A Massachusetts-based real estate development company has purchased the former Bangor’s Toys R Us building at the Bangor Mall and is advertising it to potential new tenants.
Ownership of the nearly-seven acre parcel at 6 Bangor Mall Boulevard was transferred from Toys R Us to Waterstone Properties Group, based in Needham, Massachusetts, on June 23. The property was valued at $3.7 million in the city of Bangor’s Fiscal Year 2022 assessment — $2 million for the building and $1.7 million for the land.
Bangor’s Toys R Us location closed in early 2018 shortly after the company filed for Chapter 11 bankruptcy in September 2017 — its stores had struggled to compete with online retailers like Amazon and mass retail chains including Walmart. The affiliated Babies R Us store in South Portland also closed at the time.
The building has been used as a location for a seasonal Halloween costume store, Spirit Halloween, during the fall. It also once housed an adjacent Bed Bath and Beyond store.
Waterstone Properties is marketing the property for leasing on its website. The listing noted the property’s location, a very visible site at the corner of Hogan Road and Bangor Mall Boulevard near Interstate 95, the number of available parking spaces (about 360) and the numerous college students at nearby Eastern Maine Community College and Husson University.
Waterstone Properties owns other properties in southern Maine, including those in Kittery, Westbrook and Scarborough. The company did not immediately respond to requests for comment.