Starbucks, Aerie, Charlotte Russe and Pac Sun closing at Bangor Mall

Started by retailisking, January 17, 2018, 01:54:55 AM

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retailisking

January 17, 2018, 01:54:55 AM Last Edit: January 17, 2018, 04:16:28 AM by retailisking
Not only the anchors but also the inline tenants are pulling out. These new deserters join JB Robinson Jewelers and Build-A-Bear which closed in December.
http://bangordailynews.com/2018/01/16/business/starbucks-in-bangor-mall-to-close-this-week/

retailisking

#2
January 17, 2018, 09:40:58 AM Last Edit: January 17, 2018, 10:21:38 AM by retailisking
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.

danfifepsu

#3
January 17, 2018, 10:34:46 AM
Quote from: retailisking on January 17, 2018, 09:40:58 AM
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.
what will a buyer do the bangor mall. I feel its worth saving as its the only mall within 100 mi.  presque isle mall id worse.

TheFugitive

#4
January 17, 2018, 01:40:50 PM
Quote from: retailisking on January 17, 2018, 09:40:58 AM
Next step is Simon defaulting and turning over the keys to its lenders. I imagine it will be in the same boat as Steeplegate. The mall is already assessed at 77% less than it was a decade or so ago; we certainly haven't seen the bottom yet. The Aroostook Centre Mall, which is slightly larger than the Bangor Mall, couldn't find a buyer at its recent auction and was taken over by Wells Fargo for a mere $4 million.

This story does have an eerily similar feel to Century III Mall here in Pittsburgh.

danfifepsu

#7
January 25, 2018, 06:13:17 PM
Quote from: retailisking on January 18, 2018, 09:01:04 PM
Meanwhile, the former Macy's has been sold to a Miami-based developer
https://bangordailynews.com/2018/01/18/business/miami-real-estate-developer-buys-former-bangor-macys/


What will happen to the Bangor Mall ya think???? and Toys rt us near it is closing. EVERYONE IS LEAVING BANGOR IT SEEMS.
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