BANGOR, Maine (AP) — The troubled Bangor Mall has been sold for $12.6 million to three real estate investors.
The Bangor Daily News reported Friday that the sale price was confirmed by one of its new owners, Elliot Nassim, president of Mason Asset Management.
Documents filed with the Penobscot County Registry of Deeds indicate Mason Asset Management, Namdar Realty Group and CH Capital Group, closed the deal on Tuesday.
The sale comes 18 months after the Bangor Mall’s former owners defaulted on an $80 million loan.
The newspaper reports that the three real estate investors based in Great Neck, New York, have partnered on more than 40 mall purchases across the country. The $12.6 million paid for the Bangor Mall is far below the city’s assessed value of $24.7 million.
Information from: Bangor Daily News, http://www.bangordailynews.com