Dana Warp mill in foreclosure
The Dana Warp Mill in Westbrook, which is home to a number of stores and studios, is in foreclosure.
The 250,000-square-foot building was placed in receivership earlier this month as part of a foreclosure order initiated by mortgage holder Bank of America, according to the Portland Press Herald. Portland real estate company CBRE/The Boulos Co. will now manage the property, which is home to a fitness center, dance studio and retail store Mad Gabs, among other tenants. Tim Flannery of Flannery Properties acquired the mill in 1997 and renovated it into a multi-use building.
Keith Luke, Westbrook's director of economic and community development, told the paper that falling rents in greater Portland made the mill less competitive, where lease rates were $4-$8 a square foot. The mill's tenants should not notice significant changes under the new management, he told the paper.
Go to the article from the Portland Press Herald >>
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