Major Northeast Mall Focus of Heated Bidding
The 1.2 million sq. ft. Maine Mall — one of the hottest retail properties on the market nationwide — is being pursued by a host of retail REITs. According to Real Estate Alert, Simon Property, General Growth Properties and the Mills Corp. are all vying for the property, which is expected to fetch nearly $300 million. The mall’s in-line stores produce a whopping $435 per sq. ft. in sales.
During the first round of bidding, the Portland area property reportedly drew four offers, the highest being $260 million. A second round of bidding is to start this week. Rockwood Realty is brokering the sale.
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© 2012 Penton Media Inc.
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