Bangor Mall buyer not yet revealed, seller still reviewing bid
Courtesy / Ten-X
Bids started at $6.5 million for the Bangor Mall, located at 663 Stillwater Ave. in Bangor. After an intense bidding war, a buyer agreed to pay $14.95 million.
The identity and other details regarding the high bidder for the Bangor Mall haven’t been released as the seller reviews the bid.
The high bid of $14.95 million in Wednesday’s auction did not meet the reserve, according to the Ten-X auction house website.
In such cases, the seller does not have to accept the high bid.
Mackenzie Simpson, of Porta & Co., the Maine-based broker representing the property, said he is awaiting details of the outcome, which depends on the seller’s review of the bid, what the reserve was and ultimately if the seller decides to sell or not. The time frame for releasing details is not clear, he said.
The mall, at 663 Stillwater Ave., was the subject of a bidding war in the final minutes of Wednesday’s bidding. The auction began Monday and held steady until Wednesday morning, with a minimum bid set at $6.5 million. A bid of $8.5 million was placed by mid-morning Wednesday.
A bid of $9.5 million was placed in the final hour of the auction, due to end at 11 a.m. Wednesday.
In the final seconds, bidding escalated in increments of $500,000, then $250,0000, then $100,000. At least two dozen bids were placed in what became the auction's rolling final seconds, and each one reset the auction clock by several minutes, extending the auction by more than an hour.
Ten-X and Newmark Knight Frank, a commercial real estate advisory firm headquartered in New York City, are marketing the property.
The mall was listed for auction in January, and the auction required a participation deposit of $50,000.
The mall is approximately 651,032 square feet (531,032 square feet owned) of gross leasable area, on 88 acres. It has gross and net operating incomes of $7.8 million and $3.7 million respectively.
Built in 1978 and renovated in 1998, the mall is 72% occupied and anchored by Dick's Sporting Goods (68,054 square feet), Furniture Mattresses & More (120,000 square feet) and J. C. Penney (88,482 square feet), with several outparcels, including Bangor Mall Cinemas 10 (unowned), Chick-fil-A and Hannaford supermarket, as well as Pizzeria Uno and other chain stores and restaurants.
Hannaford and J.C. Penney recently lease extensions through February 2024.
Ten-X handled the online auction of the Bangor Mall's former Macy's space in December 2017. Lionheart Capital subsidiary Out of the Box Ventures LLC won that auction, and subsequently leased the space to Furniture Mattress & More.
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