Aroostook Centre Mall headed to auction block

PRESQUE ISLE – Preparations are set for the sale Tuesday of probably the largest single piece of real estate in northern Maine.

The Aroostook Centre Mall in Presque Isle, The County’s primary shopping center, and an adjacent movie theater will go on the auction block at 10 a.m. under the skylight by the Porteous department store entrance.

“There’s been a lot of interest,” said Stefan Keenan of Keenan Auction Co. in Portland, which is conducting the auction.

The mall was built in 1993 and contains 2.2 million square feet on 51 acres. Besides Porteous, the mall’s other major anchor stores are Sears, J.C. Penney and Kmart. It also has a few dozen smaller stores, a few small eateries and one major full-service restaurant.

The mall has a tax-assessed value of $23.1 million.

The mall is owned by Widewaters Group, the same New York-based developer that is attempting to build a Wal-Mart Supercenter in Bangor.

The mortgage is held by State Street Bank of Boston, and a foreclosure action is being handled by ORIX Real Estate Capital Markets of Dallas.

The developer has declined any comment on the sale or what forced the foreclosure. On any given day, however, there are few shoppers seen walking the half-mile-long concourse or eating in the food court.

Keenan said he’s talked with people across the country, who cited Aroostook County’s dwindling population. The auctioneer said he’s told them that the mall is like putting one major shopping center in the middle of Rhode Island.

“It’s the only game in town,” Keenan said.

Potential bidders have a concern about the location of the real estate, according to the auctioneer.

Along with the mall, an adjacent movie theater with eight screens will be auctioned off.

It’s unknown how many bidders may show up for the auction. Keenan will collect a $100,000 deposit before the auction, and bidder numbers will be assigned.

The successful bidder must increase the deposit to 10 percent of the purchase price within two days of the sale.

According to the auctioneer’s notice in April, the sale of the property will be subject to all leases and tenants in possession.

The auction is not expected to affect the operation of the shopping complex, said George W. Kurr, an attorney representing the mortgage holder.