September 20, 2024
Business

Entourage tours MBNA with buyer

ROCKLAND – The governor and an entourage of business and political types toured the waterfront MBNA building Thursday with one of its prospective buyers.

Gov. John Baldacci called City Manager Tom Hall at home early Thursday morning to have him join a group of about 15 people making a whirlwind tour of Rockland, Camden and Northport properties owned by MBNA, Hall said. Rep. Edward Mazurek, D-Rockland was also on hand for the visit.

In June, MBNA announced it had a buyer for some of its Maine properties, including the 76,464-square-foot harbor-front complex in Rockland.

Credit card lender MBNA signed a purchase-and-sales agreement in June with newly incorporated Maine Investment Properties LLC of Baltimore. Maine Investment Properties’ vice president for business development is Brett Cohen, son of Bangor-area real estate developer Donald Cohen. One of the four principals, Stephen A. Geppi had not seen the Rockland property, Hall said, noting the group also planned to visit properties in Camden and Northport that day.

Geppi is the president and CEO of Diamond Comic Distributors, a $200 million a year business that distributes comics, collectibles, toys and games throughout the world, according to a Web site. He is also the owner and publisher of Baltimore Magazine and a part owner of the Baltimore Orioles.

“The governor wanted to lend his personal touch,” Hall said of his visit.

The governor could not be reached for comment.

“I was pleased to be kind of tagging along,” Hall said.

At the governor’s request, Hall detailed the high points of Rockland to the group.

MBNA’s Rockland holdings include eight separate buildings and-or parcels, including a large vacant building on Old County Road.

Hall indicated the governor could bestow a Pine Tree Zone designation to some of the MBNA properties, which would provide tax incentives to the buyer.

The waterfront building will “most likely be mixed use with retail and residential,” he said, or perhaps a hotel or convention center with a “boutique-style, high-end” flavor. Hall said the buyers seem open to offers and ideas.

“I don’t think it will be another call center,” he said.

Hall did not know when the deal is due to close, but said he has heard it will be a “staggered take-down,” in which the Knox and Waldo county properties will be purchased in “bundles” in September, October and November. The properties in Knox and Waldo counties are assessed for a combined $50 million. MBNA representatives were also on hand.

MBNA will sell its offices in Rockland and Camden, an apartment complex in Belfast, a mountainside corporate retreat in Northport and other midcoast real estate to Maine Investment Properties LLC of Baltimore.


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