HFF closes $26.25m sale of Bangor shopping center

Photo courtesy of HFF.
Photo courtesy of HFF.

The Boston office of the commercial real estate firm HFF said that it has closed the sale of and arranged financing for Bangor Parkade, a 233,000-square-foot shopping center anchored by a Kohl’s store in Bangor, Maine.  

HFF said it marketed the property on behalf of the seller, Retail Properties of America Inc.  GM Realty of Bangor LLC purchased the asset for $26.25 million free and clear of debt.  HFF said it also assisted the buyer with arranging an $18.5 million, fixed-rate acquisition loan through Cantor Commercial Real Estate Lending L.P. 

Completed in 2005, the property is 99.7 percent leased; besides Kohl’s, its tenants include Old Navy, AC Moore, Big Lots, ULTA, LL Bean, and PetSmart. 

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The HFF team representing the seller was led by senior managing director Jim Koury.