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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.

Medina shopping center part of $29.5 million finance deal

Category: Acquisitions

Date: February 11, 2020

Medwick Marketplace, Medina’s largest regional shopping center, was part of a multi-state, nearly $30 million financing deal involving its private New York-based owner.

The Medina center is owned by Namdar Realty Group and Mason Asset Management, both of Great Neck. The companies specialize in owning shopping centers and malls, and also own office buildings and other properties around the United States. Ohio holdings include Midway Plaza in Akron, Station Outlets in Burbank, Midway Mall in Elyria and others.

To read more, please visit Akron Beacon Journal.

Colliers Named Leasing Agent of Atlantic County Mall

Property:

Category: Leasing Updates

Date: February 07, 2020

An investment group has tapped Colliers International as its leasing agent at a 1 million-square-foot mall in Atlantic County, the real estate services firm announced Wednesday.

Jason Fox and Evan Steinberg, who are based in Colliers’ Philadelphia office, are leading the leasing effort at Hamilton Mall, which sits at 4403 East Black Horse Pike in Mays Landing. They are working on behalf of Namdar Realty Group and Mason Asset Management, a pair of Long Island-based real estate investment firms that purchased the mall last year.

The property’s more than 100 tenants include Macy’s, H&M, Shopper’s World, Planet Fitness and Bob’s Furniture, along with restaurants Longhorn Steakhouse, Buffalo Wild Wings and Ruby Tuesday. Colliers is now marketing availabilities including a 206,924-square-foot anchor location vacated by Sears, as well as a 12,000-square foot in-line space.

To read more, please visit Real Estate New Jersey online.

New Department Store Opens at Stonecrest Marketplace

Category: Store Openings

Date: February 06, 2020

A Shoppers World department store opened this week near The Mall at Stonecrest. The 32,000-square-foot store is the newest anchor tenant at Stonecrest Marketplace, a large shopping center located at 8100 Mall Parkway.

Mason Asset Management owns the land and leased the space to Shoppers World. Namdar Realty Group will manage the property.

To read more, please visit AJC.com.