Bangor Mall owner might not sell
Photo / Jason P. Smith
James Gerety, general manager of the Bangor Mall, says malls still play a vital role for shoppers. "Retail has changed. What we're offering is changing, because that's what the customer wants and you have to adapt," he told Mainebiz earlier this year.
Bangor Mall owner Simon Property Group might retain the mall due to its positive cash flow.
The Bangor Daily News reported that David Simon, CEO of Simon Property Group, which owns the mall, told analysts on a conference call that he might sell some malls at the right price, but that he plans to keep those that can produce a high cash flow to fund investments. Simon did not give specifics on plans for the Bangor Mall, but analyst Edward Dittmer of the investment research company Morningstar said the Bangor Mall’s cash flow is positive.
Simon Property Group (NYSE: SPG), which is based in Indianapolis, is the nation’s largest owner of regional malls. In Maine, in addition to the Bangor Mall, it owns Kittery Premium Outlets. In Newington, N.H., outside Portsmouth, it owns the Mall at Fox Run.
In 2016, Simon took out a 10-year, $80-million loan using the mall as collateral and defaulted on the loan on Oct. 1. A special servicer is working with the company to either restructure it or potentially foreclose on or sell the mall, the BDN reported.
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