Cook’s Corner Shopping Mall (courtesy Katz Properties)
Katz Properties of New York has acquired the 302,003 square foot Cook’s Corner Shopping Mall in Brunswick for $13.25 Million.
Located on 32.5 acres at the intersection of Maine Route 24 (Bath Rd.) and Route 1, the mall’s tenant’s includes Sears, Regal Cinema, Big Lots, TJ Maxx, Staples and Dollar Tree. The center is currently 84 percent occupied. Other tenants include casual and convenience oriented food services, such as Applebee’s, Dunkin’ Donuts and 5 Guys.
“We’re excited to move into Maine for the first time as we expand our footprint in New England. The Brunswick trade area has been generating a lot of interest and represents an excellent opportunity for Katz Properties,” said Daniel Katz, a principal of Katz Properties, in a press release.
Frank Normandin, the President of Winslow Property Management, Katz Properties’ affiliate management company, said in the release: “This acquisition was an obvious one for Katz because of the existence of local and regional redevelopment plans along with the continued strength of nearby manufacturing. We are confident this shopping center will continue to thrive in this growing market.”
Katz Properties is a real estate investment, development and management company with offices in Connecticut, Florida, Massachusetts, New York, Pennsylvania and Virginia that focuses on the acquisition, operation and repositioning of retail shopping centers on the East Coast.
Mortgage financing for this acquisition, provided by Blue Hills Bank of Massachusetts, was arranged by Tim Breda and Peter Kenn of Goedecke & Co. Geoffrey Millerd and Justin Smith of Newmark Grubb Knight Frank’s New England Capital Markets team represented the seller in the transaction.
Leasing and property management services will be provided by Winslow Property Management.
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