December 11, 2018
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Firm sells Cook’s Corner shopping center in Brunswick

PORTLAND, Maine — An Ohio-based real estate investment trust has sold the Cook’s Corner shopping center in Brunswick to a New York firm.

A subsidiary of Katz Properties LLC acquired the property in a sale that closed last week, according to property records.

The property sold for $13.2 million, according to the Portland Press Herald and website, which reported the 302,000-square-foot shopping center was 84 percent occupied at the time of the sale.

Katz took out a $9 million mortgage on the shopping center, according to property records.

It includes land on two sides of Gurnet Road, including a Regal Cinema, Sears, Staples, Five Guys and other national chains.

The seller, Developers Diversified Cook’s Corner LLC, is a subsidiary of the real estate investment trust DDR Corp., based in Beachwood, Ohio.

The Katz subsidiary that acquired the property is registered as Brunswick MZL LLC and is registered in Delaware. The purchase is Katz’s first in Maine, according to its website.

The company’s website indicates it looks for regional shopping centers and those anchored by a grocery store, with a minimum price of $10 million.

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