August 23, 2013

Six Old Port properties to be auctioned online

Current tenants include Buck’s Naked BBQ, Fore Play, Gorgeous Gelato, The Merry Table Crêperie and Shine Salon.

By Randy Billings rbillings@pressherald.com
Staff Writer

PORTLAND - Six Old Port properties are once again headed to the auction block -- only this time, the bidding will take place online.

click image to enlarge

The building at 25 Wharf St., seen in this July 2011 photo, is currently occupied by Buck's Naked BBQ. It is one of the buildings that will be auctioned online Sept. 23-25.

2011 Press Herald file photo/John Ewing

click image to enlarge

Image provided by Cardente Real Estate shows the Old Port properties that will be auctioned online.

Related headlines

Cardente Real Estate said in a news release Thursday that it was handling the local marketing for this fall's auction of properties with frontage on Fore and Wharf streets.

The list of current tenants includes Buck's Naked BBQ, Oasis, Fore Play, Gorgeous Gelato, Pearl Lounge, Merry Table, Ollo Salon, Blazin Ace, 51 Wharf Street Restaurant and Shine Salon.

The six buildings on two blocks total 49,567 square feet and will be sold as a package. Four buildings have retail frontage on Fore, Union and Wharf streets, while the remaining two buildings have frontage on Wharf and Union streets.

"Since their construction, these buildings have played a major role in defining the Old Port; an area that has a national recognition for its restaurants and boutiques," Michael Cardente, a broker/partner at Cardente, said in a written statement.

This is the second time the properties have been auctioned in as many years.

In 2011, the properties were auctioned off as part of a foreclosure process. Seven bidders competed for the properties during a live auction held onsite. The bidding started at $3.675 million, but the mortgage holder, BACM 2007-3 Wharf Street LLC, retained the properties with a bid of $5.9 million.

The properties are currently being managed by the Florida-based LNR Partners, Cardente said in an email.

In 2007, the properties sold for $8.31 million.

The online auction will take place from Sept. 23-25 at auction.com. Cardente will provide tours of the properties from 9 a.m. to noon on Sept. 6 and 25.

Staff Writer Randy Billings can be contacted at 791-6346 or at:

rbillings@mainetoday.com

Twitter: @randybillings

Were you interviewed for this story? If so, please fill out our accuracy form

Send question/comment to the editors




Further Discussion

Here at PressHerald.com we value our readers and are committed to growing our community by encouraging you to add to the discussion. To ensure conscientious dialogue we have implemented a strict no-bullying policy. To participate, you must follow our Terms of Use.

Questions about the article? Add them below and we’ll try to answer them or do a follow-up post as soon as we can. Technical problems? Email them to us with an exact description of the problem. Make sure to include:
  • Type of computer or mobile device your are using
  • Exact operating system and browser you are viewing the site on (TIP: You can easily determine your operating system here.)