Riverfront Plaza on Old World Third sold

Arcade Bar will be located on the first floor of Riverfront Plaza on Old World Third.

Riverfront Plaza on Old World Third has sold for $7.5 million.

Riverfront Plaza
Riverfront Plaza

The building at 1110 N. Old World Third St. was sold to Andover Portland Avenue Associates LLC., an investor group from Maine. RFP Office LLC./NAI-MLG previously owned the property.

It includes five floors of office space and ground-floor retail that currently houses Lucille’s Piano Bar & Grill and Ale Asylum Riverhouse.

Patrick Gallagher, with Siegel-Gallagher, Inc., was one of the brokers representing the owner.

Gallagher said the new owners plan to keep the building as office space and plan to replace the aging HVAC system and make cosmetic improvements to increase the number of tenants in the building.

The property is currently about 77 percent occupied, Gallagher said.

“The buyer is excited to take advantage of the improving office market and the excitement of the new arena,” Gallagher said. “It’s a nice solid building with a phenomenal setting.”

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