Address: 45 Bangor Mall Blvd, Bangor, Maine, United States 04401
Cap Rate: 7.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $288,000
Net Operating Income: $288,000
Options: Three (3), Five (5)-Year Options
Year Built: 2000
Rentable Sq/Ft: 32,000 SF
Rent Sq/Ft: $9
Price Sq/Ft: $116
Lot Size: 5.37
Marcus & Millichap is pleased to present the exclusive offering memorandum for the Best Buy located at 45 Bangor Mall Boulevard in Bangor, Maine. The property was developed in 2000 and consists of a 32,000 square foot building on 5.37 acres of land situated in the primary retail corridor for the city of Bangor.
Best Buy has been at this location for more than 20 years and the tenant just exercised their first of four, five-year tenant renewal options. The current rent is $288,000 per year and is scheduled to increase by 50% in this first option period and then by $1 per SF at the start of the second and third option period. Best Buy is publicly traded on the NYSE under the ticker BBY and has an investment grade credit rating of BBB according to S&P.
This subject Best Buy benefits from being well-positioned in a highly dense retail corridor consisting of national and local tenants, shopping centers, hospitals, hospitality accommodations and academic institutions. Major national tenants include: Walmart, Home Depot, Target, BJ’s, Lowe’s, McDonald’s, Burger King, Wendy’s, KFC, Five Guys, Subway, and many more. Additionally, this subject property benefits from its proximity to several hospitality accommodations including: Hilton Garden Inn, Bangor Inn & Suites, Comfort Inn, Country Inn at the Mall, Hampton Inn, Quality Inn, and more. Two notable hospitals in the area are St Joseph Hospital and Northern Light Eastern Maine Medical Center both within 2-miles of the subject property and totaling more than 460 fully staffed beds. This subject property is also proximal to several academic institutions. Two notable schools are Bangor High School and John Bapst High School are within a 2-mile radius with over 1,700 students. Other local academic institutions such as the University of Maine and Husson University bring in an additional 14,780 students to the area. Bangor International Airport is located less than 5-miles away and averages about 470,000 travelers per year.
This Best Buy property is located at 45 Bangor Mall Boulevard, Bangor, Maine. Bangor Mall Boulevard can be accessed from Hogan Road and Stillwater Avenue. Hogan Road and Stillwater Avenue benefit from average daily traffic counts of 24,110 and 17,180 vehicles per day, respectively. There are approximately 24,800 individuals residing within a 3-mile radius and 49,850 individuals within a 10-mile radius.
Bangor is a city in the U.S. state of Maine, and the county seat of Penobscot County. The city proper has a population of 33,039, making it the state’s 3rd largest city in Maine. Today, Bangor remains the commercial and social center of Northern, Central, and Eastern Maine. It has become the region’s largest center of retail and service businesses, and a center for government, education, and employment. Offering a widely diversified economy, Bangor has transcended its traditional roots in forest products and shipbuilding and today maintains its position as one of Maine’s major urban centers. Historically Bangor was an important stopover on the great circle route air route between the U.S. East Coast and Europe. Bangor is the largest market town, distribution center, transportation hub, and media center in a five-county area whose population tops 330,000 and which includes Penobscot, Piscataquis, Hancock, Aroostook, and Washington counties.
Broker of Record: Jennifer Athas License: DB919281