Catylist ID:
#30876153
Retail Investment Opportunity
Retail-Commercial
for Sale
Also listed as Vacant Land
| Catylist Listing ID: | 30876153 |
| Property Subtypes: | Free-Standing Building |
| Building Size (RSF): | 344,369 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 33.80 Acres |
| Sale Price: | $18,000,000 |
| Unit Price: | $52.27 PSF |
| Property Use Type: | Investment |
| Building Name: | Auburn Mall |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 9/3/2024 |
Overview / Comments
|
Rare opportunity to purchase, and perhaps redevelop, one of the largest retail sites just north of Portland, Maine, in the second largest population area in the state of Maine. The Auburn Mall is one of four enclosed malls in the State. The Mall consists of 33.8± acres improved with a 344,369± GBA enclosed Mall plus two outparcels with approximately 318,786 total leasable square feet. The Mall is anchored by J.C. Penney, who occupies 97,133± SF, and has been the primary anchor of the mall since it was developed in 1979. The Mall is also anchored by TD Bank, who occupies 59,941± SF. TD Bank has given the Landlord notice that they will not be renewing their lease and will vacate their space by December 2024. This vacancy will provide an opportunity to redevelop the west end of the Auburn Mall parcel including the TD box and some adjacent enclosed mall space. Notable tenants within the Mall include, J.C. Penney, TD Bank, Books-A-Million, Bath & Body Works, Game Zone, Spencer's, Photo Finish, Super Shoes, GNC, Thatcher's Restaurant, and Miller Fitness. In addition to the enclosed Mall, itself, the Mall property includes two outparcels. Goodwill Industries occupies a 17,802± SF freestanding building. There is also a former bank branch of 3,752± SF located to the rear of the property and leased to a cannabis retailer (currently a TAW) . Site plan approvals are in place for the addition of four outparcels along Center Street and Mt. Auburn Ave. A redevelopment of the west end area of the Auburn Mall could make way for a number of notable retailers and grocery stores such as Costco, Market Basket, Hannaford, Aldi's, and others. Other notable surrounding retailers in the area include Walmart, Target, Lowe’s, Home Depot, Kohl’s, Hobby Lobby and Shaw’s Supermarket to name a few. Don’t miss this rare opportunity to acquire one of the largest and most viable retail sites within southern Maine. |
Attachments & Media
Financials
| Finance Data Year | 2024 |
|---|---|
| Real Estate Taxes - Annual($) | $362,218 (Annual) |
Additional Details
| Nearest MSA: | Lewiston-Auburn |
| County: | Androscoggin |
| Taxing Authority: | City of Auburn, ME |
| Tax ID/APN: | 01010_280-010 |
| Zoning: | COMMERCIAL |
| Retail Clientele: | General, Family, Business, Traveler, Tourist, Recreation, Convention, Other |
| Property Visibility: | Excellent |
| Highway Access: | Maine Turnpike |
| Airports: | Portland International Jetport |
| Tenancy: | Multiple Tenants |
| Total Number of Buildings: | 1 |
| Number of Stories: | 1 |
| Property Condition: | Excellent |
| Year Built: | 1979 |
| Roof Type: | Flat |
| Construction/Siding: | Block, Brick |
| Total Parking Spaces: | 1,776 |
| Parking Type: | Surface |
| Parking Description: | Includes 23 handicapped spaces |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 4,627 | 44,558 | 58,132 |
| Median Age: | 36.11 | 37.23 | 38.17 |
| Households: | 2,036 | 19,047 | 24,609 |
| © Copyright 2024 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither New England Commercial Property Exchange nor Moody's assume any liability for errors or omissions. |
