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May 7, 2018 | last updated May 11, 2018 7:55 am

Furniture store to move into former Macy's at Bangor Mall

About Out of the Box Ventures

With the recent acquisition of over 2 million square feet of big-box retail space, Out of the Box Ventures, a subsidiary of Lionheart Capital, continues to actively expand its presence in the retail market. The portfolio features space in Chicago, Ill.; Woonsocket, R.I.; Bangor, Maine; Battle Creek, Mich.; Lakeland, Fla.; Midland, Mich.; Syracuse, N.Y.; Pittsburgh, Pa.; and Williamsburg, Va. Out of the Box Ventures' vision is to transform these big-box retail spaces into dynamic mixed-use destinations designed to be functional and a significant contributor to the revitalization of their areas.

Furniture Mattress & More will move from the Airport Mall in Bangor to the former Macy's space at the Bangor Mall.

The Bangor Daily News reported that Lionheart Capital subsidiary Out of the Box Ventures LLC is leasing all of the 150,000-square-foot space to the store. The lease includes an option to buy. The Bangor Macy's was one of a group purchased by Out of the Box in an online auction.

In January, the BDN reported that, at the online auction conducted by Ten-X in December 2017, the opening bid was set at $400,000 and the highest bid was $750,000.

Macy's was one of three retail giants, including Sears and Kmart, that closed at the Bangor Mall in early 2017.

According to its website, Lionheart Capital is a Miami-based global real estate investment and development firm whose principals have been involved with the acquisition, development, repositioning and disposition of real estate assets totaling over $4 billion in the United States, Brazil, China and the Caribbean. Transactions have included office, industrial, retail, hospitality, ultra-luxury residential condominiums, office condominiums, hotel condominiums, land development, entitlements, and complex land use rezoning.

According to Macy's annual report for 2017, as of Feb. 3, 2018, the operations of the company included 852 Macy's, Bloomingdale's and bluemercury stores in 44 states, the District of Columbia, Puerto Rico and Guam.

Of such stores, 370 were owned, 359 were leased and 118 stores were operated under arrangements where the company owned the building and leased the land. That tally included 660 Macy's, down from 737 Macy's stores in 2015.

Furniture Mattress & More to move from current location

Out of the Box Ventures LLC said Furniture Mattress & More will backfill the anchor space that previously housed Macy's at Bangor Mall, adding that the new location will replace the furniture store's current location at Airport Mall on Union Street in Bangor. The long-standing Bangor based retailer offers a wide selection of furniture, home furnishings, mattresses and home décor and with an expanded showroom will be offering a new variety of products and home furnishing lines.

"Desmond and Kathy Harvey have built a successful and well known regional brand and are pillars in the home furnishings sector," said Ashley Thornburg, director of retail operations for Out of the Box Ventures, adding that the new and more expansive location will complement the tenant mix at Bangor Mall.

Bangor Mall is over 650,000 square feet and is one of the only regional malls in Maine, anchored by JC Penney and Dick's, with many national retailers nearby — including Target, Walmart, Kohl's, Home Depot, Lowe's, Bed Bath & Beyond and PetSmart. In additional to the regional traffic generated by the mall, the consumer base also includes over 11,000 students at nearby University of Maine.

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