MDI store to be auctioned off

By Bill Trotter, BDN Staff
Posted Oct. 10, 2012, at 3:09 p.m.

BAR HARBOR, Maine — A prominent commercial property on Mount Desert Island is going on the auction block later this month as the owner tries to focus on his other business endeavors.

David Ray, owner of the Parkadia gas station and convenience store at the head of MDI, is looking to sell the store and two other nearby residential properties. Tranzon Auction Properties will hold an auction for the three parcels at the store at 11 a.m. Tuesday, Oct. 30.

Ray said Wednesday that he also owns the Quimby House Inn on Cottage Street in the Bar Harbor village and, until last year, owned and operated Wayside Market convenience store in Ellsworth.

“All of them are open year-round, 17 hours a day,” Ray said.

He said his goal lately has been just to own and run the inn. He has enjoyed the convenience store business, he said, but has been trying to sell the Parkadia store for a couple of years without any luck. He said he bought it in 1995, before he got married and had two children.

“I have more to do than I used to,” he said.

Ray said he and his bank, Machias Savings, have agreed to auction off the store and the nearby residential properties, both on Route 102 between the store and the local village of Town Hill, all of which are tied up in the same loan. He said that he has been trying to sell the store for $600,000, but that he would accept $500,000 for it — less than the amount he paid for it for 17 years ago.

“I’ve had two years that [the store] did less than $1 million a year,” Ray said. “It’s hard to imagine someone doesn’t want to jump on it.”

Ray declined to say how much money he owes the bank.

Ray said that a road project in 2009, in which Maine Department of Transportation moved the intersection of routes 3 and 102 and re-routed the northern tip of Route 102, adversely affected his business, but he does not view the new road configuration as a drawback. The store is very prominent — it is the first business people see when they drive onto MDI — and accessible, he said.

A house adjacent to the store, also surrounded by the reconfigured roads, is not part of the planned auction, Ray said. He hopes to sell that property separately.

Ray said Parkadia will be open from 10 a.m. to 2 p.m. for the rest of the week, but then he will shut it down. Anyone who may be interested in the property, he said, can contact him at the inn at 288-5811.

Follow BDN reporter Bill Trotter on Twitter at @billtrotter.

http://bangordailynews.com/2012/10/10/business/mdi-store-to-be-auctioned-off/ printed on August 20, 2014