Purchase of Downtown Cleveland’s third-tallest skyscraper last week was officially confirmed today by the skyscraper’s new owner. A partnership of Namdar Realty Group and Mason Asset Management, both of Long Island, NY, also said they have a formed a five-year capital plan to improve 200 Public Square and hired a new building manager to carry out that plan. Read more at NEOTrans Blog.
Namdar Realty Group and Mason Asset Management’s acquisition of a prime retail space in Chicago’s Magnificent Mile reflects a strategic bet on the revival of high-profile retail destinations in a post-pandemic world. Read more at bnnbreaking.com.
The company that owns the Westfield Trumbull mall announced it has sold the property, as well as another mall it owns on Long Island.
A release from Unibail-Rodamco-Westfield put the value of the sale at $196 million.
To read more, please visit News 12 The Bronx.
A Paris-based real estate company has sold its second Long Island mall in two years, as it tries to reduce its debt by unloading its U.S. retail properties.
Westfield South Shore in Bay Shore and Westfield Trumbull in Trumbull, Connecticut, were sold by Unibail-Rodamco-Westfield for $196 million Friday, URW said in a statement Tuesday.
To read more, please visit Newsday.
BAY SHORE, NY — Westfield Mall South Shore in Bay Shore, along with Westfield Trumbull in Trumbull, Connecticut, were officially sold for a total of $196 million last week.
Unibail-Rodamco-Westfield, a French company which owns 21 malls in the U.S. and several international locations, said in a news release that it sold the two malls Friday to commercial real estate investment firm Namdar Realty Group.
To read more, please visit Patch.
Global retail landlord Unibail-Rodamco-Westfield ended the year by selling two malls for $196 million to buyers including Namdar Realty Group as it continued its quest to divest its U.S. portfolio coast to coast.
To read more, please visit: Costar
Florence Mall has been on the market for some time, and now a national management group has announced that “It’s sold.”
The ownership group that includes Mason Asset Management and Namdar Realty Group –– the Great Neck, New York-based partnership which leases and manages shopping centers across the country –– has announced their acquisition of Florence Mall at 2028 Florence Mall Road, in Florence.
To read more, please visit Northern Kentucky Tribune
Marley Station mall in Glen Burnie has been sold to a New York-based partnership that says it plans to move quickly to fill vacancies.
The ownership group includes Mason Asset Management and Namdar Realty Group. The partners, based in Great Neck, New York, manage shopping centers across the country.
To read more, please visit The Baltimore Sun
2020 has been a devastating year for retail. The COVID-19 pandemic pummeled an industry that was already struggling to adapt to the rise of online shopping, leading to the announcement of 11,157 store closures for the year — a record, according to CoStar Group, a provider of commercial real-estate data. Nearly 40 major retailers and restaurant companies filed for bankruptcy.
But that’s not the full story.
Smaller mall landlords are also thinking like the major players.
Mason Asset Management, a commercial real-estate investment company that specializes in buying distressed malls, owns 60 enclosed malls around the country. This summer, it purchased its first retail company, Jennifer Furniture, along with a movie-theater chain, Goodrich Quality Theaters.
Elliot Nassim, the owner and president of Mason Asset Management, said the company saw an opportunity “to go vertical” during the pandemic by investing in distressed brands that had promise. Nassim said the rise of home renovation during the pandemic bolstered the company’s choice to purchase Jennifer Furniture, but he also cited the potential for a brand’s longevity beyond its distressed period. Mason Asset Management has six Jennifer locations open.
“The way we see it is there’s a value to these companies that maybe the business world doesn’t appreciate the long-term value of,” Nassim told Business Insider in an interview. “While today maybe the values are depressed and people are calling it quits, as mall operators and landlords, we understand the value of these brands.”
In the case of movie theaters, Nassim said that though the pandemic had essentially halted moviegoing, it would resume its place in American culture once the pandemic passes.
Nassim added that the company wasn’t just buying up brands so that its properties would have tenants.
The theme of brand longevity and history underpins the strategies of many brand-management companies choosing which bankrupt brands to buy.
“It’s not necessarily to sustain the mall — it’s believing in the long-term viability of a Brooks Brothers, a Forever 21, where these things have a place in society,” he said. “Maybe today they just need to be redirected.”
To read more, please visit Business Insider