Promenade Mall sold in Lewiston; broker teases at 'turnaround' plan

LEWISTON — The largely empty Promenade Mall on Lisbon Street has been sold to developer Dave Gendron’s MRE LLC for $4 million.

The wait is on to find out what he might do with it.

Charlie Craig, a partner at the Dunham Group, said he represented the seller, Promall LLC of Waterville, and the purchase price was $4 million. He initially declined to reveal the buyer, describing him only as “a very experienced developer who has a turnaround plan for the center.”

Records at the Androscoggin County Registry of Deeds show Gendron signed a mortgage for the property at 855 Lisbon St. on Sept. 14.

Gendron, who also owns property up the street at Exit 80 with plans to develop it around a major retailer, didn’t return messages seeking comment.

City records assess the 262,833-square-foot mall and its 22.3 acres at $4.8 million. It was built in 1974.

The Promenade Mall lost an anchor tenant in March 2015 when Flagship Cinema closed its doors. It’s home to Staples and Family Dollar and is more than half empty based on a sales flier created by Dunham Group for the property.

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