2017-03-23 / Neighbors

Biddeford’s Five Points Shopping Center for sale

By Garrick Hoffman
Staff Writer

BIDDEFORD – The Five Points Shopping Center is for sale, according to property management company Atlantic Holdings, LLC, which helps manage the shopping center’s property.

Real estate agent Ty Hobbs of The Boulos Company in Portland is representing the owners of the center and said there is no asking price. The center is being shown to prospective buyers, and the owners are accepting offers on a rolling basis.

Tim Harrington, owns Lincoln Mill in Biddeford, which is not for sale, as well as Atlantic Holdings, is part owner of the center on behalf of his company BVH Biddeford, LLC. HD Lawrence, LLC is the other owner.

According to the Biddeford assessor’s office, annual real estate taxes generated from the center come to approximately $191 million, though this figure can change slightly every year depending on the mil rate. The center brought in $187 million in 2015, when the mil rate was lower.

Annual personal property taxes, or business taxes, from the center generate nearly $22,000 for Biddeford. Business owners pay their own personal property taxes for equipment for their respective businesses.

The last time the center was sold was on June 30, 2004, when BVH Biddeford, LLC purchased the center from Five Points Associates for $6.9 million.

In 2016, BVH Biddeford sold 37 percent interest to Biddeford Realty Holdings on May 27, though the asking price is unknown.

On June 6, 2016 – just more than a week later – the 37 percent interest was sold to HD Lawrence for a little more than $1 million.

Harrington was unavailable for comment.

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