Investor group buys Knox Mill condos
A group of real estate investors has bought an 80,000-square-foot chunk of the former Knox Mill properties in Camden with plans to resume turning the property into condos.
The investors, doing business as KELM Acquisition LLC, bought the 26 condo units, two of which are finished, along with 121 parking spaces and nearly 17,000 square feet of commercial space on the first floor of the three-story Building 6 for $2.5 million, according to a press release from CBRE/The Boulos Co., which is marketing the properties, and the Herald Gazette. The Knox Mill properties were put into receivership in April 2009 after Pittsburgh-based PNC Bank claimed owner Maine Investment Properties of Baltimore owed it nearly $20 million in unpaid mortgage bills. The court appointed Gray & Associates to manage and sell the properties.
Acting as lead investor for KELM is Cathleen Moore, a Massachusetts real estate developer who has moved to Camden to oversee the project with Michael Nash, another investor who has property in Freeport and Rangeley. Nash told the paper the group plans to spend $2.3 million to finish renovating the condo units and sell them for $169,000-$350,000. The group also plans to open up commercial space to a variety of tenants, including potentially a wine bar, Pilates studio and specialty food store.
Originally a woolen mill, the Knox Mill was renovated into offices by MBNA in the 1980s, then sold when Bank of America acquired MBNA to Maine Investment Properties. Five of the nine Knox Mill properties have been sold, while two more are under agreement and two remain available, according to the Boulos release.
Go to the article from the Herald Gazette >>
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