A real estate deal involving Maine real estate leads to $1.6M deal
A real-estate deal involving a Maine real-homebuilder led to a $1 million investment, and an increase in the amount of capital for the real estate firm, according to the Maine realtors association.
The association announced Friday that a deal was completed between C&A Properties, the realtor, and the Maine Association of Realtors (MAAR) on the behalf of the firm.
The deal was a part of the realtorial market in Maine, according the association.
It will create a new company called C&AG Properties, which will be a real estate investment trust, and will be operated as a non-profit corporation that will be subject to state laws.MAAR, which is the state’s real estate association, was in charge of managing the Maine realtor-investment, the association said in a news release.
The company will pay $5 million to acquire the properties.
A portion of the property value will go to the group and the rest to the realty firm.
C&AB Properties will receive the other $5.6 million.
The purchase of the properties is part of a series of deals that will increase C&AC Properties’ total investments by more than $1,000 million over the next three years.
C&AC’s previous investments in real estate in Maine included $1 billion in investments for the building of a hotel, which was built by the real-tourism company.
The group has also invested $500 million in other projects, including the construction of a second hotel in Augusta.
The hotel was built to host events by the Augusta Chamber of Commerce and was completed in 2014.