Online bidding for Bangor Mall drawing to a conclusion
BANGOR, Maine (AP) — The fate of the Bangor Mall will be known soon.
Ten-X Commercial expects to conclude an online auction for the shopping mall on Tuesday. The starting bid was listed as $6.5 million.
The Bangor Daily News reports that the mall’s struggles led the former owners, Simon Property of Indianapolis, to default on a $10 million loan in October 2017. Last summer, The Woodmont Company was appointed by a judge to manage operations on behalf of the current owner.
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. About 72 percent of the mall is occupied.