Lender Purchases Presque Isle Mall After No Other Bidders Come Forward

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PRESQUE ISLE, ME (WAGM) With no other bidders, a lender has purchased the Aroostook Centre Mall for $4,000,000.

A public auction was held in the parking lot of the mall after the mall's former owner, Sitt Asset Management, failed to pay off a 10 year, 10.3 million dollar loan that was due back in June. And for that reason the bank foreclosed on the property.

General Manager for the Aroostook Centre Mall, Patti Crook, says she's optimistic and wants people not to panic. She says businesses will continue as usual and that this auction was a positive move.The mall opened 24 years ago and this is the second time its been up on the auction block - the first time was back in 2001.

The malls first owner was Widewaters Group of New York. Crooks says this does not mean the mall is closing, but its use could change some.