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HFF Sells Bangor Maine Retail Plaza for $26.2M

February 27, 2014

BANGOR, ME — A power center here at the gateway to Maine’s bucolic northern kingdom has brought an impressive $26.2 million from its sale by Retail Properties of America through exclusive listing agent HFF Inc. The Bangor Parkade was purchased free and clear of debt by GM Realty of Bangor LLC.

“It was a big price,” acknowledges HFF Senior Managing Director Jim Koury in attributing the favorable outcome to a combination of the property’s solid tenant lineup, a constituency of AC Moore, Big Lots, Kohl’s, LL Bean, Old Navy, PetSmart and Ulta that had brought occupancy of the center’s 233,000 sf to 99.7 percent at the time of last week’s exchange. Constructed in 2005 on 27.8 acres, Bangor Parkade is also fairly new retail, notes Koury, and serves a consumer demographic of unusual density population-wise, with Bangor a city of 33,000 putting it third statewide behind only Portland and Lewiston. The sale of Bangor Parkade will be among Maine’s largest CRE trades of any type in 2013, according to market experts, especially for communities north of Augusta.

Conclusion of the Bangor deal also extends HFF’s retail footprint even farther a field in terms of deals negotiated this year, including a stretch over the past 120 days that has seen results on major properties listed by the Boston Capital Markets team in Connecticut, Maine, Massachusetts and Rhode Island. Those listings alone accounted for more than $135 million in volume totaling some one million sf, and HFF is also advising the Bollard Group in its pending sale of a major retail portfolio expected to fetch upwards of $270 million. “We’ve had a very productive year,” concurs Koury. The completed agreements include the Naugatuck Valley Shopping Center in Waterbury, CT, which last month traded for more than $41 million to Cole Real Estate Investments. Anchored by a Stop & Shop and Wal-Mart, the 382,875-sf plaza sits on 50.5 acres just north of Interstate 84. Koury was joined by HFF Senior Managing Director Coleman Benedict on that assignment. One state over, HFF was broker in the just-completed $36 million exchange of the Rhode Island Mall, a deal whose client was Winstanley Enterprises of Concord.

Even with all the completed listings, Koury estimates another 2.5 million sf is either being marketed or is expected to close between year-end and in early 2014. The retail industry veteran declined to identify those transactions due to client confidentially agreements.

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