Pine State Trading expands in Gardiner
The former Associated Grocers of Maine property in Gardiner has changed hands again, now under the ownership of Augusta-based Pine State Trading Co.
Pine State bought the distribution center from Camden National Bank, which acquired it at an auction Aug. 8 for $5 million, according to the Kennebec Journal. Camden National held the association's $4.8 million mortgage and had foreclosed on the 120-acre property and 263,000-square-foot warehouse. Pine State trading closed on the property Wednesday, but did not reveal a purchase price. The company, which distributes convenience and beverage products, plans to move its convenience store supply operations from Augusta to the Gardiner property. Its liquor operations will remain in Augusta. Managing partner and owner Nick Alberding told the paper the new space will allow the company to expand its product offerings and increase its efficiency. Pine State has 750 year-round employees, 300 of whom will work in the new Gardiner space. The company does not plan to add any jobs with the new space. Pine State already has operations at the Libby Hill Business Park in Gardiner.
The Associated Grocers of Maine was placed in court-ordered receivership in April and closed soon after with at least $10.8 million in debt, mostly for two mortgages owed to Savings Bank of Maine and Camden National Bank.
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