Investor to buy Westbrook's Dana Warp Mill
The Dana Warp Mill in Westbrook, which is currently under receivership after its owner defaulted on the mortgage, is changing hands.
Real estate investor Aleksandar "Sasa" Cook purchased the $4.8 million loan on the redeveloped mill building from Bank of America earlier this month and plans to assume ownership of the building following a foreclosure auction in June, according to the Portland Press Herald. The five-story building has been under the management of CBRE/Boulos Property Management since September, when owner Tim Flannery of Flannery Properties defaulted on his mortgage. Flannery bought the building in 1997 and turned it into a multi-use office building. Bank of America is in the process of foreclosing on the building, which is still owned by Flannery even though Cook purchased the loan for an undisclosed price. Flannery could turn the title of the building over to Cook or pay off the loan; otherwise, Cook will complete the foreclosure process and obtain the building through the auction.
The 250,000-square-foot Dana Warp Mill is 30% vacant and has 40 tenants. Cook owns three other properties in Westbrook and has also been involved in an effort to bring a liquefied methane fuel plant to Brewer.
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