Namdar Realty Group

Last updated
Namdar Realty Group
Company typePrivate [1]
IndustryRetail, real estate
Founded1999;25 years ago (1999) (Namdar) [2]
FounderIgal Namdar (Namdar)
Elliot Nassim (Mason) [3]
Headquarters
Great Neck, New York [4]
,
United States
Products Shopping malls
Website namdarrealtygroup.com

Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. They primarily purchase dying or dead shopping malls with partner Mason Asset Management. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. [2] [3] [6]

Contents

Strategy

Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. [3] [7] The deals for these malls are done in cash. [8] Most malls they purchase are in markets considered B and C grade. [9] Because of this low price/maintenance, they have a high return on investment. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. [5] [7]

Namdar and Mason often charge lower rent to keep mall vacancies low. [3] They will also split properties to sell off individual pieces. [5] [7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. [10] [11] CH Capital Group has become a partner in several acquisitions. [12] [13]

History

Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall in Bradenton, Florida. [3] Phillipsburg Mall in Warren County, New Jersey, was purchased from Pennsylvania Real Estate Investment Trust in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. [14] Lawsuits were ongoing in 2018 over lack of maintenance by Namdar of Regency Square Mall in Jacksonville, Florida. [2] [5] Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. [16] [17] Namdar was a partner in several New York City area property purchases in 2021. [18] [19]

Failed Bon-Ton purchase

Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. The group also included DW Partners LP and Washington Prime Group. [1] [20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. [20] [21]

List of properties

Mall properties owned or managed by Namdar Realty Group as of 2024 include: [22] (This list is incomplete)

Related Research Articles

Bonton Holdings Inc. operating as Bonton was an American department store chain and group founded in 1898. The former York, Pennsylvania-based company BonTon filed for bankruptcy in February 2018 and sold the name to CSC Generation, which sold it to BrandX.com in 2021, operating an e-commerce site under the brand name. Along with Bergner's, Boston Store, Carson's, Elder-Beerman, Herberger's, and Younkers, the names of most of the defunct retail group's department store chains are owned by BrandX.

<span class="mw-page-title-main">Stratford Square Mall</span> Shopping mall in Bloomingdale, Illinois

Stratford Square Mall was a shopping mall that opened on March 9, 1981, in Bloomingdale, Illinois, a northwestern suburb of Chicago, Illinois, United States. Originally owned by Urban Retail Properties Co., the 1,300,000-square-foot (120,000 m2) indoor shopping mall was designed by RTKL Associates, and built by Graycor of Oakbrook Terrace, IL. There are six vacant anchor stores that were last occupied by JCPenney, Carson Pirie Scott, Sears, Round One, Century Theatres, and Burlington. The former Marshall Field's/Macy's space was demolished in 2019 to make way for a new Woodman's Food Market grocery store building. The mall was bought by Namdar Realty Group in 2019. On January 22, 2024, the village of Bloomingdale Illinois purchased the mall and gave all of the remaining tenants in the mall a 90-day notice. The mall closed on April 21, 2024.

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<span class="mw-page-title-main">Regency Square Mall (Jacksonville)</span> Shopping mall in Florida, United States

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<span class="mw-page-title-main">Chambersburg Mall</span> Abandoned shopping mall in Pennsylvania, United States

Chambersburg Mall is an abandoned enclosed shopping mall located near Chambersburg, Pennsylvania in the unincorporated community of Scotland. Located at exit 20 off Interstate 81, the mall had a capacity of at least 64. It is currently owned and managed by Namdar Realty Group. The mall's anchor stores and last remaining store, inaccessible from the mall interior, was Black Rose Antiques & Collectibles. There are 3 other vacant anchor stores that were once JCPenney, Burlington, and The Bon-Ton.

<span class="mw-page-title-main">South Mall</span> Shopping mall in Allentown, Pennsylvania, U.S.

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<span class="mw-page-title-main">Phillipsburg Mall</span> Shopping mall in New Jersey, United States

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<span class="mw-page-title-main">Logan Valley Mall</span> Shopping mall in Pennsylvania, United States

The Logan Valley Mall is a regional shopping mall that is located in Altoona, Pennsylvania, United States. It is currently anchored by JCPenney and Macy's and features more than 50 stores and services on two levels.

<span class="mw-page-title-main">Country Club Mall</span> Shopping mall in Maryland, United States

Country Club Mall is a shopping mall located in LaVale, Maryland, a suburb of Cumberland, Maryland in Allegany County, Maryland. The mall has sixty retail units, as well as seven vendor stands on the main concourse. Located in the Country Club Mall is the Country Club Mall 8 Cinemas, the largest movie theater in Allegany County. The mall is managed by Namdar Realty Group. The mall's anchor stores are Ulta Beauty, Walmart Supercenter, Country Club Mall 8 Cinemas, and TJ Maxx. There are 3 vacant anchor stores that were once JCPenney, Sears and The Bon-Ton.

<span class="mw-page-title-main">Berkshire Mall (Pennsylvania)</span> Shopping mall in Pennsylvania, United States

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<span class="mw-page-title-main">Uniontown Mall</span> Mall in South Union Township, Pennsylvania, USA

Uniontown Mall is a regional enclosed shopping mall in South Union Township, Pennsylvania, just outside the city of Uniontown. The anchor stores are JCPenney, TTEC and Crossfit Uniontown. There are four vacant anchor stores that were once The Bon-Ton, Sears and Burlington Coat Factory, as well as AMC Theatres, which departed abruptly in mid 2021.

<span class="mw-page-title-main">Enfield Square</span> Enclosed shopping mall in Enfield, Connecticut

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Hickory Point Mall is a shopping mall in Forsyth, Illinois, United States. The mall opened in 1978. The anchor stores are Kohl's, Von Maur, TJ Maxx, Hobby Lobby, Ulta Beauty, Ross Dress for Less, and Shoe Dept. Encore. The mall is managed by Namdar Realty Group. There are 3 vacant anchor stores that were once JCPenney, Sears, and Bergner's.

Columbia Colonnade was a shopping mall located just outside Bloomsburg, Pennsylvania. It was anchored by EFO Furniture, Planet Fitness, Dunham's Sports, MVP Clubhouse, and a VA Clinic. The mall was next to Interstate 80 and PA 42. It also served the Bloomsburg University of Pennsylvania, as well as several surrounding communities, such as Bloomsburg and Buckhorn, Pennsylvania.

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References

  1. 1 2 Harris, Jon (April 10, 2018). "Who is the 'investor group' trying to save Bon-Ton from liquidation?". The Morning Call. Retrieved 23 July 2020.
  2. 1 2 3 Jones, Sasha (January 17, 2021). "Namdar Realty Group Plows Forward as Mall Properties Decay". The Real Deal New York. Retrieved 10 February 2021.
  3. 1 2 3 4 5 6 7 Naidu, Richa; O'Donnell, Carl (26 June 2018). "Who is making money from struggling U.S. malls?". Reuters. Retrieved 23 July 2020.
  4. ↑ "Company Overview of Namdar Realty Group LLC". Bloomberg. Bloomberg. Retrieved 22 July 2020.
  5. 1 2 3 4 5 Adelman, Jacob (May 13, 2018). "Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer". The Philadelphia Inquirer. Retrieved 23 July 2020.
  6. ↑ Duhart, Bill (22 July 2019). "N.J. mall sold for half price to company that already owns a dying mall". NJ.com. Advance Local Media. Retrieved 23 July 2020.
  7. 1 2 3 4 Harris, Jon (March 15, 2019). "What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners". The Morning Call. Retrieved 23 July 2020.
  8. ↑ Wiltermuth, Joy (August 17, 2021). "Meet the Long Island guys who love unloved shopping malls". MarketWatch. Retrieved 20 September 2021.
  9. ↑ Urbanski, Al (June 9, 2020). "Namdar acquires Connecticut mall, its seventh this year". Chain Store Age. Retrieved 23 July 2020.
  10. ↑ Ocasio, Victor (February 8, 2017). "24-year-old's firm arranges $7.8M in financing". Newsday. Retrieved 23 July 2020.
  11. ↑ "Executive of the Month: Joel Gorjian of Gorjian Acquisitions and Namdar Realty Group acquires 18 retail properties nationwide". New York Real Estate Journal. November 15, 2016. Retrieved 23 July 2020.
  12. ↑ Parton, Mitchell (February 25, 2020). "New York investors buy San Antonio mall worth $102M". San Antonio Business Journal. Retrieved 12 October 2020.
  13. ↑ Valigra, Lori (19 April 2019). "Bangor Mall sells for $12.6 million, well below assessed value". Bangor Daily News. Retrieved 12 October 2020.
  14. ↑ Novak, Steve (23 October 2019). "Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)". Lehigh Valley Live. Retrieved 23 July 2020.
  15. ↑ Parrish, Tory N. (March 1, 2021). "Jennifer Furniture comes back to its LI roots". Newsday. Retrieved 9 April 2021.
  16. ↑ Moore, Lindsay (17 July 2020). "Goodrich Quality Theaters will reopen after being bought out of bankruptcy". mlive. Advance Local Media. Retrieved 23 July 2020.
  17. ↑ "Goodrich Theaters purchased, reopening plans announced". 1450 99.7 WHTC. July 20, 2020. Retrieved 23 July 2020.
  18. ↑ White, Alexandra (24 June 2021). "West Village Apartment Building Sells for $23.5 Million". The Real Deal New York. Retrieved 20 September 2021.
  19. ↑ "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M". Real Estate Weekly. 25 June 2021. Retrieved 20 September 2021.
  20. 1 2 Lawder, Melanie (April 11, 2018). "Bon-Ton bankruptcy court ruling makes liquidation more likely". Milwaukee Business Journal. American City Business Journals. Retrieved 23 July 2020.
  21. ↑ Wilson, Marianne (April 18, 2018). "Bon-Ton Stores headed for liquidation". Chain Store Age. Retrieved 23 July 2020.
  22. ↑ "Namdar Realty Group Properties". Namdar Realty Group. Retrieved 23 July 2020.
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