The Miami real estate developer that bought the former Macy’s location at the Bangor Mall in January for an estimated $775,000 said Friday it has leased the store to Furniture Mattress & More.
Out of the Box Ventures LLC, the subsidiary of Miami-based developer Lionheart Capital, said it is leasing all of the 150,000 square feet of space to the store, which sells furniture, home furnishings, mattresses and home decor.
The developer said the Bangor Mall space will replace the store’s current location at Airport Mall on Union Street in Bangor. It did not say when the store would move into the mall.
The lease includes an option for Furniture Mattress & More to purchase the space.
Out of the Box said the new space gives the store room for an expanded showroom and new products and home furnishing lines.
“[Owners] Desmond and Kathy Harvey have built a successful and well-known regional brand and are pillars in the home furnishings sector,” Ashley Thornburg, director of retail operations at Out of the Box Ventures, said in a prepared statement.
Kathy Harvey was director of the Hands of Hope thrift store on Hogan Road in Bangor that closed recently, according to radio station Q106.5.
Out of the Box purchased a group of Macy’s stores in an online auction along with the Bangor location and is pursuing varying strategies with the properties. Working with a Syracuse, New York, developer, it plans to turn the former Macy’s at the Great Northern Mall in Clay, New York, into the multipurpose The Shoppes at Great Northern.
Out of the Box, which was formed at the end of 2017, said it recently bought more than 2,000,000 square feet of big-box retail space and plans to expand in the retail market.
In addition to Bangor, it has retail spaces in Chicago; Woonsocket, Rhode Island; Battle Creek, Michigan; Lakeland, Florida; Midland, Michigan; Syracuse, New York; Pittsburgh, Pennsylvania; and Williamsburg, Virginia.
The company said it wants to transform the big-box retail spaces into mixed-use properties.
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