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October 31, 2016

And that's a wrap: Sale closes on coveted Bangor block

Photo / Laurie Schreiber The six buildings on Exchange Street between its intersections with State and York streets that were sold for an undisclosed price on Oct. 26.

A block of six commercial buildings in downtown Bangor that city officials saw as a cornerstone of continuing revitalization efforts has been sold to the local property development firm ANM Properties.

Although terms of the sale, which closed on Wednesday, Oct. 26, were not disclosed, the original asking price for the 52,945-square-foot block was $1.95 million, as Mainebiz reported in August.

“The city is thrilled to see that a local developer is making such a significant investment in an important and historic building downtown,” Bangor Economic Development Director Tanya Emery said in a release. “We’re excited to see the redevelopment plans as they continue to progress, and look forward to working with this developer who already has a reputation for very high quality projects within the city of Bangor.”

Interest in the block has been high since early rumblings of it hitting the market first emerged. John Bonadio of Maine Commercial Realty who, with Pete Laney of C21 Venture Ltd., marketed the block, told Mainebiz in August that interested buyers contacted them before they had a chance to finalize their brochure on the offering.

"I sent a copy of the draft brochure to Bangor Economic Development and it hit social media — and we've been swamped," Bonadio told Mainebiz.

The closing of the sale is welcome news to Emery, who told Mainebiz in August that the sale of the historic block is a continuation of downtown revitalization efforts.

"[Downtown Bangor] has so much amazing architecture and history, the character of quintessential New England, the beautiful arched windows — all nestled together with beautiful flower beds and public spaces and a critical mass of businesses that makes it a very vibrant, walkable downtown," Emery added. "There's a national movement toward people interested in being in livable, walkable downtowns again, rather than the suburbs. Which is exciting, because we feel we have a wonderful downtown."

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