Auburn developer sells trio of retail centers
Developer George Schott closed on the sale of a trio of retail properties in Auburn for a total of $20 million in cash and real estate on Tuesday.
The Portland Press Herald is reporting that on Tuesday the sales of the Hobby Lobby Plaza, the Mt. Auburn Plaza and the Nobility Plaza became final. The buyers of the three Auburn retail centers were Thomas Auger Jr. and Nancy Auger Hunt, son and daughter of the late Thomas Auger Sr., the founder of VIP Discount Auto Center.
According to the Press Herald, in exchange for the retail center, Schott received an Auburn-based Applebee’s restaurant, valued at $3.6 million, and $16.4 million in cash. Schott was represented by Craig Young, partner at CBRE | The Boulos Co., in Portland.
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