Wednesday, March 12, 2014
By Randy Billings email@example.com
PORTLAND - Six Old Port properties are once again headed to the auction block -- only this time, the bidding will take place online.
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
Image provided by Cardente Real Estate shows the Old Port properties that will be auctioned online.
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: