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Marcus & Millichap Closes Sale Of 91,828 Square Foot Retail Property In Bangor For $12.46M

Property Image
SOLD
$12,460,350
Brett Kilar
Adam Cohen

Maine

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Retail91,828 SF
Sold 02/03/2025
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Closes Sale Of 91,828 Square Foot Retail Property In Bangor For $12.46M

110 Longview Drive

See Similar Deals
Retail91,828 SF
Sold 02/03/2025
Brett Kilar
Adam Cohen
the dealplayerscompscontact
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Summary

MAINE
Asset Type:Retail
Price Per Square Foot:$135
Total Square Footage:91,828 SF
Transaction Type:Sale

The property asset involved in this transaction is a retail location at 110 Longview Drive in Bangor, ME. The sale price for this asset was $12,460,350, and it encompasses 91,828 square feet situated on 13 acres. The property features a long-term NN lease with rent escalations occurring every five years, strategically located within Bangor's primary retail corridor.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $12,460,350
  • Sale Date: 02/03/2025
  • Address: 110 Longview Drive
  • Market: Bangor, ME
  • Square Footage: 91,828
  • Price Per Square Foot: $136
  • Acres: 13

The transaction was facilitated by brokers Adam Cohen and Brett Kilar from Marcus & Millichap, representing the seller in the deal. The buyer was identified as a national REIT, highlighting their involvement in acquiring this property in a key retail location.

Players

Adam Cohen
Marcus & Millichap
Adam Cohen
10 deals$47.1M volume(818) 212-2250
BROKER
Brett Kilar
Marcus & Millichap
Brett Kilar
9 deals$42.8M volume(617) 896-7233
BROKER

Details

SOLD
IMAGE: 02/03/2025 ADDRESS: 110 Longview Drive MARKET: Bangor, ME ASSET TYPE: Retail ~ ACRES: 13 BROKERS: Adam Cohen & Brett Kilar - Marcus & Millichap SALE PRICE: $12,460,350 SF: 91,828 ~ PPSF: $136 NOTE: Marcus & Millichap closed the $12.46M sale of a 91,828-square-foot BJ's Wholesale Club in Bangor, ME, to a national REIT. The property, located in Bangor's primary retail corridor, features a long-term NN lease with rent escalations every five years.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$664,552.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$44,268.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,068.42
Annual Debt Service$708,820.99