AUBURN – The Auburn Mall has been sold for $14.5 million to developer George Schott, who said he plans to begin marketing the retail center to potential tenants to boost its 70 percent occupancy rate.

The sale of the 34-acre, 300,000-square-foot mall to Schott became final on Thursday.

When the mall was built in 1979, it was one of the first enclosed malls in Maine. It thrived as a retail center for decades until the 1990s, when a recession started to drain the mall of tenants. Schott said the mall’s occupancy rate now stands at about 70 percent.

Schott, who is also a military vehicle vendor, said he will be flexible in dealing with potential tenants. For example, if a retailer wants to combine two 5,000-square-foot spaces into one 10,000-square-foot store, “We’ll do it.”

Schott also bought 8.5 acres next to the mall to allow him to recruit big-box retailers to the area. He acknowledged that parts of the existing mall are in poor condition and said it will take millions of dollars to upgrade it.