50K square feet up for auction in Portland’s Old Port
A cluster of six mixed-use properties in Portland’s Old Port will be put up for auction through online bidding today.
The Portland Press Herald reported the buildings, comprising around 50,000 square feet of restaurant/bar, residential and retail space, had been foreclosed on in 2011. The previous owner bought that block of properties in 2007 for $8.3 million. In the 48-hour auction starting today, bidders must provide at least a $25,000 deposit and bidding will begin at $2 million. The buildings are now owned by a subsidiary of the Florida-based LNR Property LLC, which specializes in the repayment of certain delinquent commercial real estate loans that were sold as commercial mortgage-backed securities.
The commercial tenants at those properties include Buck’s Naked BBQ, Oasis, Fore Play, Gorgeous Gelato, Pearl Lounge, Merry Table, Olio Salon, Blazin Ace, 51 Wharf Street and Shine Salon.
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