Namdar Realty Group
Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. They primarily purchase troubled 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]
| Type | Private[1] |
|---|---|
| Industry | Retail, real estate |
| Founded | 1999 (Namdar)[2] |
| Founder | Igal Namdar (Namdar) Elliot Nassim (Mason)[3] |
| Headquarters | , United States |
| Products | Shopping malls |
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 proprieties 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.[3] Phillipsburg Mall was purchased from PREIT 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 Regency Square Mall's lack of maintenance by Namdar.[2][5] Voorhees Town Center 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 2021 include:[22] (This list is incomplete)
- Wiregrass Commons, Dothan, Alabama
- College Square Mall, Cedar Falls, Iowa
- Eastdale Mall, Montgomery, Alabama
- Northwest Arkansas Mall, Fayetteville, Arkansas
- Sunrise Mall, Citrus Heights, California
- Sierra Vista Mall, Clovis, California
- West Valley Mall, Tracy, California
- Chapel Hills Mall, Colorado Springs, Colorado
- The Citadel, Colorado Springs, Colorado
- Enfield Square, Enfield, Connecticut
- Meriden Mall, Meriden, Connecticut
- Concord Mall, Wilmington, Delaware
- Regency Square Mall, Jacksonville, Florida
- Merritt Square Mall, Merritt Island, Florida
- Gulf View Square, Port Richey, Florida
- Stratford Square Mall, Bloomingdale, Illinois
- Northfield Square Mall, Bourbonnais, Illinois
- River Oaks Mall, Calumet City, Illinois
- University Mall, Carbondale, Illinois
- Ford City Mall, Chicago, Illinois
- Hickory Point Mall, Forsyth, Illinois
- Crossroads Mall, Waterloo, Iowa
- Acadiana Mall, Lafayette, Louisiana
- Bangor Mall, Bangor, Maine
- Genesee Valley Center, Flint, Michigan
- Jackson Crossing, Jackson, Michigan
- The Lakes Mall, Muskegon, Michigan
- Westland Center, Westland, Michigan
- St. Louis Outlet Mall, Hazelwood, Missouri
- Conestoga Mall, Grand Island, Nebraska
- Steeplegate Mall, Concord, New Hampshire
- Hamilton Mall, Mays Landing, New Jersey
- Phillipsburg Mall, Phillipsburg, New Jersey
- Voorhees Town Center, Voorhees Township, New Jersey
- Mesilla Valley Mall, Las Cruces, New Mexico
- The Shops at Ithaca Mall, Ithaca, New York
- Newburgh Mall, Newburgh, New York
- Midway Mall, Elyria, Ohio
- Heritage Mall, Albany, Oregon
- Logan Valley Mall, Altoona, Pennsylvania
- Chambersburg Mall, Chambersburg, Pennsylvania
- North Hanover Mall, Hanover, Pennsylvania
- Beaver Valley Mall, Monaca, Pennsylvania
- Nittany Mall, State College, Pennsylvania
- Pittsburgh Mills, Tarentum, Pennsylvania
- Uniontown Mall, Uniontown, Pennsylvania
- Berkshire Mall, Wyomissing, Pennsylvania
- Southland Mall (Memphis, Tennessee), Memphis, Tennessee
- Westgate Mall, Amarillo, Texas
- South Park Mall, San Antonio, Texas
- Cache Valley Mall, Logan, Utah
- Wenatchee Valley Mall, East Wenatchee, Washington
References
- ^ a b Harris, Jon (April 10, 2018). "Who is the 'investor group' trying to save Bon-Ton from liquidation?". The Morning Call. Retrieved 23 July 2020.
- ^ a b c Jones, Sasha (January 17, 2021). "Namdar Realty Group Plows Forward as Mall Properties Decay". The Real Deal New York. Retrieved 10 February 2021.
- ^ a b c d e f g Naidu, Richa; O'Donnell, Carl (26 June 2018). "Who is making money from struggling U.S. malls?". Reuters. Retrieved 23 July 2020.
- ^ "Company Overview of Namdar Realty Group LLC". Bloomberg. Bloomberg. Retrieved 22 July 2020.
- ^ a b c d e 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.
- ^ 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.
- ^ a b c d 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.
- ^ Wiltermuth, Joy (August 17, 2021). "Meet the Long Island guys who love unloved shopping malls". MarketWatch. Retrieved 20 September 2021.
- ^ Urbanski, Al (June 9, 2020). "Namdar acquires Connecticut mall, its seventh this year". Chain Store Age. Retrieved 23 July 2020.
- ^ Ocasio, Victor (February 8, 2017). "24-year-old's firm arranges $7.8M in financing". Newsday. Retrieved 23 July 2020.
- ^ "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.
- ^ Parton, Mitchell (February 25, 2020). "New York investors buy San Antonio mall worth $102M". San Antonio Business Journal. Retrieved 12 October 2020.
- ^ Valigra, Lori (19 April 2019). "Bangor Mall sells for $12.6 million, well below assessed value". Bangor Daily News. Retrieved 12 October 2020.
- ^ 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.
- ^ Parrish, Tory N. (March 1, 2021). "Jennifer Furniture comes back to its LI roots". Newsday. Retrieved 9 April 2021.
- ^ Moore, Lindsay (17 July 2020). "Goodrich Quality Theaters will reopen after being bought out of bankruptcy". mlive. Advance Local Media. Retrieved 23 July 2020.
- ^ "Goodrich Theaters purchased, reopening plans announced". 1450 99.7 WHTC. July 20, 2020. Retrieved 23 July 2020.
- ^ White, Alexandra (24 June 2021). "West Village Apartment Building Sells for $23.5 Million". The Real Deal New York. Retrieved 20 September 2021.
- ^ "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M". Real Estate Weekly. 25 June 2021. Retrieved 20 September 2021.
- ^ a b 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.
- ^ Wilson, Marianne (April 18, 2018). "Bon-Ton Stores headed for liquidation". Chain Store Age. Retrieved 23 July 2020.
- ^ "Namdar Realty Group Properties". Namdar Realty Group. Retrieved 23 July 2020.
External links
- Namdar Realty Group website
- Mason Asset Management website
- CH Capital Group website