Auburn Mall for sale for $32M
Auburn developer George Schott, who bought and extensively renovated the Auburn Mall five years ago, has put it up for sale for $32 million.
The 37.5-acre, 300,000-square-foot mall, built in 1979, is 85% occupied, and tenants include JCPenney and a new TD Bank call center, according to a listing from CBRE/The Boulos Co and the Sun Journal. The property went on the market last week and interest has been "strong," listing broker Craig Young told the paper. Schott bought the property in 2005 from Equity Property and Development for $14.5 million, when its occupancy rate was 60%, and spent millions to renovate it. Schott told the paper "the time is right" to sell the property.
In Lewiston-Auburn, Schott also owns the Mount Auburn Plaza, several commercial buildings in Lewiston, and is part owner of the Kohl's Plaza and Auburn Residence Inn by Marriott, both in Auburn. In 2008, Schott bought the former Atrium Inn and Convention Center in Brunswick and demolished it, and he is currently negotiating to buy 702 Brunswick Naval Air Station housing units from owner Northeast Housing, a public-private housing venture of Balfour Beatty Communities and the Navy.
Go to the article from the Sun Journal >>
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