A Decision About the Bangor Mall’s Future Is Just Days Away
The online bidding for the Bangor Mall is coming to it's conclusion in a few days. Ten-X Commercial Real Estate, the nation’s leading online, end-to-end transaction platform for commercial real estate, was slated to close the online auction by 11 a.m. Wednesday.
The Ten-X description of the mall says it has leasable space of 651,032 square feet and is the only enclosed mall within 137 miles in any direction, according to the Bangor Daily News. Only about 72 percent of the mall is occupied. Experts attributed the mall’s decline to a consumer shift to different ways of shopping, such as online buying, the newspaper reports.
According to the Bangor Daily News, the opening bid was a mere $6.5 million for the aging mall, with a $50,000 deposit due from bidders who wish to participate. The auctioneers will receive 5 percent of the winning bid as a transaction fee, the newspaper states.
The mall’s struggles led the former owners, Simon Property of Indianapolis, to default on a $10 million loan in October 2017, according to the BDN.