The shopping center, on 9.2 acres, was built in 1953 on the U.S. Route 1A corridor between Bangor and tourism hotspots that include Mount Desert Island, Acadia National Park, the Blue Hill Peninsula and Downeast destinations.
The buyer of an 85,370-square-foot retail center in Ellsworth — within sight of throngs of tourists traveling to Acadia National Park and about half a mile from downtown Ellsworth — plans to invest in upgrades to modernize the property.
A limited liability corporation, 248 State LLC, bought the Mill Mall, at 248 State St., from Willey & Grant Co. LLC for $7.4 million.
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Thomas Gadbois of F.O. Bailey Real Estate represented the buyer and seller on the transaction
“The new owner will really modernize that property,” said Gadbois.
'Solid property'
The multi-tenanted strip center has Dunkin as an anchor tenant and ample parking.
The seller was ready to retire, Gadbois noted.
The buyer, a local investor, plans to invest in upgrades such as a new roof and signage and work on the parking lot, facade and interior — all to “dress up the property and take it to the next level,” Gadbois said.
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The buyer will perform improvements such as putting on a new roof. PHOTO / COURTESY F.O. BAILEY REAL ESTATE
The property was listed for sale for $9.5 million in November 2024.
The shopping center, on 9.2 acres, was built in 1953 on the U.S. Route 1A corridor between Bangor and tourism hotspots that include Mount Desert Island, Acadia National Park, the Blue Hill Peninsula and Downeast destinations.
The seller owned the property for at least 25 years and performed significant improvements over time.
It has nearly two dozen tenants, including eateries, professional services and health and wellness services. Some tenants have been there for over 20 years.
Gadbois said he’s working with prospective tenants to fill two vacancies; and he’s working with the buyer on possible uses for the development of two acres to the rear of the center.
