Aroostook shopping mall beset by vacancies will go to auction
Mortgage lender Wells Fargo is holding a public auction sale of the Aroostook Centre Mall on Oct. 31.
According to thecounty.me, the mall was built in 1993 and was sold in 2001 to its current owners, Sitt Asset Management of New York, for $10 million, but has since lost a number of stores, including big box retailers. Orest Mandzy, managing editor of the industry publication Commercial Real Estate Direct, told the publication that the 10-year loan matured in June but wasn’t paid off.
“I think the Aroostook Centre Mall will always be a part of this community,” Mall Manager Patti Crooks said, adding that a new owner can take the mall in a new direction.
The primary owner of the Bangor Mall, Simon Property Group of Indianapolis, is also at risk of defaulting on an $80 million loan that dates to 2007. In September, the Bangor Daily News reported that Simon has made only interest payments. Lender Morgan Stanley Capital turned over the loan to a special servicer that handles troubled debts in late August.
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