Freeport’s iconic shopping center has been sold during a foreclosure auction.
Freeport Village Station’s mortgage holder, Freeport Village Station Capital LLC, acquired the property from Boston-based Berenson Associates for $20 million, according to the Portland Press Herald.
Only one other bid — for $5 million — was made during Wednesday’s auction, the Press Herald reported.
Berenson Associates was in breach of the conditions of the mortgage for Freeport Village Station, and the foreclosure suggests that it was for failure to make mortgage payments, according to the Press Herald.
The 3.6-acre shopping center, which had its grand opening in 2009 and is home to stores like L.L. Bean, Old Navy and Oshkosh, has an assessed value of $32.5 million, the Portland newspaper reported.
