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Rural N.J. town will redevelop nation’s first outlet shopping center into a housing complex

Category: Property News

Date: January 07, 2022

Flemington’s Borough Council has adopted an ordinance establishing the “Liberty Village Redevelopment Plan” that will transform the borough’s notable outlet mall into mixed-income housing units.

The plan, approved Monday night, consists of redeveloping the Liberty Village Redevelopment Area — which is comprised of 10 lots and about 23 acres — into multi-family residential and/or townhouse units that will accommodate a mix of incomes and household sizes, according to the redevelopment plan.

To read more, please visit NJ.com.

Flemington approves Liberty Village outlet center redevelopment plan.

Category: Property News

Date:

FLEMINGTON – The Borough Council has taken the first steps in the long road toward the redevelopment of Liberty Village.

By a 5-0 vote, the council approved the plan that gives a vision of what could be built on the 23-acre site of the nation’s first outlet center.

Namdar Realty Group bought Liberty Village in 2019. Namdar is a privately held, commercial real estate investment firm, owning and managing more than 51 million square feet of commercial real estate throughout the United States.

To read more, please visit mycentraljersey.com

Small businesses in Grand Island helping with last minute Christmas gifts

Property:

Category: Uncategorized

Date: December 23, 2021

GRAND ISLAND, Neb. (KSNB) – We have all been there its just a few days to Christmas and we still have a few gifts to buy. Fortunately some small businesses at the Conestoga Mall are helping their customers with those last minute gifts.

One small business I visited was Aundrea’s Boutique, they sells clothes and accessories for both boys and girls.

You can view the full video at KSNB Local4.

Amazon Warehouses Are No Silver Bullet for Tired Shopping Malls

Property:

Category: Uncategorized

Date: December 08, 2021

Few investors are queuing up to buy America’s unloved regional shopping malls. Landlords like Westfield’s owner need creative ways to unload them if they are to patch up their stock prices.

U.S. malls have lost a third of their value since their 2017 peak as the pandemic has accelerated the shift to e-commerce, according to real estate analytics firm Green Street. 

ome investors are making contrarian bets on the most tired malls. Real estate specialists Namdar Realty Group… have been buying assets cheaply and continuing to run them as retail locations.

To read more, please visit The Wall Street Journal.

South Park Mall welcomes new tenant amid other expected changes

Property:

Category: Store Openings

Date: December 06, 2021

A new discount department store is the first permanent tenant to be added to South Park Mall’s retail portfolio this year as mall management looks ahead to further retail growth in 2022.

Shopper’s World opened its first Alamo City location on Nov. 23. South Park Mall General Manager Christina Crouch said the new chain, operated by SW Group, is the first tenant of 2021 that isn’t a temporary lessee.

“We believe there are going to be a couple new changes happening in 2022. We are going to be expecting some lease openings.”

To read more, please visit San Antonio Business Journal.

Citrus Heights adopts new Sunrise Mall specific plan, paving the way for redevelopment

Property:

Category: Property News

Date: November 23, 2021

The Citrus Heights City Council this week unanimously voted to approve a new specific plan outlining redevelopment at the Sunrise Mall.

The mall’s majority owner, New York-based Namdar Realty Group, submitted a letter of support for the specific plan. “We have been working closely with City Staff to discuss redevelopment options for our property and support the approval of the Sunrise Tomorrow Specific Plan,” Namdar CEO Igal Namdar said in the letter. “We look forward to advancing our plans for the site.”

To read more, please visit SacBee.com

The Bangor Mall is turning into an entertainment destination

Property:

Category: Property News

Date: November 10, 2021

A growing number of people will pass through the doors of the Bangor Mall in the coming weeks and months to enjoy theater, music, gaming and other entertainment — attractions that are starting to rival retail centers at the mall.

Today at the mall, Some Theatre Company and Ten Bucks Theatre Company both operate spaces. Sunshine’s Fitness Studio and Wellness Center offers classes and personal training. Bangor Comic & Toy Con, after hosting its convention at the mall earlier this month, will now offer year-round programming in two storefront locations. Maineiac Manor, open during October and sporadically throughout the year, runs a haunted house in the former Hollister store, and local photographer Shane Grant opened a photography and video studio. 

And by the end of the year, G-Force Adventure Center will open an entertainment and gaming center with laser tag, an arcade, axe throwing, bounce houses, live music and comedy, and a bar and restaurant, in four leased storefronts in the wing of the mall where Sears once was.

To read more, please visit Bangor Daily News.

Yale New Haven Health Buys Former Macy’s Building at Meriden Mall in Connecticut

Property:

Category: Property News

Date:

Yale New Haven Health, a regional provider with a total of 2,409 beds across its facilities, has purchased a building previously occupied by Macy’s at Connecticut’s Meriden Mall. Yale New Haven Health plans to repurpose the property into a retail health clinic. According to the Hartford Business Journal, Macy’s closed its store within the 179,285-square-foot building in May 2020. An investment group that includes Mason Asset Management and Namdar Realty Group owns Meriden Mall.

Former Macy’s To Be Repurposed as Healthcare Facility

Property:

Category: Property News

Date:

The previously unoccupied 179,285 square-foot Macy’s store attached to the Meriden Mall at 460 Lewis Avenue in Meriden. The vacant Macy’s property provides YNHHS with the opportunity to create an innovative, consumer-focused facility with numerous advantages.

“We’re thrilled that YNHHS chose MedCraft as a strategic advisor to identify, evaluate and negotiate the acquisition of a location of this complexity, scale and importance,” says Steve Bruckeridge, Development Principal with MedCraft. “We brought an experienced, multidisciplinary team to conduct a comprehensive analysis of potential sites that could meet YNHHS’ criteria based on market location, functionality, cost and constructability. With our retail redevelopment expertise and collaboration with the YNHHS team, the City of Meriden, Macy’s and Namdar Realty Group (the Meriden Mall owner), we were able to find the optimal site.”

To read more, please visit Healthcare Facilities Today.