Bangor Mall’s New Owner Revealed In Letter To Retailers
Bangor Mall's new owner is a New-York based company that has similar properties across the country.
Namdar Realty Group is set to sign on the dotted line today, closing the sale of Bangor Mall. The property was auctioned off in February on the Ten-X Realty website, with the highest bid of $14.95 million not meeting the reserve. There's no word on the final sale price.
WVII-TV reports a letter was sent to retailers this week, announcing Namdar Realty Group as the new owner. The current general manager said, in the letter, that she hopes this will mean new opportunities for retailers and new shopping experiences for patrons. The mall has struggled in recent years and has many empty storefronts, which the general manager says she hopes to see filled soon, under the new ownership.
According to its website, Namdar Realty Group owns 238 commercial properties in 29 states. Bangor Mall is not yet listed on the site and is the first property in Maine purchased by the group. The organization is a privately held retail investment firm that started in 1999 with the purchase of a small retail storefront on Long Island, New York.