains 99,418 of mixed-use square footage, including more than 21,000 square feet of theater venue space with a capacity of 1,870 for live music and performance art.
Porta & Co. bills the sale as a chance for investors to “capitalize on below-market rents, invest in a reduced risk asset, and the long term potential of repositioning a historic landmark.”
The building is currently home to 120 commercial tenants, according to the real estate company.
The State Theatre building was constructed in 1928. In 2006, the theatre portion closed for a number of fire code violations that were the catalyst for $1.5 million in renovations that allowed the venue to reopen in 2010.
