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Big Mall Buyer Pockets Eastdale Mall

Property:

Category: Acquisitions

Date: February 28, 2020

The largest mall buyer in the country recently snapped up one of Alabama’s oldest malls.

Montgomery’s Eastdale Mall, which opened in 1977, was bought last week by Mason Asset Management, Namdar Realty Group and CH Capital Group.

“Acquisitions are a direct reflection of our evaluation of the potential of a given property and redeveloping those properties to optimal performance is always the goal,” said Elliot Nassim, president of Mason Asset Management. “When it comes to that redevelopment, the partnership works diligently to determine what use for the property will best benefit the surrounding neighborhood and reinvigorate the local community that these malls call home.”

To read more, please visit Business Alabama

Sale of South Park Mall could trigger growth at center, surrounding area

Property:

Category: Acquisitions

Date:

South Side leaders hope South Park Mall’s new owners can help reverse the national trend of customers shopping online rather than in person.

Namdar Realty Group – and partners Mason Asset Management and CH Capital Group – closed on the mall deal Monday.

“We are excited about the opportunity to continue adding value to this successful property, really taking it to the next level,” says Elliott Nassim of Mason Asset Management. “Our goal is always to add value to our properties.”

To read more, please visit News 4 San Antonio

Partnership Acquires Two Malls in Texas Totaling 1.2 Million Square Feet

Category: Acquisitions

Date:

San Antonio and Amarillo, Texas — A partnership between Mason Asset Management, Namdar Realty Group and CH Capital Group has acquired South Park Mall in San Antonio and Westgate Mall in Amarillo. South Park Mall spans 663,978 square feet across 48.5 acres. The mall was originally built in 1968 and has been renovated several times, most recently in 2018. The asset was 95 percent leased at the time of sale to tenants including anchors JC Penney, Dick’s Sporting Goods, Beall’s, Old Navy, Ulta Beauty and The Vitamin Shoppe. Westgate Mall was built in 1982 and has also been renovated several times, most recently in 2017. The mall was 80 percent leased at the time of sale to tenants including Dillard’s, Beall’s, Premiere Cinema, Shoe Dept. Encore and Forever 21.

For more information, please visit Shopping Center Business

Phillipsburg Mall owners seeing ‘interest from potential buyers,’ but fate still uncertain

Category: Acquisitions

Date:

The property owners of the soon-to-be defunct 577,000-square-foot Phillipsburg Mall say they remain committed in redeveloping the site. What it will become, however, remains a mystery for at least a little while longer.

The Long Island, New York partnership of Namdar Realty Group and Mason Asset Management bought the 76-acre mall property in 2013 for $11.5 million, adding to its national portfolio. At the time, the stated intention of the partners was to upgrade the site — but the retail apocalypse already set in around 2010 and kept continuing onward with several empty storefronts popping up at the shopping destination straddling Lopatcong and Pohatcong townships.

“Our goal remains to identify the best solution for the property and its surrounding community,” Nassim said. “Our goal has always been to explore all possible uses for this property for its highest and best use.”

To read more, please visit NJ.com

Flemington will study possible redevelopment of Liberty Village

Category: Acquisitions

Date: February 25, 2020

FLEMINGTON – The borough council has created an ad hoc committee to study the possibility of redeveloping Liberty Village.

The move came after Mayor Betsy Driver received a recent phone call “literally out of the blue” a couple of weeks ago from an executive at Namdar Realty Group which bought the nation’s first outlet mall from the Simon Group last summer.

Namdar and Mason are becoming known for coming to the rescue of distressed malls and other retain properties throughout the United States. Namdar is the owner of the Phillipsburg Mall.

To read more, please visit My Central Jersey

New York investors buy San Antonio mall worth $102M

Category: Acquisitions

Date:

A group of three New York-based investors teamed up to buy South Park Mall, JLL Capital Markets confirmed Monday.

New York firms Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the San Antonio mall as well as Westgate Mall in Amarillo.

To read more, please visit San Antonio Business Journal

Sub-Divide and Conquer: Going Halfsies to Unlock Value in Distressed Retail

Property:

Category: Acquisitions

Date: February 19, 2020

The new owners of a deeply distressed mall in northern Connecticut were able to capture the asset for a mere $10.9 million a little over a year ago. 

“Subdividing within retail centers allows more flexibility in the redevelopment of a property,” Mason president Elliot Nassim told Commercial Observer in a statement, although he would not detail any current plans. “We hired a director of redevelopment to engage with the local community as the first step in identifying their needs, informing a multi-faceted master redevelopment plan for Enfield Square.” 

Nassim added that the Mason and Namdar partnership will announce a number of initiatives for the site in the next few months. Officials at Namdar could not be reached. 

“We continuously strive to create efficient retail hubs by assessing the changing retail market and offering communities an alternative mix of tenants,” Nassim said. 

To read more, please visit Commercial Observer

Versona Boutique opening in Acadiana Mall Thursday

Property:

Category: Store Openings

Date: February 14, 2020

Women’s fashion boutique Versona will move into the former Charming Charlie’s space at the Acadiana Mall Thursday.

As one of Cato’s higher-end brands, Versona sells women’s clothes, apparel, jewelry and accessories. They will also be running a grand opening at 10 a.m. and offer specials until Feb. 25 that will include a special swag bag with a gift card for the first 50 customers.

The property was leased by Mason Asset Management and will be managed by Namdar Realty Group.

To read more, please visit The Acadiana Advocate

San Antonio Mall Has New Owners, but Are Changes Afoot?

Property:

Category: Acquisitions

Date: February 12, 2020

Namdar Realty Group, Mason Asset Management and CH Capital Group partnered to buy the mall, a spokesperson for the group confirmed.

“The team is still currently exploring all possible redevelopment options and tenant options from a range of sectors, including residential, entertainment and retail,” they said in a statement.

The property is “a very well-located mall in a great market, making it a natural fit for our growing portfolio,” said Igal Namdar, who leads Namdar. “The mall is at full occupancy — it’s actually our best performing asset — and we saw great long term potential in the property.”

To read more, please visit San Antonio Express-News.