Camden Nat'l buys Assoc Grocers' property
Camden National Corp., parent company of Camden National Bank, acquired Associated Grocers of Maine's land and buildings for $5 million at a public auction yesterday.
The bank, which held the association's $4.8 million mortgage, had foreclosed on the property and set up the auction, according to the Kennebec Journal. The sale included 120 acres and a 263,000-square-foot distribution warehouse in Gardiner, valued at more than $16 million.
The Associated Grocers of Maine was placed in court-ordered receivership in April after accumulating at least $10.8 million in debt, mostly for two mortgages owed to Savings Bank of Maine and Camden National Bank, the paper reports. The AG of Maine had been open since 1953. It employed 142 and supplied goods to 300 independent grocery stores across the state.
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