Thursday, May 24, 2012
WESTBROOK — The Dana Warp Mill was sold at auction this morning to the real estate investor who took over the loan on the building last month.
Sasa Cook, the sole bidder at the auction held at the mill, bought the 250,000-square-foot building for $2.5 million. He said he expects to close this week.
Former owner Tim Flannery defaulted on his mortgage in September, and Bank of America placed the building into receivership. Since them, CB Richard Ellis/Boulos Property Management has been managing the building and will continue to do so.
Because Cook already purchased the loan from Bank of America, he will essentially pay himself the $2.5 million sale price.
The loan was worth $4.8 million. Cook wouldn't say how much he paid for it.
The five-story brick building, located at 90 Bridge St. overlooking the Presumpscot River, is a former spinning mill. Flannery bought the building in 1997 and renovated it into a modern multi-use office building. Its 40-some tenants include a gym, software company, spice manufacturer and artists.
Cook, who owns three other properties in Westbrook and one in South Portland, said there's still about 60,000 square feet of available space in the mill. He plans to market that space aggressively, while making improvements to interior and facade.
The Presumpscot River flows past the Dana Warp Mill in Westbrook on Thursday, December 3, 2009 (Gregory Rec/Staff Photographer)
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