Katz Properties acquires Cook’s Corner Shopping Mall for $13.25 million

Cook’s Corner Shopping Mall, Brunswick, ME

Brunswick, ME Katz Properties of New York has acquired the 302,003 s/f Cook’s Corner Shopping Mall for $13.25 million. Cook’s Corner Shopping Mall, located on 32.5 acres at the intersection of Maine Rte. 24 (Bath Rd.) and U.S. Highway 1, features a diverse tenant mix including Sears, Regal Cinema, Big Lots, TJ Maxx, Staples and Dollar Tree. The center is currently 84% occupied.

Other notable tenants include casual and convenience oriented food services, such as Applebee’s, Dunkin’ Donuts and 5 Guys.

Daniel Katz, a principal of Katz Properties said, “We’re excited to move into Maine for the first time as we expand our footprint in New England. The Brunswick trade area has been generating a lot of interest and represents an excellent opportunity for Katz Properties.”

Frank Normandin, the president of Winslow Property Management, Katz Properties’ affiliate management company, said, “This acquisition was an obvious one for Katz because of the existence of local and regional redevelopment plans along with the continued strength of nearby manufacturing. We are confident this shopping center will continue to thrive in this growing market.”

Mortgage financing for this acquisition, provided by Blue Hills Bank of Massachusetts, was arranged by Tim Breda and Peter Kenn of Goedecke & Co.

Geoffrey Millerd and Justin Smith of Newmark Grubb Knight Frank’s New England Capital Markets team represented the seller in the transaction. Leasing and property management services will be provided by Winslow Property Management.