New York-based investors close on purchase of Bangor Mall
Courtesy / Ten-X
Three private real estate companies that specialize in buying malls and commercial real estate have purchased the Bangor Mall for $12.6 million.
Three private real estate companies that specialize in buying malls and commercial real estate have purchased the Bangor Mall for $12.6 million.
The Bangor Daily News reported that Mason Asset Management, Namdar Realty Group and CH Capital Group — which are all based in Great Neck, N.Y. — closed on the acquisition on April 16 following negotiations with the mall’s owners, who agreed to accept their $12.6 million offer even though it was below the $14.95 million high bid in a Ten-X online auction held Feb. 25-27.
The $12.6 million price is a bit more than half the city’s $24.7 million assessed valuation for the 651,032-square-foot mall on 88 acres, the newspaper reported. According to Ten-X’s pre-auction listing, the mall has gross and net operating incomes of $7.8 million and $3.7 million respectively.
BDN reported that the three investors bought the mall under different names, with Bangor Mall Realty LLC owning 70% of the mall, Bangor CH LLC owning 25% and Bangor Nassim LLC owning 5%.
The mall is 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 out-parcels, 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 signed extensions of their leases through February 2024, according to Ten-X’s auction listing.
As reported by Mainebiz last week, in the past year alone, the buyers have acquired more than a dozen properties across the country, according to Namdar Realty press releases. The website indicates the company will buy properties “in distress” and shopping centers with vacancies and a low price per square foot.
Namdar’s other New England holdings include the Steeplegate Mall in Concord, N.H., and Webster Market and Webster Plaza in Webster, Mass., 20 minutes south of Worcester.
The previous primary owner of the Bangor Mall, Simon Property Group of Indianapolis, had defaulted on a $80 million loan that dates to 2007.
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