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Malls Turn to Underused Parking Lots for New Revenue

Property:

Category: Property News

Date: August 06, 2020

As mall stores have closed during the COVID-19 outbreak, some landlords have found a new, surprising source of revenue—shopping center parking lots.

Mason Asset Management, which buys distressed malls in partnership with Namdar Realty Group, is open to exploring turning its parking lots into movie theaters or concert venues, according to Elliot Nassim, president of the company.

“We have an entire specialty leasing team now just focused on the parking lot and the ancillary income,” Nassim says. “If you have a good real estate, you have the potential to do so much with it, and we are excited to have new, non-traditional opportunities to continue adding value to our properties.”

To read more, please visit Globest.com.

Mason Asset Management featured on CNBC

Property:

Category: Acquisitions

Date: July 22, 2020

Lauren Thomas recently interviewed Elliot Nassim, Mason Asset Management, for her story “A risky bet by America’s mall owners: Plucking retailers out of bankruptcy to salvage a pandemic-hit industry”

Two family-owned investment firms that have made a name for themselves in the mall world, Namdar Realty Group and Mason Asset Management, are taking a similar view on investing in retail. 

The two have come together over the years to amass a portfolio of dozens of suburban shopping malls. Their business strategy, in sum, is to acquire distressed assets from either banks or other owners, and refurbish them enough to keep them running. 

Even during the pandemic, they have acquired three malls — Belknap Mall in Belmont, New Hampshire; Mesilla Valley Mall in Las Cruces, New Mexico; and Meriden Mall in Meriden, Connecticut, Mason Asset Management President Elliot Nassim said. 

And they’ve also acquired a local furniture chain, Jennifer Furniture, out of bankruptcy, along with the Grand Rapids, Michigan-based movie theater chain Goodrich Quality Theater, Nassim said, not disclosing the financial terms of those deals. 

“We are looking at investing in more retail chains to become a little more vertically integrated,” Nassim explained. “We believe in the future of brick and mortar.” 

“We look at it as a wonderful opportunity to be involved in a new sector with promising returns,” he added.

To read more, please visit CNBC.

Mall Owners Buy Theater Chain

Property:

Category: Acquisitions

Date: July 13, 2020

Bankruptcy documents identify the purchasers as “Goodrich Theater Newco, LLC,‘ with Elliot Nassim of Mason Asset Management in Great Neck, New York as the contact person.

The Cadillac News reached out to Mason Asset Management’s public relations team, who confirmed that Nassim, Igal Namdar and VIP Cinemas have partnered to acquire the Goodrich Quality Theaters chain.

Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch.

And now they’re buying into the movie business.

“The plan is to continue operations of the existing theatres and grow the brand’s footprint,‘ said Nassim, founder of Mason Asset Management.

To read more, please visit Cadillac News.

Mason Asset Management Interview in The New York Times

Category: Uncategorized

Date:

Sapna Maheshwari recently interviewed Elliot Nassim, Mason Asset Management, for her story “With Department Stores Disappearing, Malls Could Be Next.”

The directory map for the Northfield Square Mall in Bourbonnais, Ill., has three glaring spaces where large department stores once stood. Soon there will be a fourth vacancy, now that J.C. Penney is liquidating stores after filing for bankruptcy.

With so much empty space and brick-and-mortar retail in the midst of seismic changes even before the pandemic hit, the mall’s owners have been talking with local officials about identifying a “higher and better use for the site,” though they have declined to elaborate on what that could be.

“Filling in one anchor space, generally, is doable,” said Elliot Nassim, president of Mason Asset Management, which co-owns the Northfield Square Mall and dozens of other enclosed shopping centers. “But once you get hit by two others and you’re dealing with three anchor closures, that’s usually where we become a little more likely to put it into the bucket of a redevelopment.”

To read more, please visit The New York Times.

Walmart And Amazon Lead The Retail Pack By Leveraging Healthcare

Property:

Category: Uncategorized

Date: June 26, 2020

In recent years a lot of experts have predicted that the retail and healthcare industries would converge. Pre-COVID, retailers like Walmart WMT, Amazon AMZN, Best Buy BBY and CVS jumped on the bandwagon of leveraging opportunities in healthcare. But COVID-19 has quickly accelerated this trend to a new reality.

Elliot Nassim, President of Mason Asset Management was recently quoted in a Pymnts piece that “Today’s malls are not only anchored by department stores, but include entertainment, healthcare and fitness studios… This creates an exciting opportunity for the communities that surround these properties.”

To read more, please visit Forbes.

Coronavirus updates: Sacramento Catholic diocese says Mass resuming June 14, jury trials to resume

Property:

Category: Property News

Date: June 01, 2020

SUNRISE MALL REOPENS

Sunrise Mall, one of the largest brick-and-mortar shopping centers in the Sacramento region, will be opening Friday.

The owners of the Citrus Heights mall, New York-based investment firm Namdar Realty Group, said the mall will have special provisions in place to reduce the spread of coronavirus.

To read more, please visit the Sacramento Bee.

Joining Area Retailers, Sunrise Mall Set To Reopen Friday

Property:

Category: Property News

Date:

CITRUS HEIGHTS (CBS13) — Following the Roseville Galleria and Arden Fair, the Sunrise Mall reopened Friday morning.

Mall management said not all retailers are open and masks are required at the mall. They’re also changing hours and will be open from 11 a.m. to 7 p.m. Monday through Saturday, and 11 a.m. to 5 p.m. on Sundays.

In a letter to merchants and customers, the mall’s management Namdar Realty Group outlined new safety precautions.

To read more, please visit CBS Sacramento.

Northfield Square Mall in Bradley opens Saturday, no ‘mall walkers’ allowed

Category: Property News

Date:

When Northfield Square Mall opens this weekend, things may look a bit different inside.

The Mall won’t open until Saturday May 30th, but when it does in addition to enforcing social distancing, mall walkers will not be allowed inside. It’s one of many changes NAMDAR Realty Group released Thursday in a statement. 

 “We ask all patrons, merchants and employees to cooperate,” NAMDAR said in the release Thursday.  “Everyone needs to play their part to ensure our communities health.” Northfield Square will ask employees and security guards to enforce social distancing measures. 

To read more, please visit Countryherald.com

You Ask, We Investigate: Plans underway for former Sears building at the Northwest Arkansas Mall

Category: Property News

Date: