Receivership of Camden Knox Mill lifted
The former Knox Mill in Camden has been released from bank receivership, now that the final major parcels have been purchased by a local resident.
Businessman Matt Orne of AHP Camden LLC on Monday bought buildings 3, 4 and 5 for $595,000, half their $1.2 million asking price, according to the Herald Gazette. The buildings are currently about 70% occupied with small businesses and shops, and Orne told the paper he plans to undertake some needed maintenance on the properties. He plans to continue to run it as an office and retail complex and hopes to attract an Italian restaurant.
In November, a group of investors doing business as KELM Acquisition LLC bought an 80,000-square-foot chunk of the mill with plans to continue the previous owners' work in developing 26 condo units. The sale also included parking spaces and some retail space for a total of $2.5 million.
The Knox Mill properties, once owned by MBNA, were put into receivership in April 2009 after Pittsburgh-based PNC Bank claimed Maine Investment Properties of Baltimore owed it nearly $20 million in unpaid mortgage bills.
Most Recent
Most Recent
Comments