New manager paints positive picture for Bangor Mall’s turnaround
The Bangor Mall’s tailspin during the past year appears to be leveling off, with its new manager saying he wants to improve the mall and keep it going.
“We believe the Bangor Mall’s current condition can be materially improved as the mall represents solid, well-located real estate within a good demographic trade area,” Frederick Meno, president and CEO of asset services at The Woodmont Company, said. He said he is not aware of any plans to foreclose on, sell or auction the mall.
A Penobscot County Superior Court judge in July appointed the Fort Worth, Texas, company to act as a receiver for the mall, meaning it will manage all mall operations on behalf of its current owner, MSCI 2007-IQ16 Stillwater Avenue LLC.
Meno is in charge of Woodmont’s efforts to operate, manage, protect and conserve the mall property. That includes getting tenants and leases for the mall with the approval of MSCI.
“Presently, we believe the highest and best use for the Bangor Mall is to continue as a regional enclosed shopping center venue and as such, the continued leasing focus will be to bring full and off price retailers to the mall and the adjacent out parcels that are part of the mall.” he said. Meno made his comments in an email interview with the Bangor Daily News.