The Quirk family, known for its chain of auto dealerships, has purchased the 9.3-acre former Kmart property on Hogan Road while selling a pair of lots along the waterfront to Bangor Savings Bank, which plans to build part of its new corporate headquarters campus on it.
Jack Quirk Jr., president of Quirk Auto Group, said he has no plans for the 688 Hogan Road site near the Bangor Mall, since Kmart — which closed its store on the property last month — still holds a lease through spring 2018. But he said the property’s location was attractive since it was located near several Quirk auto dealerships.
“We have quite a bit of property here on Hogan Road. We thought it was something that would be natural for us, to own more property,” Quirk said. “It made sense for us to be on this side of town and make it a little easier for us if we do decide to do something with it.”
The Quirk real estate company, QV Realty Trust, purchased the property from the California-based real estate firm Gershman Properties LLC on March 23, according to filings with the Penobscot County Registry of Deeds. Quirk family members John (Jack), Robert and Thomas Quirk all are listed as QV Realty trustees on filings with the Penobscot Registry of Deeds.
Quirk declined to say how much QV Realty paid for the property but it is valued at $5,484,500, according to the city assessor’s office. A still open Applebee’s restaurant also is located on the land.
It is unknown whether Kmart’s parent company, Sears Holdings Corporation, will end the lease early, however. “We welcome discussions with all parties interested in the property, ” Sears spokesman Howard Riefs said in a statement.
A week prior to the Kmart property purchase, the Quirk family also sold a pair of parcels along the waterfront where the former Bean & Conquest car dealership was located, to Bangor Savings Bank. The bank plans to use the land as part of its planned corporate office relocation. Together, the two properties, 278 Main St. and 87 Summer St., are about 1.5 acres in size and valued at $771,900, according to the city assessor’s office.
The bank had previously purchased a nearby .84 acre plot of land at 20 South St, according to Carol Colson, a senior vice president of marketing and community relations at Bangor Savings Bank.
The bank also is planning to purchase three small city-owned properties totaling 1.12 acres in size along Summer Street and Front Street and including a right-of-way to Railroad Street, according to Bangor City Solicitor Norm Heitmann. The city expects to finalize the sale of the land with the bank within the next couple of weeks for $250,000, Heitmann said.
Bangor Savings Bank is planning to vacate and sell its existing headquarters at 99 Franklin St. over the next year or so and move more than 350 Bangor-area workers to the waterfront building at 20 South Street. The bank hopes to have that building renovated and start moving in sometime in February or March 2018, Colson said.
Bangor Savings, which has close to 200,000 customers, wants to build a headquarters campus along the Bangor waterfront to consolidate other bank facilities located in Bangor and as part of its expansion plans to accommodate anticipated statewide growth.
The land purchase from Quirk is “part of a lot of moving parts,” Colson said. “The purchase of land is part of the ongoing strategy to figure out what we’re going to do down there.”