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